Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner-occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the borrower's creditworthiness and other differences between an individual loan and the loan criteria used for the HSH quotes. The annual percentage rate in ARM products may increase after the loan is closed. More Info: These quotes are from banks, thrifts, and brokers who have paid for a link to their website in the listings above, and you can find additional information about their loan programs on their websites.
In order to help you see how Delaware mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.
It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.
In order to qualify for the best mortgage rates in Delaware it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.
Delaware is the forty fifth most populous US state. According to the US census, as of 2016, there is an estimated population of about 0.95 million residents, which represents 0.3% of the US population.
According to the 2017 Delaware State Government Data Book, "Delaware’s economy has long been a source for innovation and technological growth. Some of the state’s most prominent firms, such as E. I. du Pont de Nemours and Company, AstraZeneca and W. L Gore and Associates, are world renowned for their technical breakthroughs and resulting commercial success. Because of the presence of these firms and others alike, as well as our highly capable research universities, Delaware ranks first in industry investment in research and development, and has the fourth highest concentration of scientists and engineers in the United States“.
In addition, according to Wikipedia: "Delaware's agricultural output consists of poultry, nursery stock, soybeans, dairy products and corn. Dover Air Force Base, located next to the state capital of Dover, is one of the largest Air Force bases in the country and is a major employer in Delaware. More than 50% of all U.S. publicly traded companies and 63% of the Fortune 500 are incorporated in Delaware."
According to the Glassman-ACS report for 2015, Delaware ranked 33rd among the states in highest poverty level in 2015, with 12.4% percent of people below poverty level, compared to 14.7% nationally. Delaware’s median household economy in 2015 was approximately $61,255, which was higher than the national average of $55,775.
Based on 2015 HMDA data, Based on 2015 HMDA data, Delaware compared to National loan program distribution, had a similar percentage of purchase loans (52% vs 51% national) and lower share of refinance loans (45% vs 46% nationally). Conventional loans were much lower than national averages (60% vs 69% nationally). The FHA loan share was higher (25% vs 20% nationally), as were VA loans (12% vs 10% nationally).
Here are some outside resources that can help you understand the Delaware mortgage environment:
Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.
Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages
Check out some differences between Delaware and the US:
Mortgage Rates for Conventional Loans in Delaware vs USA
Mortgage Fees for Conventional Loans in Delaware
Purchase Price for Conventional Loans in Delaware vs USA