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Iowa Mortgage Rates

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Iowa Mortgage Rates

Comparing Iowa Mortgage Rates with National Rates

In order to help you see how Iowa mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Iowa

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Iowa

In order to qualify for the best mortgage rates in Iowa it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for Iowa

Iowa is the thirtieth most populous US state. According to the US census, as of 2016, there is an estimated population of over 3.1 million residents, which represents 1.0% of the US population.

According to Wikipedia, Iowa has a large manufacturing sector, including food processing. Iowa is often viewed as a farming state, but "in reality agriculture is a small portion of a diversified economy, with manufacturing, biotechnology, finance and insurance services, and government services contributing substantially to Iowa's economy." Here are some of the big companies operating in Iowa: General Mills, and Quaker Oats, ALCOA, Amana Corporation, Dexter Apache Holdings, Inc., Electrolux/Frigidaire, Emerson Process Management, Maytag Corporation, and Procter & Gamble.

According to the FHFA May 2017 Refinance Report, only 0.4% of all HARP loans were from Iowa. Overall, unemployment rates in Iowa during the great recession were considerably lower than the US rate. For example the Iowa unemployment rate in October 2009 was 6.5% vs. 10% nationally. As of June 2017 unemployment rate is about 3.2% vs 4.4% nationally.

Based on 2015 HMDA data, Iowa compared to National loan program distribution, had a slightly higher percentage of purchase loans (54% vs 51% national) and smaller share of refinance loans (42% vs 46% nationally). Conventional loans were a much higher share 79% vs 69% nationally. FHA loans (12% vs 20% nationally), and VA loans (6% vs 10% nationally) were considerably lower.

Here are some outside resources that can help you understand the Connecticut mortgage environment:

  1. FHA loan amounts in Iowa: (note:set the table to Iowa). There are 99 counties in the state of Iowa. None of the single family units meet the Highest loan limit, currently at $636,150. All of the counties are at the Standard loan limit, currently at $275,665.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Iowa and your county or check out the FHFA conforming limit map.Since the FHFA has higher base limits than the FHA, currently at $424,100 currently all of the counties are within this limit.
  3. Iowa Mortgage Programs: Among its goals, the The Iowa Finance Authority (IFA) aims to help lower to low- and moderate-income Iowans obtain housing.  The IFA offers down payment assistance, mortgage, and mortgage credit programs, including the The FirstHome and Homes for Iowans Programs that include the possibility of a $2500 grant. The IFA also administers the Military Homeownership Assistance Program that offers the possibility of an additional $5000 grant. There are credit, income and property restrictions on the programs. The IFA also publishes updated Iowa Mortgage Rates for their programs. 
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for Iowa

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between Iowa and the US:

  • Mortgage Rates for Conventional Loans in Iowa
  • Mortgage Fees for Conventional Loans in Iowa
  • Loan Amount for Conventional Loans in Iowa

 

Mortgage Rates for Conventional Loans in Iowa vs USA

 

Mortgage Fees for Conventional Loans in Iowa

 

Purchase Price for Conventional Loans in Iowa vs USA

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