Interest Rate
6.498%
APR*
6.593%
Average home price
$254.108

If your plan is to buy a home in Delaware, you need to do a little research toi make sure you get the best mortgage rate you can. Where your mortgage rate is set will be based on a variety of factors, which can include but aren’t limited to your personal credit score, how much of a down payment you’ve saved, your monthly income, and your debt-to-income ratio.

You can improve your chances of qualifying for the best mortgage rate in Delaware by applying for preapproval by a reputable mortgage l;ender, but make sure to gather all of your documentation and check your credit first to make sure there are no surprises.

Here’s a quick look at current Delaware mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.498% 6.593% +0.27%
Conventional 20 year fixed 6.082% 6.235% Unchanged
Conventional 15 year fixed 5.75% 5.962% +0.26%
Conventional 10 year fixed 5.54% 5.933% +0.39%
Conventional 5 year ARM 5.812% 5.591% +0.17%
FHA 30 year fixed 5.679% 6.549% +0.07%
VA 30 year fixed 5.658% 5.967% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Delaware

Having happy fantasies about buying a home in Delaware? Now might be just the right time to purchase your dream home in the Diamond State. Here’s what you need to know:

Delaware has plenty of lovely cities to live in. The state is called home by just over 900,000 people, and nearly one in five live in the city’s top five biggest cities:

  • Wilmington
  • Dover (state capital)
  • Newark
  • Bear
  • Middletown

Home prices run the gamut in Delaware. The state ranks 23rd in US homes for sale at average price, and 41st for homes over $1,000,000. Apply for preapproval before you house hunt, and discover what your true budget is.

First-time Homebuyers

It can be helpful to a first-time home buyer to find out if you qualify for assistance through a program administered by the Delaware State Housing Authority’s (DSHA.)

The DSHA Homeownership Loan Program offers 30-year fixed-rate loans up to $417,000 with competitive interest rates, which can be combined with down payment and closing cost assistance.

Down payment and closing costs assistance is supplied through the DSHA Preferred Plus
program which offers homebuyers a no-interest second mortgage equal to 2%-5% of your overall loan amount that doesn’t have to be repaid until you move out, sell your home, refinance your first mortgage or stop using the home as your primary residence.

To qualify for these programs, you’ll need:

  • To have an income limit lower than the maximum for your county
  • A credit score of at least 620
  • To attend housing counseling if your score is 659 or less
  • A debt-to-income (DTI) ratio not to exceed 45% if your credit score is 699 or less

Refinancing in Delaware

If you want to refinance a home in Delaware to leverage lower Delaware mortgage rates, you can do any of the following:

  • Refinance in order to secure a better interest rate
  • Refinance to extend the term of your loan
  • Refinance to get a cash-out from your equity
  • Refinance so you no longer have private mortgage insurance (PMI)

There’s always a possibility you can qualify for a streamlined refinance if you have a specific type of loan. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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