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Iowa City

Current Mortgage Rates in Iowa City, Iowa

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.

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Mortgage Rates in Iowa City, IA as of April 5, 2020
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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.
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How Do Today's Iowa City, IA Mortgage Rates Compare?

April 5, 2020

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%

Mortgage Program
Today's
Iowa City, 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 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 $251,655

Based on current mortgage rates and a 10% down payment, you need to make $45,291 per year to buy the median priced home in Iowa City

With this income, you could qualify for a $226,489 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 $1,049

The median household income for Iowa City, IA (Johnson County) is $63,242

Based on this income, you can afford a home valued at approximately $351,393

The home price you can afford to buy based on household income in Iowa City is 140% of the median home value which means housing prices are average. Iowa City (Johnson County) ranks 99 out of 99 counties in Iowa and 2,673 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

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

FHA loan limits for Iowa City, IA

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

VA loan limits for Iowa City, IA

1 unit: $510,400

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