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Cedar Rapids

Current Mortgage Rates in Cedar Rapids, Iowa

Compare mortgage rates and fees for leading lenders in Cedar Rapids, 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 Cedar Rapids.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Cedar Rapids. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Cedar Rapids, IA as of January 24, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Cedar Rapids, IA Mortgage Rates Compare?

January 24, 2020

The current average rate for a 30 year fixed rate mortgage in Cedar Rapids 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%

Mortgage Program
Today's
Cedar Rapids, IA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Cedar Rapids, Iowa?

Below we provide helpful information on the real estate market, home prices and housing affordability in Cedar Rapids. Understand how much you need to earn to afford a home in Cedar Rapids, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Cedar Rapids fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Cedar Rapids is right for you.

The median home value for Cedar Rapids, IA (Linn County) is $169,800

Based on current mortgage rates and a 10% down payment, you need to make $30,560 per year to buy the median priced home in Cedar Rapids

With this income, you could qualify for a $152,820 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 Cedar Rapids is $708

The median household income for Cedar Rapids, IA (Linn County) is $66,128

Based on this income, you can afford a home valued at approximately $367,431

The home price you can afford to buy based on household income in Cedar Rapids is 216% of the median home value which means housing prices are affordable. Cedar Rapids (Linn County) ranks 82 out of 99 counties in Iowa and 1,238 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Cedar Rapids, IA is affordable

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Loan Limits for Cedar Rapids, Iowa

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Cedar Rapids (Linn County) below.

Conforming loan limits for Cedar Rapids, IA

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Cedar Rapids, IA

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Cedar Rapids, IA

1 unit: $510,400

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