Delaware Mortgage Rates

In 2016, Delaware enjoyed a higher-than-national-average homeownership rate of 73% according to the U.S. Census Bureau. Based on its annual estimates for 2016, 245,005 housing units out of 351,085 occupied units in the state are owner-occupied.

If you are looking to buy a home in Delaware, know that their prices can be higher because of their oceanfront location. The median sales price across its three counties was between $195K and $260K (Trulia data, May to August 2017).

What can you expect from mortgage rates in Dover or Wilmington? For a more accurate feel of your local housing market, you can shop and compare rates here.

Mortgage Rates, Explained

Mortgage rates in Delaware vary and depend on individual and broad economic factors. You can expect that state or local rates can differ with national rates, although the latter is a good starting point when you shop for purchase or refinance loans.

For example, a 30-year fixed-rate mortgage has a different rate from that of a 15-year fixed-rate mortgage and a 5/1 hybrid adjustable-rate mortgage. The 30-year rate is usually higher than the 15-year FRM and the 5/1 ARM plan. It also has a higher interest costs overall but the monthly payments are very low.

A conventional loan also has a rate different from that of an FHA, USDA or a VA loan. Government loans cater to lower-income households so their rates are kept low. Conventional loans conforming to Fannie Mae or Freddie Mac are priced based on credit scores and loan-to-value ratios.

Purchase and refinance loans are based on the same rates but lower rates matter more when refinancing to reduce monthly payments. That explains refinance booms when rates are dropping.

Shopping and Comparing Rates in Delaware

Landing a good mortgage deal is a goal that you can achieve when you have done your research on mortgage rates and costs.

Contact lenders, look up rates online, or calculate mortgage payments. You can do all that at mortgagesum.com.