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Iowa Mortgage Rates
With four distinct seasons, an excellent education system, and plenty of wide-open spaces, it isn’t hard to see why people choose to live in the Hawkeye State. Understanding the types of loans available, and how the current interest rates can impact those options, is the key to getting the right mortgage for your new home.
Common Iowa Loan Types:
- Iowa conventional mortgages: Iowa mortgage requirements and rates vary based on the area you live in, or want to live in, and your financial situation. Compare mortgage rates on FreeRateUpdate.com to find the option that's right for you.
- Iowa FHA loans: Home loans backed by the FHA are offered throughout the U.S. The FHA doesn't offer loans directly, you can find one through an FHA-approved lender in Iowa on FreeRateUpdate.com today. FHA loans are typically offered to first-time homebuyers. FHA loans are designed for low- to moderate-income borrowers with lower credit scores.
- Iowa VA loans: VA loans are backed by the Department of Veterans Affairs; VA loans are offered to eligible active duty service members and veterans. The VA doesn't offer loans directly, but you can find one through a VA-approved lender in Iowa through FreeRateUpdate.com. VA loans require no down payment and typically have lower interest rates than conventional mortgages.
Iowa Mortgage Rates Compared to National Averages
Mortgage interest rates in Iowa tend to come in just a few basis points higher than the national average. However, combined with the reasonable home prices in areas like Cedar Rapids and Des Moines, that can still be a very affordable monthly payment.
First-time homebuyers looking for a 30-year or 15-year fixed-rate mortgage will be pleased to learn that the Iowa Finance Authority (IFA) offers programs to help with down payments, closing costs, and tax credits.