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.
December 11, 2019
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%
The median home value for Cedar Rapids, IA (Linn County) is $164,534
The median household income for Cedar Rapids, IA (Linn County) is $64,619
Based on current mortgage rates and a 10% down payment, you need to make $30,526 per year to buy the median priced home in Cedar Rapids
The home price you can afford to buy based on household income in Cedar Rapids is 212% of the median home value which means housing prices are affordable
Cedar Rapids (Linn County) ranks 84 out of 99 counties in Iowa and 1,357 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
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
FHA loan limits for Cedar Rapids, IA
VA loan limits for Cedar Rapids, 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