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Polk

Current Mortgage Rates in Polk, Iowa

Compare mortgage rates and fees for leading lenders in Polk, 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 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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Mortgage Rates in Polk, IA as of January 23, 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 Polk, IA Mortgage Rates Compare?

January 23, 2020

The current average rate for a 30 year fixed rate mortgage in Polk 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
Polk, 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 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 $199,742

Based on current mortgage rates and a 10% down payment, you need to make $35,948 per year to buy the median priced home in Polk

With this income, you could qualify for a $179,768 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 $833

The median household income for Polk, IA is $67,001

Based on this income, you can afford a home valued at approximately $372,283

The home price you can afford to buy based on household income in Polk is 186% of the median home value which means housing prices are average. Polk ranks 94 out of 99 counties in Iowa and 1,832 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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Polk, IA

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

VA loan limits for Polk, IA

1 unit: $510,400

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