Compare mortgage rates and closing costs for leading lenders in Iowa. Review free, personalized mortgage rates for Iowa based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Iowa. Plus, shopping lenders is free and there is no obligation.
October 1, 2020
The current average rate for a 30 year fixed rate mortgage in Iowa is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we offer valuable insights on the housing market and real estate prices in Iowa. Understand how much you need to make to buy a house in Iowa, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Iowa is affordable for you. We provide this helpful information to help you decide if living in Iowa is right for you.
The median home value for Iowa is $161,274
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Iowa is $29,025
With this income, you could qualify for a $145,147 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Iowa is $672
The median household income for Iowa is $60,455
Based on this income, you can afford a home valued at approximately $335,908
The home price you can afford to buy based on household income in Iowa is 208% of the median home value which means housing prices are super affordable. Iowa ranks 1 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Iowa is super affordable