Compare mortgage rates and fees for leading lenders in Iowa City, 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 Iowa City.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Iowa City. Plus, shopping lenders is free and there is no obligation.
August 22, 2019
The current average rate for a 30 year fixed rate mortgage in Iowa City 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 Iowa City, IA (Johnson County) is $243,380
The median household income for Iowa City, IA (Johnson County) is $61,798
Based on current mortgage rates and a 10% down payment, you need to make $45,155 per year to buy the median priced home in Iowa City
The home price you can afford to by based on household income in Iowa City is 137% of the median home value which means housing prices are average
Iowa City (Johnson County) ranks 99 out of 99 counties in Iowa and 2,719 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Iowa City, IA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Iowa City (Johnson County) below.
Conforming loan limits for Iowa City, IA
FHA loan limits for Iowa City, IA
VA loan limits for Iowa City, 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