State Chamber Update
According to Freddie Mac, the average 30-year mortgage rate registered 4.06 percent last week, making that the lowest level since January 2018. As a reference, rates were 4.94 percent as recently as November. While that decrease will help “would be” purchasers of single-family homes, we should not lose sight of important trends in the multifamily housing market in Delaware. Approximately 96,200 people in our state call an apartment home, and the industry notes that another 12,299 apartment homes will be needed in Delaware by 2030. The age of the existing stock is also a matter for consideration, as the information from the NMHC, NAA and Delaware Apartment Association points out.