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Polk

Compare Current Polk, Iowa Mortgage Rates

Compare Polk, 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 Polk.

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

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Polk, IA Mortgage Rates as of August 16, 2022
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Polk, IA Mortgage Rates

August 16, 2022

Current mortgage rates in Polk, 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
Today's
Polk, IA Rates
National
Average
Comparison
30 Year Fixed Rate
%
5.220%
15 Year Fixed Rate
%
4.590%
5/1 Adjustable Rate Mortgage
%
4.430%

How Affordable is Housing in Polk, Iowa?

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

The median home value for Polk, IA is $230,342

Based on current mortgage rates and a 10% down payment, you need to make $37,741 per year to buy the median priced home in Polk

With this income, you could qualify for a $207,308 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 Polk is $874

The median household income for Polk, IA is $72,330

Based on this income, you can afford a home valued at approximately $441,450

The home price you can afford to buy based on household income in Polk is 192% of the median home value which means housing prices are average. Polk ranks 95 out of 99 counties in Iowa and 1,904 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Polk, IA is average

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Loan Limits for Polk, Iowa

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Polk below.

Conforming loan limits for Polk, IA

1 unit: $647,200
2 units: $828,700
3 units: $1,001,650
4 units: $1,244,850

FHA loan limits for Polk, IA

1 unit: $420,680
2 units: $538,650
3 units: $651,050
4 units: $809,150

VA loan limits for Polk, IA

1 unit: $647,200

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