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Davenport

Current Mortgage Rates in Davenport, Iowa

Compare mortgage rates and fees for leading lenders in Davenport, 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 Davenport.

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

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Mortgage Rates in Davenport, IA as of September 27, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Davenport, IA Mortgage Rates Compare?

September 27, 2020

The current average rate for a 30 year fixed rate mortgage in Davenport 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
Davenport, 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 Davenport, Iowa?

Below we provide helpful information on the real estate market, home prices and housing affordability in Davenport. Understand how much you need to earn to afford a home in Davenport, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Davenport 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 Davenport is right for you.

The median home value for Davenport, IA (Scott County) is $167,240

Based on current mortgage rates and a 10% down payment, you need to make $30,099 per year to buy the median priced home in Davenport

With this income, you could qualify for a $150,516 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 Davenport is $697

The median household income for Davenport, IA (Scott County) is $60,833

Based on this income, you can afford a home valued at approximately $338,008

The home price you can afford to buy based on household income in Davenport is 202% of the median home value which means housing prices are affordable. Davenport (Scott County) ranks 89 out of 99 counties in Iowa and 1,530 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Davenport, Iowa

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

Conforming loan limits for Davenport, IA

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

FHA loan limits for Davenport, IA

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

VA loan limits for Davenport, IA

1 unit: $510,400

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