Unlock the secrets to snagging Delaware’s lowest mortgage rates. Plus, discover down payment assistance that could boost your buying power.
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Delaware mortgage rates play a big role in how much home you can afford — and how much room you’ll have in your budget for everything else.
When you start shopping for a home, you quickly learn how important interest rates are. The lower your rate, the more house you can afford. If you’re refinancing, a lower rate will give you more financial flexibility. So let’s take a look at how you can grab Delaware’s lowest mortgage rates.
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WEEKLY TRENDS AND INSIGHTS
On the week of September 5, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %.
For context, a 30-year fixed-rate mortgage was NaN basis points higher a year ago. As for a 15-year fixed-rate mortgage, it was NaN basis points higher a year ago.
If mortgage rates seem like a moving target, that’s because they’re largely shaped by forces you can’t control:
Many factors influence interest rate differences from state to state. Here are some reasons why mortgage rates in Delaware might be different from rates in Rhode Island or Arkansas for the same type of loan:
These factors help explain why a 30-year fixed-rate conforming loan in Wilmington or Newark, Delaware, could have an interest rate of 7.125% while the same loan might cost 6.875% in St. Louis, Missouri. However, state averages don’t always differ and can be similar to national averages.
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Yes, Delaware has several first-time homebuyer programs. The Delaware State Housing Authority (DSHA) offers the Welcome Home and Home Again programs to make homeownership more affordable for low- and moderate-income buyers.
Welcome Home is for first-time buyers only, while Home Again is for repeat buyers and first-time buyers whose income is above Welcome Home’s limits.
Each offers several types of assistance, and some can be combined if you qualify:
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Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.
Product | Interest rate | APR | ||||
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General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Sep 08, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Sep 08, 2024. These rates are based on the assumptions shown here. Actual rates may vary. |
You can’t change the inflation rate, but you may be able to improve your finances. All lenders want to know is, “Will the borrower pay me back?” These tips can help you convince them that the answer is a strong yes:
Compare these popular loan types and their requirements to find the right mortgage for your needs:
Conventional
Jumbo
VA
USDA
FHA
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