Delaware Mortgage and Refinance Rates
On Wednesday, March 29, 2023, the national average 30-year fixed mortgage APR is 6.90%. The national average 30-year fixed refinance APR is 7.01%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
Bankrate has offers for Delaware mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.
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Delaware mortgage overview
As of Wednesday, March 29, 2023, current mortgage interest rates in Delaware are 6.78% for a 30-year fixed mortgage and 6.03% for a 15-year fixed mortgage.
In Delaware, the median list price among homes for sale is slightly higher than the national median. There are many mortgage programs available for homebuyers, including for those shopping for their very first home.
First-time homebuyer programs in Delaware
The Delaware State Housing Authority (DSHA) offers programs designed to help first-time homebuyers as well as those who may want to upgrade from their existing property. Options include below-market rate mortgages and down payment assistance programs.
DSHA Homeownership Loans
The DSHA has 30-year, fixed-rate Homeownership Loans, which provide affordable financing to low- and moderate-income state residents. The loans can be conventional, FHA, VA or USDA, with eligibility requirements, including income limits that vary by where in the state the purchase property is located.
In addition, applicants must have a minimum credit score of 620, and any applicant with a credit score below 659 is required to attend housing counseling. If your credit score is less than 699, the DSHA requires a 45 percent debt-to-income ratio (DTI), as well.
With DSHA Homeownership Loans, the maximum loan amount is $417,000, though there is no purchase price limit.
DSHA Preferred Plus
One of the most challenging parts of purchasing a home for first-time buyers can often be saving for a down payment or paying closing costs. DSHA Preferred Plus helps with this hurdle by offering a no-interest second mortgage, between 2 percent and 5 percent of the loan principal on the property. The funds can be used for the down payment or closing costs.
The loan does not have to be repaid until the property is refinanced, sold or transferred, or if it no longer serves as your primary residence.
Assistance through Preferred Plus is only open to those who have a DSHA Homeownership Loan. The eligibility requirements for Preferred Plus are the same as those for DSHA Homeownership Loans.
Delaware First-Time Homebuyer Tax Credit
Specifically for first-time home buyers, the Delaware First-Time Homebuyer Tax Credit allows participants to claim 35 percent of their annual mortgage interest as a special federal tax credit. The maximum credit allowed is $2,000 — a deduction that directly reduces your annual federal tax bill.
Available for the life of the mortgage, the federal deduction saves thousands. The program is open to any first-time homebuyer, meaning it’s not restricted to those participating in other DSHA programs. There are program eligibility requirements to keep in mind, however, including household income and purchase price requirements.
Delaware mortgage refinancing
If you’re ready to refinance your mortgage, it’s a good idea to shop around. Remember that you’re not required to refinance with the same company that provided your original mortgage — in fact, you may get a far better rate by looking elsewhere.
The Delaware State Housing Authority does not offer any refinancing programs, but there are plenty of private lenders in the state who do. As you shop around, be sure to review and compare fees carefully, including closing costs associated with each lender. You’ll want to be sure the costs of obtaining the new mortgage are not steeper than any savings you may be realizing by refinancing.