Iowa City

Compare Current Iowa City, Iowa Mortgage Rates

Compare Iowa City, IA mortgage rates and fees from top lenders. 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 lowest 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.

Iowa City, IA Mortgage Rates as of February 20, 2024
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's Iowa City, IA Mortgage Rates

February 20, 2024

Current mortgage rates in Iowa City, IA are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Iowa City, IA Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

How Affordable is Housing in Iowa City, Iowa?

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

The median home value for Iowa City, IA (Johnson County) is $310,816

Based on current mortgage rates and a 10% down payment, you need to make $64,841 per year to buy the median priced home in Iowa City

With this income, you could qualify for a $279,734 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 Iowa City is $1,502

The median household income for Iowa City, IA (Johnson County) is $68,114

Based on this income, you can afford a home valued at approximately $326,505

The home price you can afford to buy based on household income in Iowa City is 105% of the median home value which means housing prices are average. Iowa City (Johnson County) ranks 99 out of 99 counties in Iowa and 2,756 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


Loan Limits for Iowa City, Iowa

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

1 unit: $726,200
2 units: $929,850
3 units: $1,123,900
4 units: $1,396,800

FHA loan limits for Iowa City, IA

1 unit: $472,030
2 units: $604,400
3 units: $730,525
4 units: $907,900

VA loan limits for Iowa City, IA

1 unit: $726,200

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