Current Mortgage Rates in Iowa Today
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Compare mortgage rates in Iowa.
Key Points
• Iowa’s mortgage rates are often very close to the national average.
• Mortgage rates are influenced by economic factors, including inflation, the federal funds rate, and the overall health of the housing market.
• Higher interest rates lead to increased monthly mortgage payments, making it more challenging for potential buyers to qualify for a loan or purchase their desired property.
• Iowa offers a variety of mortgage types to cater to different financial situations and preferences, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, USDA loans, and jumbo loans.
• Homebuyers can secure a competitive mortgage rate by comparing interest rates and fees from multiple lenders.
Introduction to Mortgage Rates
Mortgage interest rates are not simply determined by a single factor but rather by a complex interplay of economic conditions and each individual borrower’s financial profile. It all comes together in Iowa with a mortgage landscape that offers a range of options for homebuyers.
If you’re purchasing a home in Iowa, it helps to have a basic understanding of mortgage rates — where they come from and how to ensure you’re well positioned to get your best possible rate. Study this guide.
Where Do Mortgage Rates Come From?
The Federal Reserve, often referred to as the Fed, plays a pivotal role in determining mortgage rates. The Fed sets the short-term interest rates that banks use as a benchmark for their lending rates. Although home loan rates are not directly tied to Fed rates, they tend to follow the same economic trends.
But there’s more to it than that: Each would-be borrower has their own individual risk profile, and lenders will decide exactly what rate to offer a borrower based on their credit score, income and assets, and other metrics. We’ll give you more details on that below.
How Interest Rates Affect Home Affordability
Mortgage rates have a significant impact on home affordability. In Iowa, the average home value is about $220,000. If you purchased a home for that amount and made a 20% down payment, you would be borrowing $176,000. At a 6.5% interest rate, your monthly mortgage payment would be $1,112. But at 7.5% interest, your monthly payment would be $1,230. Over the life of the loan, assuming a 30-year term, you would pay more than $42,000 in additional interest at the higher rate.
Recommended: Average Monthly Expenses for One Person
Should Homebuyers Wait for Interest Rates to Drop?
Many people grapple with the dilemma of whether to purchase a home immediately or wait for interest rates to drop. This is especially true of those buying a first home, who don’t have the sale of an existing residence to rely on for a down payment.
While it’s true that rates can fluctuate, it’s impossible to say exactly when they will hit a given number. And it’s important to consider the opportunity cost of waiting: Home prices could rise while you wait for interest rates to fall. And a delay in purchasing means a delay in building equity in a home that you own. Remember, too, that you can always refinance your mortgage if interest rates decrease in the future.
Iowa Mortgage Rate Trends
Below you’ll see Iowa’s average mortgage rates over almost two decades. As you can see, Iowa’s rates fall, rise, then fall again, and so on, always sticking fairly close to the national average. Looking at rates over time may provide some reassurance that current rates are not exceptionally high compared to historical norms.
| Year | Utah Rate | U.S. Rate |
|---|---|---|
| 2000 | 8.06 | 8.14 |
| 2001 | 6.92 | 7.03 |
| 2002 | 6.53 | 6.62 |
| 2003 | 5.66 | 5.83 |
| 2004 | 5.70 | 5.95 |
| 2005 | 5.80 | 6.00 |
| 2006 | 6.47 | 6.60 |
| 2007 | 6.39 | 6.44 |
| 2008 | 6.04 | 6.09 |
| 2009 | 5.02 | 5.06 |
| 2010 | 4.80 | 4.84 |
| 2011 | 4.62 | 4.66 |
| 2012 | 3.54 | 3.74 |
| 2013 | 3.82 | 3.92 |
| 2014 | 4.17 | 4.24 |
| 2015 | 3.94 | 3.91 |
| 2016 | 3.83 | 3.72 |
| 2017 | 4.16 | 4.03 |
| 2018 | 4.74 | 4.57 |
Historical U.S. Mortgage Rates
Three decades of U.S. average rates shows that mortgage rates today are not at their lowest level ever, but nor are they at the double-digit highs seen in the early 1980s.
Factors Affecting Mortgage Rates in Iowa
As mentioned above, numerous factors influence mortgage rates in Iowa and across the nation. Some of these factors are economic, while others are entirely within the homebuyer’s control. Let’s examine these a bit more closely.
Economic Factors
• The Fed: The Federal Reserve plays a crucial role in setting the tone for mortgage rates. Its rates serve as a benchmark for other interest rates, including mortgage rates. When the Fed raises rates, higher mortgage rates often follow.
• Inflation: Inflation, which refers to the rate at which the price of goods and services increases, can also impact mortgage rates. When inflation rises, the purchasing power of money decreases, making it more expensive for lenders to lend money. To compensate for this, lenders may increase interest rates to maintain their profit margins.
• Unemployment rate: The unemployment rate is another economic factor that influences mortgage rates. When the Federal Reserve sees unemployment ticking upward, a rate drop may follow.
Consumer Factors
• Credit score: A borrower’s credit score is a crucial factor in determining what mortgage rate they’ll be offered. A higher credit score, which reflects a history of responsible borrowing and debt management, indicates lower risk to lenders. As a result, borrowers with higher credit scores typically qualify for lower mortgage interest rates.
• Down payment: The amount of down payment a borrower can make also impacts mortgage rates. A larger down payment reduces the loan amount, which in turn reduces the risk for the lender. To incentivize larger down payments, lenders may offer lower interest rates to borrowers who can make a substantial down payment.The amount of down payment a borrower can make also impacts mortgage rates. A larger down payment reduces the loan amount, which in turn reduces the risk for the lender. To incentivize larger down payments, lenders may offer lower interest rates to borrowers who can make a substantial down payment.
• Income and assets: A steady income and sufficient assets provide assurance to lenders that the borrower can consistently make mortgage payments. Lenders will assess the borrower’s employment history, salary, investments, and emergency savings to evaluate their financial stability.
• Type of mortgage loan: The type of mortgage loan chosen can also affect the interest rate. Adjustable-rate mortgages (ARMs) often have lower initial rates compared to fixed-rate mortgages, but the rates can adjust over time. Government-backed loans, such as VA loans, may offer lower rates due to reduced risk for lenders.
Types of Mortgages Available in Iowa
Iowa offers a diverse range of mortgage options to homebuyers. Having a basic understanding of what might be on the mortgage menu can help you maximize your borrowing power.
Fixed-Rate Mortgage
Fixed-rate mortgages provide stability and predictability by maintaining the same interest rate and monthly payment amount throughout the life of the loan, making it easier for borrowers to budget and plan their finances.
Fixed-rate mortgages are typically available in terms of 10, 15, 20, or 30 years. The choice of loan term depends on the borrower’s financial situation and preferences. Shorter loan terms generally have lower interest rates but higher monthly payments, while longer loan terms have higher interest rates but lower monthly payments.
Adjustable-Rate Mortgage (ARM)
Adjustable-rate mortgages (ARMs) are characterized by an initial lower interest rate compared to fixed-rate loans. This can be attractive to borrowers who are planning to sell their home or refinance before the fixed-rate period (usually 5, 7, or 10 years) ends. After the initial rate period, the interest rate can adjust periodically based on a predetermined index. This adjustment can lead to fluctuations in monthly mortgage payments.
FHA Loans
FHA loans, backed by the Federal Housing Administration, are designed to make homeownership more accessible to borrowers with less-than-perfect credit or limited down payment funds. They may be especially attractive to those who qualify as a first-time homebuyer, in part because they typically have more lenient eligibility requirements compared to conventional loans.
VA Loans
VA loans are specifically designed for eligible veterans, active-duty military members, certain Reserve and National Guard members, and surviving spouses. These loans are backed by the Department of Veterans Affairs (VA) and offer competitive interest rates, no down payment requirement, and flexible credit guidelines.
One of the significant advantages of VA loans is the absence of a down payment requirement. This can be particularly beneficial for service members and veterans who may not have substantial savings for a down payment.
USDA Loans
USDA loans, provided by the United States Department of Agriculture (USDA), are tailored for borrowers whose income falls within government guidelines and who are seeking to purchase a home in a rural area. These loans offer competitive interest rates, no down payment requirement, and flexible credit guidelines.
Jumbo Loans
Conventional mortgage loans (those not backed by the government) have a maximum lending limit set by the Federal Housing Finance Agency (FHFA). For 2026, the conforming loan limit for a single-family home in most U.S. counties (and throughout Iowa) is $832,750. A jumbo loan is a conventional loan that exceeds this limit. Jumbo loans may have more stringent requirements of borrowers because lenders take on more risk with these loans.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Popular Places to Get a Mortgage in Iowa
When it comes to securing a mortgage, location plays a crucial role. Homebuyers should consider choosing areas with affordable home prices and favorable mortgage terms. Some popular places in Iowa for obtaining a mortgage include Des Moines, Cedar Rapids, Iowa City, and Davenport.
The cost of living in an area can significantly impact mortgage affordability. The Cost of Living Index (COLI) provides a comparison of the cost of living in different states relative to the national average. Iowa has a relatively low COLI, making it an attractive option for homebuyers seeking affordability.
Least Expensive Locations
Within Iowa, some of the places that made SoFi’s list of the best affordable places in the U.S. include Urbandale and Waterloo. Waukee and Grimes were among the best affordable places for families. Young adults might especially like Coralville, outside of Iowa City. And if you are retiring in Iowa, take a look at Clear Lake and Marion.
Most Expensive Locations
The highest cost-of-living location in Iowa is also its largest city, Des Moines. Other higher-cost areas include West Des Moines, Ankeny, and Johnston. These areas are known for their higher home prices and overall cost of living. The good news is that Iowa has one of the lowest cost of living levels in the U.S., with a state average that is 15 points below the national average. So even an area that is considered expensive in Iowa might still be relatively affordable when compared to many other cities in the U.S.
Recommended: The Cost of Living in the U.S.
Tips for Securing a Competitive Mortgage Rate in Iowa
As we have seen, obtaining a competitive mortgage rate can significantly impact the overall cost of homeownership in Iowa. Take these steps:
Compare Interest Rates and Fees
To secure the best possible mortgage rate, it’s essential to factor both interest rates and fees into your calculations, and to compare offers from multiple lenders. Fees can vary among lenders and can add to the overall cost of the mortgage.
Get Preapproved
Getting preapproved for a mortgage is a crucial step in the homebuying process. The mortgage preapproval process involves providing the lender with your financial information and obtaining a conditional approval for a specific loan amount. This strengthens your position as a buyer, gives you a clear picture of how much house you can afford, and allows you to move quickly when you find the right property.
If you’re concerned interest rates might rise, you can lock in your rate for a certain period, typically ranging from 30 to 90 days, by paying a fee to the lender. This can provide peace of mind and protect you from potential rate increases.
Iowa Mortgage Resources
Iowa provides a range of resources and programs to support homebuyers, especially first-time buyers and those with limited financial means. These resources include down payment assistance programs.
First-Time Homebuyer Programs
The Iowa’s Finance Authority’s FirstHome Program is designed to assist novice homebuyers, those who have served in the military, and people purchasing a home in specific parts of the state. It offers competitive rates which aren’t determined based on credit score. Loans may require only a 3% down payment. There is a household income and home price eligibility requirement which varies based on the county. Iowa defines a first-time homebuyer as someone who has not owned a principal residence in the last three years.
Down Payment Assistance
Iowa buyers with a household income below $163,800 can apply for the Homes for Iowans Down Payment and Closing Cost Assistance program. This is a second loan that will offer up to 5% of a home’s sale price (with no maximum price). There are no monthly payments on the loan; borrowers repay it if they sell or refinance the home, or when they pay their first mortgage in full. Iowans can also combine down payment assistance with the FirstHome loan program.
Tools & Calculators
Online tools and calculators can help would-be homeowners estimate their mortgage payments, compare interest rates, and determine what they can afford.
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Refinancing Options in Iowa: Exploring Your Possibilities
Homeowners in Iowa have the option to refinance their existing mortgage to secure a lower interest rate or change the terms of their loan. Most lenders will help those with conventional mortgages refinance. Refinance options are also available for government-backed loans, including the FHA Streamline Refinance, which allows FHA-insured homeowners to refinance with minimal hassle.
VA loan holders can benefit from the Interest-Rate Reduction Refinance Loan (IRRRL), which allows them to refinance their VA loan to obtain a lower interest rate and reduce their monthly payments.
Closing Costs and Fees in Iowa: What to Expect
Closing costs associated with purchasing a home typically range from 3% to 6% of the home’s purchase price. These costs include appraisal fees, title insurance, loan origination fees, and recording fees. The specific closing costs in Iowa can vary depending on the value of the property and its location. Higher-priced homes and properties in certain areas may incur higher closing costs.
The Takeaway
Iowa’s mortgage landscape offers plenty of options for homebuyers, catering to different financial situations and preferences. By staying informed about current mortgage rates, exploring assistance programs, and carefully considering refinancing options, individuals can make strategic decisions that will allow them to be happy homeowners in the Hawkeye State.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
Will mortgage rates drop in Iowa?
Mortgage rates will likely drop in Iowa, but trying to predict when that will happen — or whether they will rise further before dropping — is nearly impossible. Your best bet is to keep up on larger market conditions, such as the movement of the Federal Reserve rate, and keep even closer tabs on your personal financial markers, including your credit score.
Will mortgage rates ever go back to normal?
It’s hard to say, since the definition of “normal” mortgage rates can vary over time. Mortgage rates have experienced fluctuations throughout history, and what is considered normal in one decade or generation can change.
Will Iowa home prices ever drop?
Real estate market trends, including home prices, are influenced by a combination of economic, demographic, and local factors. Predicting future home price movements is tricky, but a local real estate agent who follows the specifics in the market would be a good person to consult on this matter.
Is it a good time to buy a house in Iowa?
Determining the right time to buy a house involves considering personal financial readiness, market conditions, and long-term goals. There is no one-size-fits-all answer, and what is a good time for one person may not be for another. Take a good look at home prices in your chosen neighborhood, then use an online mortgage calculator and home affordability calculator to see if your finances are ready for the market.
How do I lock in a mortgage rate?
To lock in a mortgage rate, you can work with a lender to secure a specific interest rate for a certain period, typically ranging from 30 to 90 days. This usually involves paying a fee to the lender, known as a rate lock fee. By locking in a rate, you protect yourself from potential interest rate increases during the specified period.
How do mortgage interest rates work?
Mortgage interest rates are determined by a mix of economic factors, such as the Federal Reserve’s interest rate decisions, and personal financial metrics such as credit score, down payment, loan type, and loan term.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
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SOHL-Q324-070
More home loan resources.
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First-Time Homebuyer Guide
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First-Time Homebuyer Programs and Loans
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Mortgage Preapproval Process
Preparing to buy a house? Call us for a complimentary mortgage consultation.
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You can schedule ACH payments from your SoFi account or contact SoFi to schedule the payment.
Monthly payments, additional payments, and payoffs can be made by check or ACH.
You can make payments online or send a check to:
SoFi Bank, National Association Personal Loan
PO Box 654158
Dallas, TX 75265-4158
We also have an overnight lockbox courier address available:
SoFi Bank, National Association Personal Loan
Attn: Lockbox Operations 654158
2701 East Grauwyler Rd., BLDG 1
Irving, TX 75061
Yes! You can submit your loan payment using our automated phone system. Note that in order to make a payment using this system, be sure that you:
•Are able to authenticate your identity in the automated phone system
•Don’t have autopay enabled
•Have at least one saved payment method
•Are up-to-date on payments
J.P. Morgan Chase acts as the intermediary bank for wire payments. Here’s the info you need to wire a payment:
J.P. Morgan Chase
10410 Highland Manor Dr.
Floor 2, Tampa, FL 33610
Beneficiary Name: SLC Personal Loan Collections
Bank Name: J.P. Morgan Chase
ABA #: 021000021
Acct #: 352845058
For International wires that require a swift code, use: CHASUS33
No, sorry. You can make a payment larger than what’s due, but your regular scheduled payment is due at the regular time next month. Any amount above the regularly scheduled payment will be applied first to any fees and charges, then to the accrued interest, with any remainder going to the principal balance of the loan. So any extra amount may help you pay off the loan faster!
Payments generally take a few business days to reflect in your account.
In some cases the delay may be due to your bank mailing a physical check to us. While your bank withdraws the money the day the check is cut, we can’t apply the payment to your account until we receive the check.
Of course! You’re welcome to make a larger payment than the current amount due, and can pay off your loan at any time via your SoFi account. There are no prepayment penalties. Please note that additional payments are applied first toward fees and accrued interest, then toward the principal balance of the loan.
Any additional payment or payment greater than your monthly amount due won’t change your regular payment schedule, so your regular payment will be due at the same time next month.
Some members may qualify to refinance their current loan to a lower monthly payment.
To see if you qualify, log in to your Sofi account and select Loans at the top left of the screen. From there, choose Personal loans. Next, select What are my options with my current loan(s)? You’ll answer a few questions and, if you qualify for refinancing, you’ll get a list of pre-qualified offers.
For members that are experiencing financial hardship there may be additional options available. Please contact us and an agent will be able to provide more information on what options may be available to you.
Yes! After large lump sum payments we may be able to re-amortize your loan. Please contact us and an agent will be happy to guide you through the re-amortization process.
We recommend using one of the amortization schedule calculators available online. Just enter your remaining balance, the remaining term, and your current interest rate and you’ll be able to generate an amortization schedule.
You’ll find helpful information on loan amortization in this article.
Just log into your SoFi account and select Manage Autopay to update your information.
You can also contact us and we’ll be happy to guide you through the process or cancel/remove Autopay with verbal authorization.
No, that is currently not an option that we offer. If you enroll in autopay, your minimum monthly payment will be debited from your account on your due date each month.
You can change your payment due date by logging into your SoFi Account, going to your ‘Loan Details’ Screen, clicking on ‘change’ next to ‘Payment Due Date,’ and in a few simple steps you can change your due date.
This option is available so long as you meet the following criteria:
•First payment must have been made
•Loan must be current and in good standing
•No due date change has been requested in the previous 12 months
•Requested payment date must be between 1-25th.
Once you choose a new, valid payment date, you’ll get a confirmation. The date change will also appear on your Personal loan page. Your electronic statement will be available in your SoFi Personal Loan account at least 10 days prior to the new due date.
Please keep in mind that in some instances a change in your payment due date may result in two required payments in a single month or an increase in your minimum monthly payment. Please ensure to review your estimated payment schedule before completing your payment due date change.
Please note that the requested due date cannot be within 15 days of your upcoming scheduled payment.
Due to the varying lengths of months, we require the due date to be on or before the 25th. This allows all payments to be processed before the end of the month.
Yes. If you’re enrolled in Autopay, making a one-time payment on your account does not change the autopay schedule, which may result in an additional withdrawal from your bank account.
If the payment wasn’t successful, we’ll retry on the following Friday unless the ACH failed due to insufficient funds. In that case, we’ll try again the next day.
To pay off your loan, go to the Loans tab in your SoFi account. Under your loan details, select Make a 1-time payment and then select Payoff as the payment type.
Enter the date you want the payment to post and select the correct bank account. If you’d like a payoff letter, you’ll find that option here, as well.
To send a check with the payoff amount, contact us at (855) 456-7634 and we’ll process the payment for you.
Please note that the cut-off time for same-day payments is 8:59 PM EST. If you have questions, give us a call at (833) 414-7634. We’re available 5am-7pm PT Monday-Thursday and 5am-5pm PT Friday.
Yes! You’ll receive the payoff letter 30 calendar days after the loan has been paid in full. To access the letter:
1. Log into your SoFi account.
2. Go to your Loans tab.
3. Click on Documents under Recent Transactions.
4. The payoff letter will be under Communications.
If you don’t see the letter after 30 calendar days, please contact us.
All payments stop once your loan is paid in full. You’ll need to log into your SoFi account to access the payoff letter. If you don’t see the letter after 30 calendar days, please contact us.
Yes! If you have made a lump sum payment or paid more than the requested payment amount you may be able to re-amortize your loan. Please contact us and an agent will be happy to guide you through the re-amortization process.
We recommend using one of the amortization schedule calculators available online. Just enter your remaining balance, the remaining term, and your current interest rate and you’ll be able to generate an amortization schedule.
You’ll find helpful information on loan amortization in this article.
All payments will be applied to any outstanding fees and accrued interest first and then the remaining will be applied towards the principal balance. Scheduling an additional payment on the same day you pay your full monthly payment is a great way to ensure most of your payment is applied towards principal.
When a loan has been paid in full, any amount overpaid will be refunded 10 business days after the final payment has cleared.
We’ll send the refund to the active autopay account. If your autopay has been turned off, it will be refunded to the original bank account the loan was disbursed to.
If you want your refund to go to a different bank account or have questions about a refund, give us a call at (833) 414-7634. We’re available 5am-7pm PT Monday-Thursday and 5am-5pm PT Friday.
Your interest rate includes the percentage you’re charged for taking out a loan, accrued on a daily basis, and doesn’t include any other fees. Interest compounds daily but because it’s amortized, you have a fixed payment each month with a portion of that payment going to the principal and a portion going to the interest due.
Current Mortgage Rates in Michigan Today
Preparing to buy a house? Call us for a complimentary mortgage consultation.
Compare mortgage rates in Michigan.
Key Points
• While Michigan mortgage rates have risen in recent years, they remain below historical highs.
• The cost of living in Michigan is 8.5% lower than the national average, and the average home value is $248,000 — considerably lower than the national average of $361,000.
• Factors affecting mortgage rates in Michigan include economic indicators (inflation, unemployment rates, Federal Reserve actions) and consumer factors (credit scores, down payments).
• Michigan offers the full range of mortgage types, such as fixed-rate or adjustable-rate mortgages (ARMs), and FHA, VA, and USDA loans, plus jumbo loans.
• To secure a competitive mortgage rate, homebuyers should compare interest rates and fees, get preapproved, improve their credit score, aim for a larger down payment, apply for preapproval with multiple lenders, and consider discount points.
• Michigan offers first-time homebuyers and low-income families special mortgage resources and programs, including down payment assistance.
Introduction to Mortgage Rates
Mortgage interest rates are not determined by a single institution but rather by a complex interplay of economic indicators and the borrower’s financial profile. The economic factors that impact mortgage rates include the Fed’s interest rate decisions, inflation, and unemployment rates. The borrower’s financial status, on the other hand, encompasses factors such as credit score, down payment, income and assets, and the type of mortgage loan.
This guide aims to provide a thorough overview of mortgage rates in Ohio, including factors that influence them, the types of home loans available, and tips for securing a competitive rate.
Where Do Mortgage Rates Come From?
The Federal Reserve, often referred to as the Fed, plays a pivotal role in shaping mortgage rates. The Fed sets short-term interest rates, which serve as a benchmark for other interest rates, including mortgage rates. When the Fed raises short-term interest rates, it becomes more expensive for banks to borrow money. As a result, banks may pass on this increased cost to borrowers by raising mortgage rates. Conversely, when the Fed lowers interest rates, mortgage rates tend to decrease, making it more affordable for individuals to borrow money for home purchases.
From there, a number of macro- and microeconomic influences nudge mortgage rates further up or down. The most important factors are the ones that homebuyers control: their financial profile and the type of mortgage loan they choose.
How Interest Rates Affect Home Affordability
Mortgage rates have a significant impact on the affordability of homeownership. Even small changes in interest rates can make a substantial difference in monthly mortgage payments and the overall cost of buying a home. For instance, a one percentage point increase in interest rate on a $300,000 mortgage adds $68,000 to the total interest paid over the life of the loan. That’s $68K that isn’t going toward emergency savings, a child’s 529 account, or your 401(k).
This underscores the importance of carefully considering interest rates when making homeownership decisions.
Should Homebuyers Wait for Interest Rates to Drop?
If you’re buying your first home, you may be faced with the dilemma of whether to purchase a home immediately or wait for interest rates to drop. While it is tempting to wait for lower rates, there is no guarantee that rates will decrease in the future. Additionally, waiting may mean missing out on opportunities to build equity and take advantage of favorable market conditions.
Homeowners who are concerned about their current home loan interest rate can always consider a future mortgage refinance when rates drop. Refinancing allows homeowners to obtain a new mortgage with a lower interest rate, potentially reducing their monthly payments and saving money over the life of the loan.
Michigan Mortgage Rate Trends
Examining historical mortgage rate trends can offer valuable insights into where rates are headed. While Michigan mortgage rates have risen in recent years, they remain below historical highs. In fact, current rates are hovering around the 50-year average.
By understanding historical trends, Michigan homebuyers can gain perspective on the current mortgage rate environment and make informed decisions about purchasing a home. (Note that the FHFA stopped reporting state rates after 2018.)
| Year | Utah Rate | U.S. Rate |
|---|---|---|
| 2000 | 8.04 | 8.14 |
| 2001 | 6.99 | 7.03 |
| 2002 | 6.41 | 6.62 |
| 2003 | 5.54 | 5.83 |
| 2004 | 5.63 | 5.95 |
| 2005 | 5.84 | 6.00 |
| 2006 | 6.67 | 6.60 |
| 2007 | 6.66 | 6.44 |
| 2008 | 6.21 | 6.09 |
| 2009 | 5.19 | 5.06 |
| 2010 | 5.05 | 4.84 |
| 2011 | 4.51 | 4.66 |
| 2012 | 3.60 | 3.74 |
| 2013 | 3.74 | 3.92 |
| 2014 | 4.10 | 4.24 |
| 2015 | 3.86 | 3.91 |
| 2016 | 3.72 | 3.72 |
| 2017 | 4.09 | 4.03 |
| 2018 | 4.69 | 4.57 |
Historical U.S. Mortgage Rates
To provide further context, here is a brief overview of historical U.S. mortgage rates:
• 1980s: Mortgage rates reach double-digit levels, peaking at over 18.00% in 1981.
• 1990s: Rates decline significantly, reaching lows in the mid-1990s, with an average rate of around 7.00%.
• 2000s: Mortgage rates remain relatively stable, hovering around 6.00% for much of the decade.
• 2010s: Rates hit record lows following the Great Recession, with an average rate of around 4.00%.
• 2020s: Post COVID-19, rates began to rise again, influenced by economic recovery and inflation.
Factors Affecting Mortgage Rates in Michigan
Many different factors influence mortgage rates in Michigan and across the country. These can be separated into two categories: economic and consumer.
Economic factors that affect mortgage rates include the Fed’s interest rate decisions, inflation, and unemployment rates. Consumer factors, on the other hand, encompass elements such as credit score, down payment, income and assets, and the type of mortgage loan.
Economic Factors
• The Fed: The Federal Reserve plays a central role in shaping mortgage rates through its monetary policy decisions. The federal funds rate, which is the interest rate banks charge each other for overnight loans, serves as a benchmark for other interest rates, including mortgage rates. When the Fed raises the federal funds rate, it becomes more expensive for banks to borrow money, leading to higher mortgage rates.
• Inflation: Inflation, which refers to the general increase in prices and fall in the purchasing power of money, can also impact mortgage rates. When inflation rises, the value of money decreases, making it more expensive for lenders to lend money. To compensate for this, lenders may increase interest rates to maintain their profit margins.
• Unemployment rate: The unemployment rate is another economic factor that influences mortgage rates. Low unemployment generally indicates a strong economy, which often leads to increased demand for housing. This increased demand can put upward pressure on home prices and, consequently, mortgage interest rates.
Consumer Factors
• Credit score: A credit score is a numerical representation of an individual’s creditworthiness, based on their credit history. A higher credit score indicates a lower risk of default, making borrowers more attractive to lenders. As a result, individuals with higher credit scores typically qualify for lower mortgage interest rates.
• Down payment: The down payment, which is the upfront payment made by the borrower toward the purchase of a home, also influences mortgage rates. A larger down payment reduces the amount of money that needs to be borrowed, lowering the risk for the lender. Consequently, borrowers who make a larger down payment may be eligible for lower mortgage interest rates.
• Income and assets: Lenders carefully evaluate a borrower’s income and assets when determining mortgage rates. A steady income and sufficient assets provide assurance to lenders that the borrower can repay the loan. Borrowers with a stable income and substantial assets may qualify for lower mortgage interest rates.
• Type of mortgage loan: The type of mortgage loan chosen can also impact the mortgage interest rate. Certain loan types, such as adjustable-rate mortgages (ARMs), often offer lower initial rates compared to fixed-rate mortgages. Additionally, government-backed loans, like VA mortgages, may have lower rates. Plus, a shorter loan term typically comes with a lower interest rate than a longer loan term.
Types of Mortgages Available in Michigan
Homebuyers in Michigan have access to a variety of mortgage types, each with its own characteristics and benefits. These include fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, and USDA loans.
Conventional loans are not backed by the government and have a maximum allowable amount that’s enough to cover most homebuyer purchases. They can be fixed-rate or adjustable-rate. Fixed-rate conventional loans offer a stable interest rate throughout the life of the loan, while adjustable-rate conventional loans have an initial fixed rate that can adjust periodically based on market conditions.
Fixed-Rate Mortgage
Fixed-rate mortgages provide stability and predictability by maintaining the same interest rate for the entire loan term. This means that the monthly principal and interest payments remain constant throughout the life of the loan, making it easier for borrowers to budget and plan their finances.
Fixed-rate mortgages are typically available in terms of 10, 15, 20, or 30 years. The loan term refers to the duration over which the loan is repaid. A shorter loan term, such as 10 or 15 years, may have a higher monthly payment but can result in significant interest savings over the life of the loan. Conversely, a longer loan term, such as 20 or 30 years, may have a lower monthly payment but will accrue more interest over time.
Adjustable-Rate Mortgage (ARM)
Adjustable-rate mortgages (ARMs) offer an initial interest rate that is typically lower than fixed-rate mortgages. This can be attractive to borrowers who are looking for a lower initial monthly payment. However, it is important to note that the interest rate on an ARM can adjust periodically, usually after 5 or 7 years, based on market conditions.
ARMs can be beneficial for borrowers who plan to sell their home before the fixed-rate period ends. If the home is sold before the interest rate adjusts, the borrower can take advantage of the lower initial rate without being subject to potential future rate increases.
FHA Loan
FHA loans, insured by the Federal Housing Administration (FHA), are designed to make homeownership more accessible to borrowers who may not meet the strict requirements of conventional loans. FHA loans typically have more lenient eligibility requirements, such as lower credit score and down payment requirements, making them a good option for first-time homebuyers or those with limited financial resources.
The FHA insures these loans, which reduces the risk to lenders and allows them to offer more favorable terms to borrowers. This insurance enables borrowers with less-than-perfect credit or limited savings to obtain a mortgage and purchase a home.
VA Loans
VA loans are offered by the U.S. Department of Veterans Affairs (VA) and are available to eligible veterans, active-duty military members, and certain Reserve and National Guard members. VA loans provide competitive interest rates and do not require a down payment, making them an attractive option for military personnel and veterans. Additionally, VA loans typically have lower closing costs compared to other types of mortgages.
USDA Loans
USDA loans, provided by the U.S. Department of Agriculture (USDA), are designed to assist low-income borrowers in purchasing homes in rural areas. These loans offer competitive interest rates and do not require a down payment, making homeownership more accessible for individuals and families in eligible rural communities.
Jumbo Loans
Conventional mortgage loans have a maximum lending limit set by the Federal Housing Finance Agency (FHFA). For 2026, the conforming loan limit for a single-family home in Michigan is $832,750. Jumbo loans are nonconforming loans that exceed this limit and are typically used to finance more expensive properties.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
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Popular Places to Get a Mortgage in Michigan
When searching for a mortgage in Michigan, it is important to consider the location of the property you are interested in. The cost of living in Michigan is 8.5% lower than the national average, and the average home value is $248,000 — considerably lower than the national average of $361,000. Still, home prices and mortgage terms can vary significantly from one area to another.
Some popular places to get a mortgage in Michigan include:
• Ann Arbor: Known for its university town atmosphere and strong economy, Ann Arbor offers a diverse range of housing options. The average home value is $509,583.
• Grand Rapids: With a thriving economy and a mix of urban and suburban neighborhoods, Grand Rapids is another popular destination for homebuyers in Michigan. Average home value: $279,000.
• Detroit: Despite facing challenges in the past, Detroit is experiencing a revitalization and offers affordable housing options. Average home value: $75,000.
• Lansing: The state capital of Michigan, Lansing provides a mix of urban and suburban living and has a relatively stable housing market. Average home value: $157,000.
• Kalamazooo: Located in southwestern Michigan, Kalamazoo is known for its educational institutions and offers a variety of housing options. Average home value: $232,000.
Recommended: The Cost of Living in the U.S.
Least Expensive Locations
The average monthly expenses for one person or a family varies widely in Michigan, depending on location. Some of the least expensive locations to get a mortgage in Michigan include:
• Muskegon: Located on the shores of Lake Michigan, Muskegon offers affordable housing options and a lower cost of living compared to other parts of the state. Average home value: $178,000.
• Saginaw: Situated in central Michigan, Saginaw is known for its affordable housing and diverse cultural heritage. Average home value: $122,000.
• Flint: Despite facing economic challenges in the past, Flint offers affordable housing options and has a relatively low cost of living. Average home value: $63,000.
• Port Huron: Located in southeastern Michigan, Port Huron provides access to the St. Clair River and offers affordable housing options. Average home value: $166,000.
• Battle Creek: Known for its cereal industry, Battle Creek has a lower cost of living and offers a variety of housing options. Average home value: $171,000.
For more inexpensive housing options in Michigan, check out our guide to the Best Affordable Places in the U.S.
Most Expensive Locations
Some of the most expensive locations to get a mortgage in Michigan include:
• Birmingham: An affluent suburb of Detroit, Birmingham is known for its luxurious homes and high cost of living. Average home value: $661,000.
• Grosse Pointe: Located along the shores of Lake St. Clair, Grosse Pointe is known for its upscale neighborhoods and high property values. Average home value: $427,000.
• Northville: Situated northwest of Detroit, Northville offers a suburban lifestyle with a higher cost of living. Average home value: $542,000.
• Ann Arbor: While Ann Arbor offers a diverse range of housing options, it also has a higher cost of living due to its strong economy and university presence. Average home value: $510,000.
• East Grand Rapids: Known for its historic homes and proximity to downtown Grand Rapids, East Grand Rapids has a higher cost of living compared to other parts of the city. Average home value: $616,000.
Tips for Securing a Competitive Mortgage Rate in Michigan
Obtaining a competitive mortgage rate can save you thousands of dollars over the life of your loan. Here are some tips to help you secure a competitive mortgage rate in Michigan:
Compare Interest Rates and Fees
It is essential to compare interest rates and fees from multiple lenders to find the best deal. Don’t settle for the first offer you receive. By shopping around, you can potentially save thousands of dollars.
In addition to the interest rate, be sure to ask about any upfront costs or closing fees associated with the loan. These fees can vary from lender to lender and can add to the overall cost of the mortgage.
Get Preapproved
Mortgage preapproval is an important step in the homebuying process. It gives you a better understanding of how much you can afford to borrow and strengthens your position when making an offer on a property. Getting preapproved also allows you to move quickly when you find the right home, as you will already have a lender ready to provide financing.
Just don’t expect a speedy answer: Unlike prequalification, the mortgage preapproval process can take up to 10 days.
If you are concerned about interest rates, you can lock in your rate for a certain period of time, typically ranging from 30 to 90 days. This can provide peace of mind knowing that your interest rate will not increase before you close on the loan.
Michigan Mortgage Resources
Michigan offers a variety of resources and programs to assist homebuyers, particularly those who qualify as a first-time homebuyer and buyers with limited financial resources. These resources include:
First-Time Homebuyer Programs
Michigan offers programs designed to help first-time homebuyers overcome the challenges of purchasing a home. First-time buyers and repeat buyers in targeted areas may claim a federal tax credit equal to 20% of their annual mortgage interest, up to $2,000 a year. Fees apply.
Down Payment Assistance
Down payment assistance programs can help homebuyers who may not have the funds for a traditional down payment. These programs may provide grants, loans, or other forms of assistance to cover a portion of the down payment.
The Michigan Down Payment Program offers no-interest, no-payment loans for $10,000 to cover down payment and closing costs. The loan must be paid back when you sell, refi, or pay off your first mortgage.
Tools & Calculators
Various online tools and calculators are available to help homebuyers estimate their monthly mortgage payments, calculate affordability, and compare different loan options. These tools can be valuable in planning and budgeting for a home purchase.
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Refinancing Options in Michigan: Exploring Your Possibilities
Refinancing a mortgage can be a strategic move for homeowners looking to lower their interest rate, reduce monthly payments, or access cash for other financial needs.
Homeowners with FHA-insured loans may be eligible for the FHA Streamline Refinance program, which allows them to refinance into current mortgage rates with minimal hassle. This program offers simplified underwriting requirements and may not require a new appraisal.
VA loan holders may be eligible for an Interest-Rate Reduction Refinance Loan (IRRRL), which allows them to reduce their monthly payments by adjusting the annual percentage rate (APR) on their existing VA loan. This program offers streamlined refinancing with minimal documentation and may not require a new appraisal.
In addition to these options, conventional refinance loans are also available. Conventional refinance loans are not backed by the government and offer competitive interest rates. However, they may have stricter credit and income requirements compared to FHA and VA refinance loans.
Closing Costs and Fees in Michigan: What to Expect
Closing costs are fees associated with the purchase of a home. In Michigan, buyers can expect to pay between 2% and 5% of the home’s purchase price in closing costs. These costs may include appraisal fees, title insurance, loan origination fees, and other administrative charges.
The specific closing costs associated with a home purchase in Michigan can vary depending on the property value and location. Higher-priced homes and properties in certain areas may have higher closing costs.
The Takeaway
Michigan’s mortgage landscape offers a range of options for homebuyers, from fixed-rate to adjustable-rate mortgages, government-backed loans, and jumbo loans. By staying informed about current mortgage rates, exploring assistance programs,and seeking professional guidance, individuals can make strategic decisions that align with their financial goals and achieve successful homeownership in Michigan.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What is a mortgage rate?
A mortgage rate is the interest rate charged by a lender for borrowing money to purchase a home. It directly impacts the monthly mortgage payments made by homeowners.
Will mortgage rates drop in Michigan?
Predicting the direction of mortgage rates is challenging, and there is no guarantee that they will drop in Michigan. Homebuyers should carefully consider their financial situation and housing needs when deciding whether to wait for lower interest rates or proceed with a purchase at the current rates.
Will mortgage rates ever go back to normal?
The definition of “normal” mortgage rates can vary depending on economic conditions and historical trends. Mortgage rates have fluctuated over time, and there is no guarantee that they will return to any specific level in the future.
Will Michigan home prices ever drop?
Predicting future home price trends is complex and involves diverse economic factors, market conditions, and regional dynamics. While home prices can experience fluctuations, there is no certainty that they will drop in Michigan.
Is it a good time to buy a house in Michigan?
The decision of whether it is a good time to buy a house in Michigan depends on individual circumstances, financial readiness, and housing market conditions. Homebuyers should carefully assess their financial situation, housing needs, and market trends to make informed decisions.
How to lock in a mortgage rate?
Locking in a mortgage rate involves obtaining a commitment from a lender to hold a specific interest rate for a certain period. Homebuyers can lock in a rate by getting preapproved for a mortgage and paying a lock-in fee.
How do mortgage interest rates work?
Mortgage interest rates are determined by various factors, including the overall economy, inflation, and the Federal Reserve’s monetary policy. Lenders consider these factors when setting mortgage rates to ensure they can cover their costs and maintain profitability.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
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More home loan resources.
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First-Time Homebuyer Guide
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First-Time Homebuyer Programs and Loans
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Mortgage Preapproval Process
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