Today’s Refinance Rates in Iowa
Mortgage refinance can lower your monthly fees by reducing your interest rate or increasing your loan term. Iowa residents have an average monthly mortgage payment of $970 and an average outstanding mortgage debt of $131,494.
Current Refinance Rates in Iowa
MoneyGeek compiled up-to-date refinance rates in Iowa to help you find the best rates for your needs and profile. You can compare the latest average rates in Iowa in the table below.
- Type of LoanRateAPR
- Conventional 30 Year Fixed5.258 %5.25 %
- Conventional 20 Year Fixed5.384 %5.375 %
- Conventional 15 Year Fixed4.646 %4.625 %
- Conventional 10 Year ARM6.222 %5.75 %
- Conventional 7 Year ARM6.34 %5.625 %
Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in Iowa?
The current mortgage interest rates in Iowa are 4.26% for a 15-year FRM, 4.99% for a 30-year FRM and 4.02% for a 5/1 ARM. Compared to the national average rates of 4.45% for a 15-year FRM, 5.30% for a 30-year FRM and 4.19% for a 5/1 ARM, mortgage rates in Iowa are lower.
Since mortgage rates vary depending on factors like your income, credit score and loan amount, what constitutes a “good” rate is subjective. Comparing rates from different lenders is the best way to guarantee that you get the best rate for your profile and unique situation.
It’s also important to note that mortgage rates fluctuate daily, so the estimate you receive one day might be completely different a few days later.
Estimate Your New Monthly Mortgage Payment
To estimate your new monthly mortgage payment, you can use MoneyGeek’s mortgage calculator below. Simply input your mortgage information using the rates above to receive an estimate.
Note that rates fluctuate daily and will also depend on various personal factors, including credit score, mortgage term, loan amount and debt-to-income ratio.
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Frequently Asked Questions About Refinance Rates in Iowa
MoneyGeek answered some of the most commonly asked questions below to help you learn more about current mortgage refinance rates in Iowa.
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- Federal Reserve Bank of St. Louis. "Mortgage Rates." Accessed July 12, 2022.