Today's 30-year mortgage rate in Delaware averages 6.46%, lower than the national average of 6.83%. Delaware homebuyers can access mortgage programs to reduce costs, including the Smart Start Home and the Home Sweet Home Loan.
Mortgage
Today's Mortgage Rates in Delaware (December 2024)
Updated: December 13, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Delaware. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in December 2024.
Current Mortgage Rates in Delaware
In December 2024, Delaware's average APR for a 30-year fixed-rate mortgage decreased to 6.46% from the previous month's average of 6.74%. For a $250,000 loan with a 20% down payment, this rate decrease could mean a saving of about $7,611 over the life of the loan, not considering other expenses like property taxes and HOA fees.
Rates change daily due to economic events and Federal Reserve actions. The line chart below shows the rate trends over the recent months.
Even a small shift in percentages can affect your finances. Understand the current mortgage rates in Delaware so you can budget effectively for a home purchase.
Who Needs to Know Current Mortgage Rates in Delaware?
Today's mortgage interest rates in Delaware are crucial for two borrower types:
First-time homebuyers
Knowing current mortgage rates in Delaware can help first-time homebuyers anticipate rates and gauge their competitiveness.
Homeowners with mortgages
Homeowners can benefit from current rates in Delaware by comparing them with their own. If today's rates are lower, a mortgage refinance makes a better option.
Delaware's current rate for a 30-year fixed mortgage on a new home purchase is 6.46%, while refinancing has an average APR of 6.37%.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in Delaware by Loan Type
A 30-year fixed-rate mortgage often has a higher interest rate than a 15-year one. The longer loan term presents more uncertainty and risk for lenders, including potential non-payment and changing interest rates.
Compare mortgage types in Delaware to find one that works best with your budget. A mortgage calculator can help you understand how rates affect your monthly payments.
Data filtered by:Results filtered by:
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Loan Type:15-Year Fixed
| 5.69% | 5.81% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate is the yearly cost of borrowing money for a mortgage. Delaware's average interest rate for a 30-year fixed mortgage is 6.39%.
The APR (annual percentage rate) factors in the interest rate, mortgage points and other fees. Delaware's average APR for a 30-year fixed mortgage is 6.46%, showing the actual annual loan cost.
Current Mortgage Rates in Delaware by Credit Score
Your credit score and down payment impact the mortgage rates for which you may qualify. If your credit score is 740 or higher and you're putting down 5% to 20%, the average APR for a 30-year fixed mortgage in Delaware is 6.98%. With a credit score below 680, that figure increases to 8.08%.
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Credit Score Range:680 - 740
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Down Payment:20% or higher
| 15-year Fixed | 5.85% |
| 20-year Fixed | 6.49% |
| 30-year Fixed | 6.76% |
| 5-year ARM | 7.15% |
| 7-year ARM | 7.09% |
Mortgage Types in Delaware
In December 2024, VA loans in Delaware have the lowest average APR for 30-year fixed-rate mortgages at 6.43%. Knowing your mortgage options can help you make a wise financial decision. Here’s a quick look at the mortgage types in Delaware:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Delaware |
|---|---|---|---|
Conventional Loans | Conventional loans in Delaware are not insured or guaranteed by government agencies. | Conventional loans may offer competitive rates based on creditworthiness and market conditions. | 6.46% |
FHA Loans | FHA loans in Delaware are backed by the Federal Housing Administration, assisting low-to-moderate-income borrowers. | FHA loans often have lower rates for borrowers with less credit or a smaller down payment. | 7.82% |
VA Loans | VA loans in Delaware are designed for military service members and provide advantages like no down payment. | VA loans typically offer favorable rates due to the Department of Veterans Affairs' backing. | 6.43% |
USDA Loans | USDA loans in Delaware for low-income rural and suburban homebuyers are backed by the USDA. | USDA loans can offer low rates since they are supported by the government to aid rural development. | currently unavailable |
Jumbo Loans | Jumbo loans in Delaware exceed conventional loan limits and are not guaranteed by Fannie Mae or Freddie Mac. | Jumbo loans may carry higher rates because they represent a greater risk to lenders. | 6.49% |
MORTGAGE RATE STRUCTURES IN DELAWARE
Mortgage rates come in two types: fixed and adjustable.
- Fixed mortgages lock in your interest rate, so your monthly payments stay the same over time, offering stability.
- Adjustable-rate mortgages (ARM) start with lower rates that may adjust over time, potentially lowering your payments when interest rates drop.
As of December 2024, the average APR in Delaware is 6.46% for a 30-year fixed-rate loan and 7.31% for a seven-year ARM.
Mortgage Lenders in Delaware
Bank of America, U.S. Bank and Lower are the top mortgage lenders in Delaware. They're known for their Better Business Bureau accreditation and homeowner assistance programs. This list isn't exhaustive; other lenders might better suit your needs.
Mortgage rates in Delaware vary by lender. Compare options and loan terms from different lenders to get the best rate.
- Bank of America
- 6Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours
Bank of America offers various mortgage options, including fixed-rate and adjustable-rate mortgages, jumbo loans, FHA loans, VA loans and doctor loans. It features a 3% downpayment for the Affordable Loan Solution and no downpayment for VA loans.
Bank of America provides online, phone and in-person support Monday through Friday, 8 a.m. to 10 p.m. ET, and Saturdays, 8 a.m. to 6:30 p.m. ET. Its assistance programs, such as America’s Home Grant® and Down Payment Grant, make homeownership more affordable.
Pros
- Unique mortgage options
- Payment support via the Client Assistance Program
- Online calculators for financial planning
Cons
- Online profile required for prequalification
- Minimum credit requirement not disclosed
- U.S. Bank
- 6Number of Mortgage Options
- YesOnline Application
- NRBBB Rating
- Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours
U.S. Bank is the top home equity line of credit (HELOC) lender for borrowers with bad credit in most states. It requires a minimum credit score of 640 for FHA loans and 660 for adjustable-rate and jumbo mortgages. Down payments are as low as 3% for conventional loans and 3.5% for FHA loans. VA loans have no down payment requirement for eligible veterans.
Customer support via video call, phone or in person is available Monday through Friday from 7 a.m. to 8 p.m. CT and Saturday from 8 a.m. to 2 p.m. CT. U.S. Bank also offers homeowner assistance programs, including forbearance, repayment plans, loan modification and payment deferral.
Pros
- Online prequalification
- Specialized loan options
- Detailed mortgage calculator
Cons
- BBB rating not provided
- Limited physical branches in 27 states
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Lower is the top HELOC lender in most states, offering online-only services and various mortgage options like conventional and FHA loans. To get started, you need a minimum credit score of 580.
Customer service via phone or text is available Monday through Friday from 9 a.m. to 5 p.m. ET. Lower also offers a Buy Before You Sell program for homeowners looking to buy a property before selling their existing one.
Pros
- Online prequalification
- A+ BBB rating
- Extensive FAQ for financial queries
Cons
- No unique mortgage options
- In-person support unavailable
- Loan advisor call required
Mortgage Programs in Delaware
Owning a home involves hidden costs on top of your regular mortgage payments. Get help from the Delaware State Housing Authority, which makes homeownership accessible and affordable through its mortgage programs.
Program | Description |
|---|---|
Smart Start Home | It helps borrowers, mainly first-time buyers, access mortgages at or below market rates. It offers conventional and government loans, with eligibility based on household income, credit scores and a maximum property sale price. Homebuyers with credit scores below 659 should consider housing counseling. |
Home Sweet Home Loan | It provides a zero-interest second loan of $12,000 for the down payment and closing costs on properties up to $285,000. It complements the Smart Start Home Loan, with the balance forgiven yearly over 10 years, leading to total forgiveness. |
Delaware Diamonds Home Loan | It provides a $15,000 zero-interest second loan for the down payment and closing costs to essential workers, including medical staff, military personnel and educators. The loan forgives 10% annually over 10 years, pairing well with the Smart Start Home Loan. |
DSHA First State Home Loan | It offers a zero-interest second loan that provides 4% of the total loan amount for down payment and closing cost assistance. The loan is deferred until the home is sold, refinanced or no longer the primary residence. |
First-Time Homebuyer Tax Credit | Allows up to 35% of mortgage interest as an annual tax credit, up to $2,000, and can be combined with other assistance programs. |
FAQ: Mortgage Rates in Delaware
Understanding today's mortgage rates can help you make informed homebuying decisions. We've covered the common questions about mortgage rates in Delaware.
What are the current mortgage rates in Delaware?
Current average APRs for mortgages in Delaware may vary depending on several factors and loan types. For instance, as of December 2024, a 30-year fixed conforming loan has an average APR of 6.46%, whereas a 30-year fixed-rate FHA carries an average of 7.82%.
How do mortgage rates in Delaware compare to national rates?
In Delaware, the current 30-year fixed-rate mortgage has an average APR of 6.46%, which is slightly lower than the national average of 6.83%. Likewise, the average five-year adjustable-rate mortgage in Delaware is 7.16%, below the national average of 7.79%.
How does my credit score impact the mortgage rates I get in Delaware?
Your credit score can significantly affect the mortgage rates you are offered. A higher credit score typically leads to lower mortgage rates, as it indicates a lower risk to lenders.
Are there any special mortgage programs in Delaware to help homebuyers?
Yes, various mortgage programs are available in Delaware, such as the Smart Start Home program, Home Sweet Home Loan and Delaware Diamonds Home Loan, aimed at assisting homebuyers.
How can I get the best possible mortgage rate in Delaware?
To obtain the best possible mortgage rate in Delaware, consider making a larger down payment, improving your credit score and shopping around to compare offers from multiple lenders.
What are today's mortgage refinance rates in Delaware?
As of December 2024, today's refinance rates in Delaware for a 15-year fixed-rate loan is an average of 5.80%, and for a 30-year fixed rate, it's 6.37%.
How do I calculate my mortgage payments?
To calculate your mortgage payments, utilize a mortgage calculator for Delaware, which can help you estimate monthly payments based on interest rates, loan amount and term.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Delaware State Housing Authority. "Kiss Your Landlord Goodbye." Accessed December 13, 2024.