Current Mortgage Refinance Rates in Delaware (December 2024)

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Updated: January 9, 2025

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Delaware's current average mortgage refinance rate for a 15-year fixed loan is 5.80%, while the 30-year fixed loan rate is 6.37%. The national averages are 5.38% for a 15-year fixed loan and 6.45% for a 30-year fixed loan.

Our guide offers comprehensive insights into current mortgage refinance rates in Delaware, trends and practical advice on refinancing. With this information, you can better understand when and how to refinance, tailored to your credit score and loan type, empowering you to make informed decisions.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Delaware

The current 30-year refinance rate in Delaware is 6.37%. According to Experian, the average mortgage debt in Delaware was $214,984 as of September 2023. Refinancing your mortgage can be a smart way to manage this debt, potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.

Refinancing could save you thousands of dollars if your current mortgage rate is higher. Below are the current refinance rates in Delaware to help you explore your options.

15-Year Fixed5.66%5.80%
30-Year Fixed6.28%6.37%

Mortgage Refinance Rate Trends in Delaware

In Delaware, refinance rate trends showed upward movements for 15-year refinance rates and 30-year refinance rates. The 15-year fixed rates increased slightly from 5.93% in October to 6.02% in November. Similarly, the 30-year fixed rates increased from 6.31% to 6.73% over the same period.

Delaware Mortgage Refinance Rate Trends 2024

Data from 2024

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WHY DO INTEREST RATES GO UP?

Interest rates often rise due to factors like US Federal Reserve policies and market dynamics. These elements also influence refinance rate trends in Delaware. Understanding these connections helps you stay informed about changing rates.

How to Refinance a Mortgage in Delaware

Refinancing your mortgage in Delaware can be a smart move to reduce your monthly payments or secure a better interest rate. Explore the steps to ensure you make informed choices tailored to your financial situation.

  1. 1

    Check Your Credit Score

    Credit scores influence the rates you qualify for. If your score is below Delaware's average of 715, consider paying down debt or disputing errors to improve it.

  2. 2

    Determine When to Refinance a Mortgage

    Compare your current mortgage terms with market rates. Delaware's 30-year fixed rate is 5.65%, and for the 15-year, it is 5.20%. If these are lower than your current rate, it might be a good time to refinance, especially if you plan to stay long-term.

  3. 3

    Gather Necessary Documents

    Collect documents like pay stubs, tax returns and bank statements to streamline the refinancing of your current mortgage.

  4. 4

    Shop Around for Lenders

    Explore different lenders to find the best terms. Look for competitive rates, low fees and good customer service.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs. According to the National Association of Realtors, the average cost in Delaware is $3,647.

  6. 6

    Apply for the Loan

    Submit your application with all the required documents. Using an online application portal can simplify the process.

  7. 7

    Lock in Your Interest Rate

    Once approved, lock in your rate to protect against rate increases. Confirm the lock period aligns with your closing timeline.

  8. 8

    Close on Your New Loan

    Review and sign closing documents. Scheduling your closing at month-end can reduce interest costs.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments as scheduled. Setting up automatic payments can help avoid missed due dates.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Periodically assess your mortgage terms against market rates. Regular evaluations can reveal new opportunities for savings.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Delaware, how soon you can refinance a mortgage depends on the type of loan you have. Refinancing can happen immediately for conventional loans, but a cash-out refinance requires a six-month waiting period. USDA loans generally require a 12-month waiting period before refinancing. This ensures the property still qualifies under USDA guidelines.

The refinance rate in Delaware was 5.65% in October, lower than in previous months, making it a good example of when to refinance. However, it's essential to consider that refinancing involves additional closing costs, which can take years to recover. Although you might be able to refinance your mortgage within a year, it's typically not worth it unless there's a significant drop in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Delaware can reduce your monthly payments by lowering interest rates. But watch out for closing costs that might eat into your savings. Knowing when to refinance a mortgage in Delaware can ensure you genuinely benefit. Explore when refinancing could be a wise choice.

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    Lower Interest Rates

    Refinancing when interest rates are lower can reduce your monthly payments. Visit local banks and credit unions to discuss their current offers and negotiate for the best rate. This proactive approach ensures you benefit from favorable market conditions.

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    Increased Home Value

    Refinancing is wise when your home's value rises, boosting home equity. Enhance value with renovations or landscaping. With Delaware's average home value at $389,714, increased equity can lead to better refinancing terms.

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    Improved Credit Score

    A higher credit score can secure lower refinancing rates. Improve your score by paying bills on time and reducing debt. This financial discipline can lead to significant savings on your mortgage.

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    Shorter Loan Term

    Refinancing to a shorter term can reduce the total interest paid and build equity faster. This strategy can lead to financial freedom sooner, making it an attractive option for those looking to save money over time.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage stabilizes payments. This change protects against rate hikes, providing predictable monthly expenses and long-term financial planning.

Mortgage Refinancing in Delaware: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Delaware by Credit Score

Your credit score can influence the rates you qualify for in Delaware. For example, the current average refinance rate in Delaware for a 30-year fixed-rate loan with a loan-to-value ratio of 80% or lower equates to 6.94% for credit scores between 680 and 740, compared to 6.57% for scores above 740. See the table below for more details.

Data filtered by:Results filtered by:
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Loan Type:15-year Fixed
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Credit Score Range:680 - 740
Select
Loan-to-Value Ratio:80% - 95%
6.39%6.75%

Mortgage Refinance Rates in Delaware by Loan Type

Loan type is another factor that can affect the rates you qualify for in Delaware. For example, the current average refinance rates in Delaware are 6.57% for a 30-year fixed-rate loan and 8.01% for a 30-year FHA fixed-rate loan. The interactive table below shows average APRs for various loan types in Delaware.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
4.91%5.07%

FAQ: Today's Mortgage Refinance Rates in Delaware

With fluctuating numbers and market shifts, homeowners in the First State have many questions about today's refinance rates in Delaware. In this section, we provide straightforward answers to common queries about refinance rates in Delaware.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Wilmington?

About Zachary Romeo, CBCA

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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.

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