Today's 30-year mortgage rate in Iowa is 6.71%, lower than the national average of 7.15%. Iowa homebuyers can reduce mortgage costs through the FirstHome Program and the Homes for Iowans Program.
Mortgage
Today's Mortgage Rates in Iowa (November 2024)
Updated: November 12, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Iowa. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in November 2024.
Current Mortgage Rates in Iowa
As of November 2024, the current mortgage rate in Iowa for a 30-year fixed mortgage is 6.7%, up by 64 basis points from 6.1% the previous month. For a $250,000 loan with a 20% down payment, this rate hike could add about $33,171 in total interest over the life of the loan, excluding property taxes or HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve policies. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Stay updated on the current mortgage rate in Iowa so you can budget effectively.
Who Needs to Know Current Mortgage Rates in Iowa?
Understanding today's mortgage interest rates in Iowa amid the shifting housing market will be valuable to first-time buyers and those refinancing.
First-time homebuyers
First-time homebuyers can benefit from knowing current mortgage rates to gauge what lenders offer and to check rate competitiveness.
Homeowners with mortgages
Iowa homeowners can use knowledge of current mortgage rates to consider a mortgage refinance if new rates are lower.
Purchase rates often differ from refinance rates. In Iowa, the average APR for a 30-year fixed-rate mortgage is 6.71%, while the refinance APR for the same loan type is higher at 6.96%.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in Iowa by Loan Type
A 30-year fixed-rate mortgage in Iowa has higher interest rates than a 15-year loan because the longer term increases the lender's risk due to potential economic changes.
Explore mortgage types in Iowa to find what suits your financial plan. Use a mortgage calculator to estimate monthly payments and total interest over the loan's life.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 5.06% | 5.12% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate on a mortgage is the percentage of the loan amount you pay annually for borrowing money. In Iowa, the average mortgage interest rate for a 30-year fixed loan is 6.64%.
The APR, or annual percentage rate, reflects the yearly cost of your loan, including the interest rate and additional fees such as mortgage points. The average APR for a 30-year fixed mortgage in Iowa is 6.71%, giving you a clear picture of the overall cost.
Current Mortgage Rates in Iowa by Credit Score
If your credit score is 740 or higher and you plan to make a down payment of 5% to 20%, the average APR for a 30-year fixed mortgage in Iowa is 7.33%. With a score below 680, the rate rises to 8.04%.
Your credit score and down payment significantly affect the mortgage rates you qualify for in Iowa. Use our interactive table to see rates based on your situation.
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
| 15-year Fixed | 6.00% |
| 20-year Fixed | 6.85% |
| 30-year Fixed | 6.96% |
| 5-year ARM | 7.33% |
| 7-year ARM | 7.35% |
Mortgage Types in Iowa
In November 2024, 30-year fixed-rate VA loans have the lowest average APR at 6.17% for those looking to buy a home in Iowa. Understanding your options helps you make better decisions that impact your monthly payments and the overall cost of your home.
Check out the table below for all the mortgage loan types available in Iowa:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Iowa |
|---|---|---|---|
Conventional loans | A conventional loan is not backed by government entities and conforms to loan limits set by Freddie Mac and Fannie Mae. | Rates depend on credit score, down payment and other factors. | 6.71% |
FHA loans | The Federal Housing Administration insures FHA loans for lower-income borrowers. | FHA loans typically offer lower rates for borrowers with lower credit scores than conventional loans. | 6.64% |
VA loans | The Department of Veterans Affairs guarantees a VA loan, which is offered to veterans and active military members. | VA loans often have favorable rates due to the government guarantee reducing lender risk. | 6.17% |
USDA loans | USDA loans are for rural homebuyers, financed through the USDA Rural Development Guaranteed Housing Loan Program. | USDA loans can offer below-market rates, as they help rural residents with financing. | currently unavailable |
Jumbo Loans | Jumbo loans in Iowa exceed conforming loan limits set by Fannie Mae and Freddie Mac. | Jumbo loans often have higher rates due to the larger amounts borrowed and increased risk. | 6.76% |
MORTGAGE RATE STRUCTURES IN IOWA
Mortgage rates in Iowa come in two types: fixed and adjustable.
- Fixed mortgage rates stay the same for the entire loan term, helping you maintain stable monthly mortgage payments.
- Adjustable mortgage rates start with a lower rate that can change over time, potentially lowering your payments when rates are favorable.
In November 2024, the average APR for a 30-year fixed mortgage is 6.71% and 7.33% for a seven-year adjustable-rate mortgage (ARM).
Mortgage Lenders in Iowa
First Midwest Bank, Lower and LoanDepot are solid mortgage options in Iowa, chosen for their state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. This list isn't exhaustive; other lenders may also meet your needs.
Mortgage rates in Iowa can vary by lender. Lenders provide various mortgage products and terms, resulting in differing rates. Comparing offers from multiple lenders can help you secure the best rate.
- First Midwest Bank
- 8Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 7 pm ET Saturday, 8 am to 1 pm ETCustomer Service Hours
First Midwest Bank offers various mortgage options online and in person. Notable programs include Community Experts, which requires a 720 credit score and offers 0% down financing, and Community Heroes, which requires just a 1% down payment.
Phone and in-person customer assistance are available Monday to Friday from 8 a.m. to 7 p.m. ET and Saturday from 8 a.m. to 1 p.m. ET. The bank also provides programs like Home Manager and Down Payment Assistance to help homeowners manage the financial aspects of property ownership.
Pros
- Prequalification online available
- Construction loan options
- Interactive tools for guidance
Cons
- Limited to seven states
- Credit requirements unclear
- FAQ focuses on online management
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Available only online, Lower provides a convenient way to secure a mortgage. It offers various mortgage options, including conventional and FHA loans. Its FHA loans are accessible for borrowers with credit scores starting at 580, while conventional loans cater to those with stronger credit.
Lower's customer service is available via phone or text from 9 a.m. to 5 p.m. ET on weekdays. The innovative Buy Before You Sell program helps homeowners seamlessly move into their next home. Lower is the top home equity line of credit (HELOC) lender in most states, highlighting its broad appeal to various credit profiles.
Pros
- Online prequalification available
- A+ BBB-accredited business
- Available program to buy before selling your home
Cons
- Online application not entirely virtual
- No unique mortgage products
- No in-person support options
- Loan Depot
- 3Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 10 am to 9 pm ETCustomer Service Hours
LoanDepot offers various mortgage options, including fixed-rate, adjustable-rate, FHA and VA loans. Services are available online and in person. FHA loans require a minimum credit score of 580, making them accessible for many first-time homebuyers. The minimum down payment for conventional loans is 5%. For FHA loans with a credit score under 580, the down payment rises to 10%.
Customer service via phone and email is available Monday through Friday from 10 a.m. to 9 p.m. ET. LoanDepot also provides Loss Mitigation Assistance for homeowners facing financial challenges.
Pros
- Provides hardship loan assistance
- Interactive mortgage calculator available
- Online prequalification possible
Cons
- No unique mortgage products
- No weekend customer support
Mortgage Programs in Iowa
Owning a home brings hidden costs beyond the monthly mortgage, impacting your budget. In Iowa, the Iowa Finance Authority provides mortgage programs to support homebuyers.
Program | Description |
|---|---|
Provides low mortgage rates for eligible buyers with down payments as low as 3%. It caters to first-time buyers and military members in specific areas, with income and house price limits. Participants can receive a $2,500 grant and a no-monthly-payment loan of up to 5% of the purchase price, repayable under certain conditions. | |
Helps first-time and repeat buyers with lower rates and down payments starting at 3%. Eligibility depends on income and home price, with additional support for closing costs and down payments. Participants can access a loan up to 5% of the home sale price, repayable upon selling or refinancing, along with required homebuyer education. | |
Offers a $5,000 grant to Iowa service members for down payments and closing costs. This grant can be combined with the FirstHome or Homes for Iowans programs. Applicants must meet service requirements, coordinate with lenders and commit to residency to qualify. |
FAQ: Mortgage Rates in Iowa
Understanding today's mortgage rates in Iowa is crucial for homebuyers. We've addressed common questions so you know what to expect when securing a mortgage.
What are the current mortgage rates in Iowa?
Current average APRs in Iowa vary by loan type and other factors. For November 2024, the average APR for a seven-year ARM is 7.33%, while a 30-year fixed-rate FHA loan has an average APR of 6.64%.
How do mortgage rates in Iowa compare to national rates?
Iowa's current average APRs for mortgages can be competitive when compared to national rates. The average rate for a 30-year fixed-rate mortgage is 6.71% versus 7.15% nationally, as of November 2024.
How does my credit score impact the mortgage rates I get in Iowa?
Your credit score significantly affects the low mortgage rates you can qualify for in Iowa. Higher scores generally lead to lower rates.
Are there any special mortgage programs in Iowa to help homebuyers?
Yes, there are mortgage programs in Iowa, like the FirstHome Program, Homes for Iowans Program and the Military Homeownership Assistance Program, that assist homebuyers.
How can I get the best possible mortgage rate in Iowa?
To secure the best mortgage rate in Iowa, consider putting a larger down payment, maintaining a strong credit score and comparing offers from multiple lenders.
What are today's mortgage refinance rates in Iowa?
As of November 2024, today's refinance rates in Iowa average 6.04% for a 15-year fixed and 6.96% for a 30-year fixed.
How do I calculate my mortgage payments?
To calculate your mortgage payments, utilize a mortgage calculator for Iowa. It will help you estimate your monthly payments based on various loan factors.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Iowa Finance Authority. "FirstHome Program." Accessed November 12, 2024.
- Iowa Finance Authority. "Homes for Iowans Program." Accessed November 12, 2024.
- Iowa Finance Authority. "Military Homeownership Assistance Program." Accessed November 12, 2024.