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Your new home might be waiting for you in Iowa. Be sure that you’re informed about Iowa mortgage rates and what lenders will be looking at before you buy. You’ll want to be able to disclose everything about your finances, from your income and down payment ability to your credit score and debt-to-income ratio.
To get the best mortgage rate in Iowa, get a copy of your credit report and make sure there are no surprises. Gather your income and asset documents, and apply for mortgage preapproval with a trustworthy lender prior to starting your house hunt in Iowa.
Here’s a quick look at current Iowa mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||5.898%||5.992%||+0.04%|
|Conventional 20 year fixed||5.764%||5.901%||Unchanged|
|Conventional 15 year fixed||5.16%||5.3%||-0.11%|
|Conventional 10 year fixed||4.974%||5.206%||Unchanged|
|Conventional 7 year ARM||5.846%||6.611%||Unchanged|
|Conventional 5 year ARM||5.108%||6.456%||-0.21%|
|VA 30 year fixed||5.395%||5.722%||Unchanged|
|VA 15 year fixed||4.625%||5.314%||-0.06%|
Iowa is often regarded as the land of corn and pig farming. The Hawkeye State is home to boundless plains and is an agricultural center of the nation.
Iowa’s population is just over 3 million people. Roughly one in six live in the state’s top five cities:
House hunting with the intent to buy a home in Iowa can quickly reveal that homes in the state are inexpensive overall. Iowa ranks 49th in US homes for sale at average price, and 45th for homes over $1,000,000. Getting preapproved so your budget isn’t a mystery is a good first step.
You might benefit from a program administered by the Iowa Finance Authority (IFA) if you’re a first-time homebuyer purchasing a home in Iowa. There is one main program designed especially for FTHBs.
With the IFA FirstHome program, you can get below-market interest rates and fees on several types of mortgages,as well as lower mortgage insurance premiums if you meet income requirements. You can choose between a 25- or 30-year term.
Borrower and property requirements mean you’ll need:
Seeing lower Iowa mortgage rates? It could be time to refinance your home in the state. You can do any of the following:
Want a streamlined refinance? This is an option in some cases with the right loan type. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.