See the latest Iowa mortgage rates for fixed rates: 30 year, 20, 15, 10 FHA, VA, Jumbo, plus variable rates: 10, 7, 5, 3 years. Also see how local rates compare nationally and main lending options available across the state.
Buying a home in Iowa could be easier with today’s mortgage rates.
Mortgage Rates in Iowa –
The table below shows today’s home purchase mortgage rates for Iowa, organized by credit score and lender type:
| Credit Score | Satisfaction | |||
|---|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | ||
| Nationally | 6.31% | 6.36% | 6.41% | |
| Iowa | 6.54% | 6.59% | 6.64% | |
| Credit Unions | 6.14% | 6.19% | 6.34% | 8.3/10 |
| Online lenders | 6.24% | 6.29% | 6.44% | 8.0/10 |
| Banks | 6.54% | 6.59% | 6.64% | 8.1/10 |
| 30 year fixed | 6.54% | 6.59% | 6.64% | |
| 30 year fixed FHA | 6.78% | 6.83% | 6.88% | |
| 30 year fixed VA | 5.70% | 5.75% | 5.80% | |
| 30 year fixed Jumbo | 6.77% | 7.15% | 7.34% | |
| 20 year fixed | 6.44% | 6.49% | 6.54% | |
| 15 year fixed | 5.84% | 5.89% | 5.94% | |
| 10 year fixed | 5.51% | 5.56% | 5.61% | |
| 3 year ARM | 4.19% | 4.24% | 4.29% | |
| 5 year ARM | 6.66% | 6.71% | 6.76% | |
| 7 year ARM | 6.58% | 6.63% | 6.68% | |
| 10 year ARM | 6.54% | 6.59% | 6.64% | |
| Satisfaction | 9.0/10 | 8.2/10 | 7.8/10 |
Source: MFP’s Community Home Purchase Rates Survey from Iowa members in the last 30 days.
How Iowa Compares to National Averages
- Iowa mortgage rates (6.54% for best credit scores) are slightly above national averages (national average: 6.31%).
- Credit unions are more competitive: In Iowa, credit unions offer 6.14%, banks 6.54%, online lenders 6.24%.
Mortgage Options in Iowa
- 30 year fixed: 6.54% - most popular long-term option for predictable payments
- 20 year fixed: 6.44% - balance between payment size and interest savings
- 15 year fixed: 5.84% - lower total interest cost for borrowers building equity faster
- 10 year fixed: 5.51% - shortest fixed-term option with competitive rates
- 10 year variable: 4.19% - Offers a longer initial period with a variable rate...
- 7 year variable: 6.66% - A mid-term variable option...
- 5 year variable: 6.58% - Shorter-term variable mortgage...
- 3 year variable: 6.54% - Quick-adjusting mortgage...
- FHA mortgage: government-backed with flexible credit requirements
- VA mortgage: exclusive to veterans and military members with competitive rates
Iowa Metro Mortgage Rates*
| Metro / City | 30-Year Fixed APR | 15-Year Fixed APR |
|---|---|---|
| Des Moines | 6.43% | 5.90% |
| Cedar Rapids | 6.46% | 5.93% |
| Davenport | 6.47% | 5.94% |
| Sioux City | 6.48% | 5.95% |
| Iowa City | 6.44% | 5.91% |
* APR rates shown are for borrowers with excellent credit. Click city names to view recommended lenders and ratings.
Compare Lenders Rated by Iowa Homeowners
Iowa homeowners rated their mortgage lenders on:
- Ease of application
- Rates and terms offered
- Customer support and advice
- Overall recommendation %
See the Best Mortgage Lenders in Iowa
FAQs – Iowa Mortgage Rates
Are home purchase rates higher in Iowa than the U.S. average?
Yes, Iowa mortgage rates typically run slightly above the national average, though the difference is often marginal for most borrowers.
What credit score is best for buying a home in Iowa?
A credit score of 720 or higher typically secures the most competitive mortgage rates available in Iowa.
Is it better to choose a fixed-rate or ARM in Iowa?
Fixed-rate mortgages provide payment stability for long-term homeowners, while ARMs may suit those with shorter-term housing plans.
More Iowa Home Information:
Iowa Best Home Insurance from Community Recommendations & Insurance Costs
More Resources for Iowa Homeowners.