Compare mortgage rates and fees for leading lenders in Ames, IA. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Ames.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Ames. Plus, shopping lenders is free and there is no obligation.
October 14, 2019
The current average rate for a 30 year fixed rate mortgage in Ames 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%
The median home value for Ames, IA (Story County) is $206,509
The median household income for Ames, IA (Story County) is $54,281
Based on current mortgage rates and a 10% down payment, you need to make $38,314 per year to buy the median priced home in Ames
The home price you can afford to buy based on household income in Ames is 142% of the median home value which means housing prices are average
Ames (Story County) ranks 98 out of 99 counties in Iowa and 2,654 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Ames, IA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Ames (Story County) below.
Conforming loan limits for Ames, IA
FHA loan limits for Ames, IA
VA loan limits for Ames, IA
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index