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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 October 22, 2019
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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.

How Do Today's Cedar Rapids, IA Mortgage Rates Compare?

October 22, 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%

Mortgage Program
Today's
Cedar Rapids, IA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Cedar Rapids, Iowa?

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

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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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Cedar Rapids, IA

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Cedar Rapids, IA

1 unit: $484,350

Additional Mortgage Resources for Cedar Rapids, IA Residents

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Waterloo Mortgage Rates

Sources

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