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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 December 14, 2019
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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.

How Do Today's Polk, IA Mortgage Rates Compare?

December 14, 2019

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%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Polk, Iowa?

The median home value for Polk, IA is $192,988

The median household income for Polk, IA is $65,472

Based on current mortgage rates and a 10% down payment, you need to make $35,805 per year to buy the median priced home in Polk

The home price you can afford to buy based on household income in Polk is 183% of the median home value which means housing prices are average

Polk ranks 94 out of 99 counties in Iowa and 1,921 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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Polk, IA

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Polk, IA

1 unit: $484,350

Additional Mortgage Resources for Polk, IA Residents

Mortgage Rates for Iowa Cities

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Polk Mortgage Rates

Sioux City Mortgage Rates

Waterloo Mortgage Rates

Sources

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