As of mid-June 2025, mortgage interest rates in Delaware are stabilizing after a period of volatility. The average 30-year fixed rate sits between 6.75% and 6.98%, while 15-year fixed loans are closer to 6.13%. Although still elevated compared to pre-pandemic lows, rates have edged down from the highs of 2023–2024. This movement reflects optimism around easing inflation and steady Federal Reserve policy. Delaware’s local housing market remains active, with limited inventory sustaining pricing strength despite financing headwinds.
Refinance Strategies for Delaware Homeowners
With rates stabilizing in the mid-6% range, homeowners who purchased or refinanced during the 2022–2023 rate spikes (7% and above) may now find an opportunity to refinance at more favorable terms. Strategic options include:
Rate-and-term refinancing to reduce monthly payments or switch from a 30-year to a 15-year term.
Cash-out refinancing to leverage home equity for major expenses while consolidating debt.
FHA Streamline or VA IRRRL refinances, which offer quicker approvals and minimal documentation for qualifying loans.
Those considering refinancing should act sooner rather than later, as current rate dips may be temporary, and many lenders offer free or low-cost rate locks.