Iowa Mortgage And Refinance Rates – Forbes Advisor

Understanding current mortgage rates and refinance rates in Iowa is essential if you’re planning to buy a home or refinance your existing mortgage. These rates directly impact monthly payments and long-term borrowing costs, but they fluctuate based on numerous factors, including market trends, economic conditions and federal policies.

We evaluated the current Iowa mortgage and refinance rates to help you understand these fluctuations and navigate the Iowa housing market. Our team also looked at mortgage rate trends and tips for buying a home and finding the best mortgage rates in Iowa. Keeping an eye on current rates can help you save money on your mortgage and stay within your budget.

Today’s Mortgage Rates in Iowa

Iowa’s average APR on a 30-year mortgage increased 0.09 points to 6.336% over the past week, according to data from the Mortgage Research Center. The rate is down 0.237 points over the last 90 days and basically flat over the last 30 days.

The state’s average APR for the benchmark 15-year fixed mortgage increased 0.124 points to 5.465% over the past week. Over the last 90 days, the rate is down 0.098 points; it’s up 0.072 points over the last 30 days.

The average APR for a 30-year jumbo mortgage increased 0.062 points to 6.76% since last week. It’s down 0.093 points over the last 90 days and up 0.077 points over the last 30 days.

30-year fixed-rate mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.336%. 
• Last week. 6.246%. 

15-year fixed-rate mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.465%. 
• Last week. 5.341%. 

30-year fixed-rate jumbo mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.76%. 
• Last week. 6.698%. 

Today’s Refinance Rates in Iowa

Iowa’s average APR for the benchmark 30-year fixed refinance mortgage rose 0.043 points to 6.381% compared to a week ago. The rate is down 0.242 points over the last 90 days and down 0.029 points over the last 30 days. 

The average APR in the state on a 15-year refinanced mortgage rose 0.109 points to 5.436% weekly. Over the last 90 days, the rate is down 0.13 points over the last 90 days; it’s up 0.079 points over the last 30 days.

For jumbo 30-year refinanced mortgages, the average APR climbed 0.059 points to 6.794% week-to-week. It’s down 0.159 points over the last 90 days and up 0.063 points over the last 30 days.

30-year fixed-rate refinance mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.381%. 
• Last week. 6.338%. 

15-year fixed-rate refinance mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.436%. 
• Last week. 5.327%. 

30-year fixed-rate jumbo refinance mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.794%. 
• Last week. 6.735%. 

Iowa Mortgage Rate Trends

Understanding mortgage rate trends can help you make more informed home-buying decisions. They can also help you decide when to refinance your current mortgage or lock in a rate for a second mortgage. Depending on your other qualifications as a borrower, analyzing Iowa mortgage rate trends may also help you reduce borrowing costs over the life of your mortgage.

Iowa’s mortgage rates have trended downward over the last three months, as have national rates.

Iowa Mortgage Rates vs. National Mortgage Rates

State mortgage rates generally move in line with the national average, but there are state-level differences.

Today’s average mortgage rate in Iowa is 6.336%, while the national average rate is 6.335%. That’s 0.001 percentage points higher than the national average. 

Iowa’s mortgage refinance rate today is 6.381% versus the national average of 6.389% – 0.008 percentage points lower than the national average.

Use the chart below to explore the differences between states.

Buying a House in Iowa

Whether you’re drawn to city life in Des Moines or quiet, rural living in Winterset, Iowa’s scenic landscapes and accessible housing market make it an appealing choice. If you’re planning a move to the Hawkeye State—or just relocating within the state—working with a real estate agent can help you find a house that suits your lifestyle and budget. Understanding local market trends can also smooth the transition to your new home.

How to Get the Best Mortgage Rates in Iowa

If you want to secure the best mortgage rates in Iowa, you’ll need to do a bit of planning and research. Start by understanding the current interest rates and trends in your area, as these can vary widely across different regions. Shop around and compare offers from multiple lenders, including banks, credit unions and online mortgage providers.

Additionally, a strong credit score, substantial down payment and stable financial history can help you qualify for more favorable rates. Consulting with a local mortgage broker or financial advisor who understands Iowa’s real estate market can provide valuable insights and help you better navigate the process. Stay informed and proactive to find a mortgage rate that fits your financial situation and aligns with your home-buying goals.