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Mortgage Rates in Delaware

January 21, 2021

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Purchasing a Delaware home can help you set down roots, but you need to shop around for the best mortgage rates in the state to ensure your home purchase is as affordable as possible. You may be able to secure a loan from a bank, credit union, or online lender and your rates and terms will vary both based on which lender you choose as well as your financial credentials.

To help you compare mortgage lenders, here are today's mortgage rates in Delaware

Select the state you want to see mortgage rates for:

Alabama mortgage rates Alaska mortgage rates Arizona mortgage rates Arkansas mortgage rates California mortgage rates Colorado mortgage rates Connecticut mortgage rates Washington DC mortgage rates Delaware mortgage rates Florida mortgage rates Georgia mortgage rates Hawaii mortgage rates Idaho mortgage rates Illinois mortgage rates Indiana mortgage rates Iowa mortgage rates Kansas mortgage rates Kentucky mortgage rates Louisiana mortgage rates Maine mortgage rates Maryland mortgage rates Massachusetts mortgage rates Michigan mortgage rates Minnesota mortgage rates Mississippi mortgage rates Missouri mortgage rates Montana mortgage rates Nebraska mortgage rates Nevada mortgage rates New Hampshire mortgage rates New Jersey mortgage rates New Mexico mortgage rates New York mortgage rates North Carolina mortgage rates North Dakota mortgage rates Ohio mortgage rates Oklahoma mortgage rates Oregon mortgage rates Pennsylvania mortgage rates Rhode Island mortgage rates South Carolina mortgage rates South Dakota mortgage rates Tennessee mortgage rates Texas mortgage rates Utah mortgage rates Vermont mortgage rates Virginia mortgage rates Washington mortgage rates West Virginia mortgage rates Wisconsin mortgage rates Wyoming mortgage rates

Current Mortgage and Refinance Rates in Delaware

Rates As of Jan 20, 2021
Product Interest Rate Average Points/Credits
Fixed 30 Year 2.872% 0.029
Fixed 30 Year - FHA 2.847% -0.333
Fixed 30 Year - VA 2.554% -0.327
Fixed 30 Year 2.958% -0.013
Fixed 20 Year 2.758% 0.178
Fixed 15 Year 2.453% -0.323
Fixed 30 Year - FHA 2.707% -0.848
The Ascent's Mortgage Rates Tracking Methodology

5 affordable places to live in Delaware

We scoured local statistics (as well as information on tax-rates.org) to identify the most affordable Delaware cities. If you're looking for a low-price locale to purchase your Delaware home, here are five places in Delaware with a low cost of living.

1. Smyrna

Smyrna has the 12th lowest cost of living in Delaware and is the lowest priced area in the state with a population of more than 10,000, according to Niche. It's classified as a town and is home to an estimated 11,333 people, 61% of whom are homeowners.

With homes in the area coming in at a median value of $187,800, which is just above the national median value of $184,700, it's not a surprise that so many Smyrna residents are homeowners. Kent County, where Smyrna is located, also has a relatively affordable average property tax rate of .4% of a property's assessed fair market value. Residents not only enjoy affordable homeownership costs, but can also take advantage of nearby recreational opportunities including Woodland Beach or the Asbury Church Farmers Market.

2. Milford

In Milford, an affordable median home value of $184,600 has helped 54% of local residents to become homeowners. Taxes here are much more affordable than in Kent County, coming in at a rate of just 2.37% of assessed fair market value for local properties. This is one of the lowest median property tax rates in the United States. The low cost of homeownership has helped to earn Milford the honor of being named the 14th best place to retire in Delaware. It's also the 10th most diverse places to live in the state, according to Niche.

3. Dover

Dover is also a Delaware town, but a larger one with a population of more than 37,000. Like Smyrna, Dover is located in Kent County so has an average property tax rate of .4% of assessed fair market value of local properties. But despite a low median home value of $175,900, just 49% of Dover residents are homeowners.

Still, Dover has been recognized by Niche for its diversity as well as for having some of the best public schools in the state. First State Heritage Park and the Delaware Public Archives are located in this town as well, and can be enjoyed by residents and visitors alike.

4. Middletown

Middletown is home to more than 21,000 people, with 79% of its residents owning rather than renting their homes. This is despite a high median home value of $288,400 in this Delaware town. New Castle County, where Middletown is located, also has an average property tax rate of .55% of assessed fair market value. Despite its higher tax rate and home value, Middletown was still named as the 10th best place to buy a house in Delaware; the 13th best place to live in the state, and the locale with the third best public schools statewide.

5. Wilmington

Wilmington is the largest Delaware area on this list with a population of more than 70,000. Just under half -- 45% -- of Wilmington residents are homeowners, and the median value of Wilmington homes comes in at $169,000, which is a bit below the national median.

Like Middletown, Wilmington is also located in New Castle County where the average property tax rate is .55% of assessed fair market value. However, Wilmington has been recognized as one of the top suburbs to live in within Delaware, as well as one of the most diverse suburbs and the best suburbs for young professionals. ;

Choosing an affordable home will allow you to borrow less and keep your monthly payments down. You can also keep costs low by shopping among multiple lenders for the best mortgage rates in Alabama to see which provides the best deal for you.

Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.

Select the state you want to see mortgage rates for:

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