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Delaware Mortgage Rates for February 2019

The average 30-year mortgage rate in Delaware is currently 4.61%. 15-year mortgage rates average at 4.04% and the initial fixed rate for 5/1 adjustable-rate mortgages (ARMs) average at 4.15%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.61%–0.02%–0.34%
15-year fixed4.04%–0.02%–0.36%
5/1 ARM4.15%–0.03%–0.23%
Rates for a $200,000 loan with 20% down payment

While getting a mortgage is one of the most important steps to becoming a homeowner, it's not always easy to know whether you're getting a good deal from your lender. Understanding the average mortgage rate in your area is the first step toward that goal. We track and compare home loan rates in Delaware to help you make the right choices.

Best Mortgage Rates in Delaware

Delaware's lowest mortgage rate is currently 4.00% for a 30-year mortgage and 3.50% for a 15-year loan. The initial rate for 5/1 ARMs in Delaware goes as low as 3.38%. These estimates are based on an assumed purchase price of $200,000 and a down payment of 20%.

Lenders calculate mortgage rates with dozens of variables in mind, ranging from your credit score and income to market conditions and the lender's own business needs. To make sure you're getting the best possible rate on your home loan, it's necessary to gather quotes from multiple lenders. While tedious, comparing mortgage quotes can save you thousands in the long run.

However, comparing lender quotes is only part of the answer. Besides evaluating your options relative to each other, you should come into the shopping process with a basic understanding of what a reasonable mortgage rate in your area should look like based on current averages. To provide you with that initial basis for comparison, we went on a deep dive of mortgage rate lows, averages, and major lender estimates in Delaware.

Current Mortgage Rate Forecast for Delaware

While many consumers in 2018 expected mortgage rates to rise as interest rates went up in general, recent news has made it unclear whether rates will actually increase. In January, the Federal Open Market Committee (FOMC) announced that it would temporarily avoid additional rate hikes until it had better information on the condition of the U.S. economy.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

The FOMC's last rate hike came in December 2018, when the committee raised the target federal funds rate to 2.25%-2.50%. The short-term effect on mortgage rates so far has been to stall and even reverse the previous upward trend. It's not clear whether this will last, and data so far suggests that more homebuyers across the U.S. have taken the opportunity to purchase now.

Given how important your mortgage rate is in determining the cost of your home, it's entirely reasonable to seek financing during this time with the goal of getting a lower interest rate. That said, it's also important not to lose track of the other qualities that represent good value in a mortgage. These include not only the upfront cost of financing but also the reliability and service quality of the lender itself.

Rates at Delaware's Most Popular Mortgage Lenders

While online mortgage lending is growing more popular these days, banks and other brick-and-mortar lenders remain a major part of the home lending industry. Since these major lenders wield considerable influence over mortgage pricing, we gathered estimates from five of the largest Delaware banks to see where their quoted rates fell.

Column graph comparing 30-year mortgage rates at major Delaware banks

While we did see a considerable range of rates among Delaware's major banks, these numbers were based on a theoretical purchase price of $200,000 and a down payment of 20%. Depending on your loan details, the rates and fees you encounter at these lenders may be significantly different. Still, these findings suggest that it's still worthwhile to get quotes from a variety of sources.

Even if you prefer to look for mortgage quotes online, the rates set by banks and other traditional mortgage lenders can be useful as a litmus test for distinguishing reasonable quotes from ones too good to be taken at face value. Exercising good judgment based on the industry average is especially important when you consider newer lenders whose local presence is limited.

Comparing Home Loan Rates by City

Since Delaware's real estate market covers a relatively small area, we didn't expect mortgage rates to vary all that much from place to place. Still, we took a closer look at both loan rates and property values for each of the state's metropolitan areas to see how they compared.

AreaAverage mortgage rateMedian home value
Dover4.98%$221,761
Georgetown4.99%$250,177
Wilmington4.93%$264,582
Average rate is for a 30-year mortgage with a 20% down payment.

Relative to densely populated areas in larger states like Pennsylvania or New York, Delaware's cities show less variation in property value. However, Delawareans will notice that location still has a measurable effect on the price of property within the state. Mortgage rates, on the other hand, remain much the same everywhere unless you're comparing home loans of different types.

Evaluating Your Mortgage Options: An Example in Dover

With home loan rates pretty much the same wherever you live in Delaware, the best remaining ways to lower your rate are to improve your borrower profile or select an alternate loan type. While raising your credit score and downsizing your LTV ratio are great first steps, they also take time. If you're applying for financing now, your choice of loan type is the fastest way to change your rate.

We can see this at work by walking through a hypothetical purchase in Dover. Say you're borrowing to buy a $200,000 property with a down payment of 20%. At Dover's current 30-year average of 4.92%, you'd pay a minimum of $852 per month. Over 30 years, that leads to lifetime loan interest of $146,400.

But most 30-year mortgage borrowers sell their properties long before the end of their original loan. If you plan to move in a few years, the initial fixed rate of an ARM loan can provide lower rates. For instance, the average 5/1 ARM in Delaware starts with a rate of 4.15%. In the five years before the adjustable rate kicks in, you'd pay a monthly minimum of $778.

At the other end of the spectrum, homeowners who want to pay off their debt completely can take a 15-year mortgage, which requires higher monthly payments but reduces lifetime interest. At Delaware's average rate, a 15-year loan in Dover would cost $1,187 per month and $53,608 in total interest. Selecting the loan type that best fits your financial goals can greatly reduce how much you spend on financing your home.

The average 30-year mortgage rate in Delaware is currently 4.61%. 15-year mortgage rates average at 4.04% and the initial fixed rate for 5/1 adjustable-rate mortgages (ARMs) average at 4.15%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.61%–0.02%–0.34%
15-year fixed4.04%–0.02%–0.36%
5/1 ARM4.15%–0.03%–0.23%
Rates for a $200,000 loan with 20% down payment

While getting a mortgage is one of the most important steps to becoming a homeowner, it's not always easy to know whether you're getting a good deal from your lender. Understanding the average mortgage rate in your area is the first step toward that goal. We track and compare home loan rates in Delaware to help you make the right choices.

Delaware's lowest mortgage rate is currently 4.00% for a 30-year mortgage and 3.50% for a 15-year loan. The initial rate for 5/1 ARMs in Delaware goes as low as 3.38%. These estimates are based on an assumed purchase price of $200,000 and a down payment of 20%.

Lenders calculate mortgage rates with dozens of variables in mind, ranging from your credit score and income to market conditions and the lender's own business needs. To make sure you're getting the best possible rate on your home loan, it's necessary to gather quotes from multiple lenders. While tedious, comparing mortgage quotes can save you thousands in the long run.

However, comparing lender quotes is only part of the answer. Besides evaluating your options relative to each other, you should come into the shopping process with a basic understanding of what a reasonable mortgage rate in your area should look like based on current averages. To provide you with that initial basis for comparison, we went on a deep dive of mortgage rate lows, averages, and major lender estimates in Delaware.

While many consumers in 2018 expected mortgage rates to rise as interest rates went up in general, recent news has made it unclear whether rates will actually increase. In January, the Federal Open Market Committee (FOMC) announced that it would temporarily avoid additional rate hikes until it had better information on the condition of the U.S. economy.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

The FOMC's last rate hike came in December 2018, when the committee raised the target federal funds rate to 2.25%-2.50%. The short-term effect on mortgage rates so far has been to stall and even reverse the previous upward trend. It's not clear whether this will last, and data so far suggests that more homebuyers across the U.S. have taken the opportunity to purchase now.

Given how important your mortgage rate is in determining the cost of your home, it's entirely reasonable to seek financing during this time with the goal of getting a lower interest rate. That said, it's also important not to lose track of the other qualities that represent good value in a mortgage. These include not only the upfront cost of financing but also the reliability and service quality of the lender itself.

While online mortgage lending is growing more popular these days, banks and other brick-and-mortar lenders remain a major part of the home lending industry. Since these major lenders wield considerable influence over mortgage pricing, we gathered estimates from five of the largest Delaware banks to see where their quoted rates fell.

Column graph comparing 30-year mortgage rates at major Delaware banks

While we did see a considerable range of rates among Delaware's major banks, these numbers were based on a theoretical purchase price of $200,000 and a down payment of 20%. Depending on your loan details, the rates and fees you encounter at these lenders may be significantly different. Still, these findings suggest that it's still worthwhile to get quotes from a variety of sources.

Even if you prefer to look for mortgage quotes online, the rates set by banks and other traditional mortgage lenders can be useful as a litmus test for distinguishing reasonable quotes from ones too good to be taken at face value. Exercising good judgment based on the industry average is especially important when you consider newer lenders whose local presence is limited.

Since Delaware's real estate market covers a relatively small area, we didn't expect mortgage rates to vary all that much from place to place. Still, we took a closer look at both loan rates and property values for each of the state's metropolitan areas to see how they compared.

AreaAverage mortgage rateMedian home value
Dover4.98%$221,761
Georgetown4.99%$250,177
Wilmington4.93%$264,582
Average rate is for a 30-year mortgage with a 20% down payment.

Relative to densely populated areas in larger states like Pennsylvania or New York, Delaware's cities show less variation in property value. However, Delawareans will notice that location still has a measurable effect on the price of property within the state. Mortgage rates, on the other hand, remain much the same everywhere unless you're comparing home loans of different types.

Comments and Questions

Opinions, analyses, reviews, or recommendations expressed here are the author’s alone, and have not been reviewed or endorsed by the companies. We may be compensated through affiliate programs. For a full list of our advertisers, see our disclosure page.