The average mortgage rate in Delaware is currently 6.9% for the 30-year fixed loan term.
Here are the interest rates offered to Delaware residents looking to buy or refinance a home as of 03/07/2023:
- 30-year fixed purchase: 6.9%
- 30-year fixed refi: 6.4%
- 15-year fixed purchase: 5.42
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The average fixed rate on a 30-year mortgage fell slightly for the second consecutive week on the heels of high-profile bank failures that resulted in a more moderate rate hike by the Federal Reserve. Mortgage rates are highly volatile ahead of the busy spring homebuying season.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. Mortgage rates are still widely expected to fall throughout the course of 2023 but have stayed stubbornly high in the first quarter of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 23:
- 30-year fixed: 7% (down from 7.04% a week ago).
- 20-year fixed: 6.78% (down from 6.85% a week ago).
- 15-year fixed: 6.2% (down from 6.27% a week ago).
- 10-year fixed: 6.25% (up from 6.2% a week ago).
- 5/1 ARM: 5.71% (down from 5.78% a week ago).
- 7/1 ARM: 5.86% (down from 5.91% a week ago).
- 10/1 ARM: 6.14% (down from 6.16% a week ago).
- 30-year jumbo loans: 7.06% (down from 7.09% a week ago).
- 30-year FHA loans: 6% with 0.06 point (down from 6.15% a week ago).
- VA purchase loans: 6.21% with 0.05 point (down from 6.37% a week ago).
Delaware homebuyers can get help with down payments and closing costs from these Delaware State Housing Authority programs.
- Available to: Homebuyers who have a minimum credit score of 620; applicants with credit scores of 659 or below must participate in housing counseling. Maximum loan amount is $417,000, but there is no purchase price limit.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: No.
- Benefit: Interest rates at or below the standard market rate for qualified buyers.
- Down payment and closing cost assistance: Can be combined with down payment and closing cost assistance.
- Available to: All buyers with DSHA Homeownership Loans.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: No.
- Down payment and closing cost assistance: A no-interest second mortgage loan of 2% to 5% of your overall loan amount can be applied toward down payment or closing costs. This loan must be repaid upon the sale, transfer or refinance of the house, or when it is no longer your primary residence.
- Available to: First-time homebuyers who qualify for a special tax credit.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: Yes, or the buyer cannot have owned a home in the past three years as a primary residence unless purchasing a home in a targeted area, or the homebuyer is utilizing the Qualified Veteran Exemption.
- Down payment and closing cost assistance: Buyer can use the tax credit along with the down payment and closing cost assistance program.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
