Delaware Mortgage Rates

Comparing Delaware Mortgage Rates with National Rates

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. 

Shopping for Best Mortgage Rates in Delaware

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.

Qualifying for a Mortgage in Delaware

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.

Mortgage Resources for Delaware

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:

1. FHA loan amounts in Delaware: (note:set the table to Delaware). There are 3 counties in the state of Delaware. None of the counties were at the Highest loan limit, currently at $636,150. Most,67% were at the Standard loan limit, currently at $275,665. The remaining 33% were between those limits.
2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Delaware and your county or check out the FHFA conforming limit map. The FHFA has higher base limits than the FHA, currently at $424,100. All of the counties are within this limit.
3. Delaware First Home Buyer Programs: The Delaware State Housing Authority aims to provide, "quality, affordable housing opportunities and appropriate supportive services to low- and moderate-income Delawareans." They offer down payment assistance programs together with their Welcome Home loans for first time homebuyers, and the Home Again program for repeat homebuyers.  If needed second mortgage loans are available for downpayment and closing cost assistance. The mortgages have property, income and credit requirements.
4. Homebuyer Education Programs: Many programs require a homebuyer education class. For more information check out the Hud’s website. 

Mortgage Trends and Statistics for Delaware

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
• Mortgage Fees for Conventional Loans in Delaware
• Loan Amount for Conventional Loans in Delaware

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