Iowa City USDA Loan Rates, Closing Costs & Stats
IOWA CITY, IA
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Iowa City's 5 lenders originated 32 USDA loans during 2023. The total origination value was $6,430,000, with an average USDA loan value of $200,938.
Iowa City USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Iowa City
averaged
6.71%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Iowa City's average USDA mortgage closing costs are $3,918.
The average rate for the prior week (2024-04-12) was
6.26% and
one month ago for the week of 2024-03-15, the
average rate was 6.24%.
The average rate one year ago was 5.88%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.3%.
Iowa City USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Iowa City level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| RESIDENTIAL MORTGAGE NETWORK, INC. | 28 | 6.23% | $4,498 |
| GREENSTATE CREDIT UNION | 1 | 5.63% | $2,975 |
| GUILD MORTGAGE COMPANY | 1 | 7.13% | $7,222 |
| Mortgage Research Center, LLC | 1 | 5.50% | $4,440 |
| TOWNE MORTGAGE COMPANY | 1 | 7.13% | $6,762 |
The top Iowa City USDA lender as defined by loan originations is RESIDENTIAL MORTGAGE NETWORK, INC., with
28 USDA loans originated. Their average total fees are
$4,498, which is $1,524
higher than the next largest lender,
GREENSTATE CREDIT UNION.
The lowest fee Iowa City USDA lenders (with over 10 loans originated) are
RESIDENTIAL MORTGAGE NETWORK, INC. ($4,498), .
The lowest rate Iowa City USDA lenders (with over 10 loans originated) are
RESIDENTIAL MORTGAGE NETWORK, INC. (6.23%), .
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Iowa City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $297,620 (6.7%) | $330,694 (9.4%) | 1.10 | 698 |
| 2018-02-01 | $287,738 (2.8%) | $325,822 (6.4%) | 1.04 | 814 |
| 2018-03-01 | $300,000 (10.7%) | $348,102 (15.3%) | 1.05 | 730 |
| 2018-04-01 | $316,425 (19.5%) | $358,478 (20.2%) | 1.07 | 729 |
| 2018-05-01 | $304,950 (12.1%) | $350,856 (17.0%) | 1.02 | 780 |
| 2018-06-01 | $299,900 (8.1%) | $343,284 (12.2%) | 1.00 | 786 |
| 2018-07-01 | $288,400 (1.0%) | $338,663 (7.4%) | 0.96 | 783 |
| 2018-08-01 | $281,900 (-4.4%) | $328,975 (1.5%) | 0.94 | 813 |
| 2018-09-01 | $281,900 (-5.7%) | $348,303 (7.1%) | 0.95 | 854 |
| 2018-10-01 | $279,925 (-4.4%) | $325,506 (1.2%) | 0.95 | 845 |
| 2018-11-01 | $274,675 (-6.9%) | $322,036 (-1.6%) | 0.93 | 804 |
| 2018-12-01 | $274,900 (-6.3%) | $326,923 (-0.2%) | 0.95 | 740 |
| 2019-01-01 | $279,450 (-6.1%) | $321,034 (-2.9%) | 0.97 | 716 |
| 2019-02-01 | $283,400 (-1.5%) | $325,837 (0.0%) | 0.96 | 777 |
| 2019-03-01 | $278,514 (-7.2%) | $327,556 (-5.9%) | 0.91 | 976 |
| 2019-04-01 | $271,064 (-14.3%) | $320,835 (-10.5%) | 0.86 | 1,199 |
| 2019-05-01 | $273,950 (-10.2%) | $312,813 (-10.8%) | 0.86 | 1,239 |
| 2019-06-01 | $279,000 (-7.0%) | $320,811 (-6.6%) | 0.87 | 1,180 |
| 2019-07-01 | $279,450 (-3.1%) | $319,734 (-5.6%) | 0.87 | 1,103 |
| 2019-08-01 | $278,564 (-1.2%) | $321,295 (-2.3%) | 0.88 | 1,046 |
| 2019-09-01 | $276,559 (-1.9%) | $320,082 (-8.1%) | 0.89 | 1,024 |
| 2019-10-01 | $274,950 (-1.8%) | $317,923 (-2.3%) | 0.89 | 1,001 |
| 2019-11-01 | $274,900 (0.1%) | $318,401 (-1.1%) | 0.90 | 919 |
| 2019-12-01 | $274,900 (0.0%) | $315,746 (-3.4%) | 0.92 | 804 |
| 2020-01-01 | $274,900 (-1.6%) | $309,201 (-3.7%) | 0.92 | 794 |
| 2020-02-01 | $274,900 (-3.0%) | $308,424 (-5.3%) | 0.90 | 952 |
| 2020-03-01 | $269,950 (-3.1%) | $306,590 (-6.4%) | 0.85 | 1,207 |
| 2020-04-01 | $272,450 (0.5%) | $309,717 (-3.5%) | 0.85 | 1,214 |
| 2020-05-01 | $275,000 (0.4%) | $317,757 (1.6%) | 0.84 | 1,207 |
| 2020-06-01 | $278,400 (-0.2%) | $326,791 (1.9%) | 0.82 | 1,180 |
| 2020-07-01 | $279,700 (0.1%) | $326,716 (2.2%) | 0.81 | 1,087 |
| 2020-08-01 | $279,900 (0.5%) | $328,923 (2.4%) | 0.80 | 997 |
| 2020-09-01 | $271,725 (-1.8%) | $324,557 (1.4%) | 0.78 | 989 |
| 2020-10-01 | $274,900 (0.0%) | $324,917 (2.2%) | 0.79 | 936 |
| 2020-11-01 | $273,450 (-0.5%) | $327,140 (2.7%) | 0.80 | 825 |
| 2020-12-01 | $270,100 (-1.8%) | $327,863 (3.8%) | 0.80 | 724 |
| 2021-01-01 | $279,900 (1.8%) | $329,954 (6.7%) | 0.84 | 607 |
| 2021-02-01 | $280,491 (2.0%) | $336,764 (9.2%) | 0.82 | 739 |
| 2021-03-01 | $278,925 (3.3%) | $330,589 (7.8%) | 0.79 | 850 |
| 2021-04-01 | $280,950 (3.1%) | $331,393 (7.0%) | 0.76 | 932 |
| 2021-05-01 | $289,900 (5.4%) | $337,754 (6.3%) | 0.77 | 939 |
| 2021-06-01 | $299,660 (7.6%) | $358,097 (9.6%) | 0.79 | 868 |
| 2021-07-01 | $289,900 (3.7%) | $360,155 (10.2%) | 0.76 | 813 |
| 2021-08-01 | $298,450 (6.6%) | $369,300 (12.3%) | 0.80 | 731 |
| 2021-09-01 | $300,475 (10.6%) | $379,646 (17.0%) | 0.80 | 657 |
| 2021-10-01 | $298,900 (8.7%) | $371,244 (14.3%) | 0.80 | 632 |
| 2021-11-01 | $299,900 (9.7%) | $374,472 (14.5%) | 0.80 | 619 |
| 2021-12-01 | $294,925 (9.2%) | $373,611 (14.0%) | 0.80 | 588 |
| 2022-01-01 | $310,000 (10.8%) | $372,698 (13.0%) | 0.84 | 540 |
| 2022-02-01 | $315,950 (12.6%) | $372,607 (10.6%) | 0.82 | 603 |
| 2022-03-01 | $309,500 (11.0%) | $369,964 (11.9%) | 0.77 | 704 |
| 2022-04-01 | $315,000 (12.1%) | $385,107 (16.2%) | 0.75 | 830 |
| 2022-05-01 | $323,725 (11.7%) | $393,573 (16.5%) | 0.74 | 822 |
| 2022-06-01 | $333,000 (11.1%) | $405,526 (13.2%) | 0.74 | 793 |
| 2022-07-01 | $339,900 (17.3%) | $408,053 (13.3%) | 0.77 | 733 |
| 2022-08-01 | $339,900 (13.9%) | $403,939 (9.4%) | 0.79 | 660 |
| 2022-09-01 | $337,000 (12.2%) | $397,801 (4.8%) | 0.79 | 652 |
| 2022-10-01 | $339,900 (13.7%) | $400,248 (7.8%) | 0.80 | 612 |
| 2022-11-01 | $343,000 (14.4%) | $410,327 (9.6%) | 0.82 | 597 |
| 2022-12-01 | $349,900 (18.6%) | $415,590 (11.2%) | 0.86 | 550 |
| 2023-01-01 | $359,900 (16.1%) | $419,046 (12.4%) | 0.89 | 553 |
| 2023-02-01 | $357,450 (13.1%) | $422,099 (13.3%) | 0.86 | 611 |
| 2023-03-01 | $357,450 (15.5%) | $425,499 (15.0%) | 0.84 | 688 |
| 2023-04-01 | $354,900 (12.7%) | $430,604 (11.8%) | 0.83 | 755 |
| 2023-05-01 | $368,495 (13.8%) | $446,333 (13.4%) | 0.84 | 754 |
| 2023-06-01 | $365,873 (9.9%) | $442,838 (9.2%) | 0.82 | 749 |
| 2023-07-01 | $365,000 (7.4%) | $443,131 (8.6%) | 0.83 | 697 |
| 2023-08-01 | $364,900 (7.4%) | $440,324 (9.0%) | 0.84 | 680 |
| 2023-09-01 | $362,500 (7.6%) | $439,491 (10.5%) | 0.84 | 668 |
| 2023-10-01 | $349,675 (2.9%) | $673,077 (68.2%) | 0.82 | 576 |
| 2023-11-01 | $347,500 (1.3%) | $432,255 (5.3%) | 0.83 | 563 |
| 2023-12-01 | $360,000 (2.9%) | $441,369 (6.2%) | 0.88 | 517 |
| 2024-01-01 | $362,448 (0.7%) | $447,710 (6.8%) | 0.89 | 496 |
| 2024-02-01 | $350,000 (-2.1%) | $436,306 (3.4%) | 0.84 | 541 |
| 2024-03-01 | $349,900 (-2.1%) | $424,105 (-0.3%) | 0.82 | 668 |
Iowa City's median listing price comes in at 82% of the national average.
Iowa City's average listing price for 2024-03-01 was $424,105, a difference of $-1,394 (-0.3%) versus the prior year and $-12,201 versus the prior month.
For the 2024-03-01 period, Iowa City had 668 MLS listings, a difference of 127 listings (23%) versus the prior month and -20 listings (-3%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Iowa City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 45 days | 2,137 sqft |
| 2018-02-01 | 40 days | 2,131 sqft |
| 2018-03-01 | 50 days | 2,190 sqft |
| 2018-04-01 | 54 days | 2,202 sqft |
| 2018-05-01 | 60 days | 2,179 sqft |
| 2018-06-01 | 63 days | 2,176 sqft |
| 2018-07-01 | 62 days | 2,130 sqft |
| 2018-08-01 | 65 days | 2,106 sqft |
| 2018-09-01 | 64 days | 2,099 sqft |
| 2018-10-01 | 69 days | 2,093 sqft |
| 2018-11-01 | 77 days | 2,060 sqft |
| 2018-12-01 | 95 days | 2,089 sqft |
| 2019-01-01 | 50 days | 2,092 sqft |
| 2019-02-01 | 42 days | 2,090 sqft |
| 2019-03-01 | 47 days | 2,087 sqft |
| 2019-04-01 | 49 days | 2,047 sqft |
| 2019-05-01 | 55 days | 2,046 sqft |
| 2019-06-01 | 60 days | 2,080 sqft |
| 2019-07-01 | 61 days | 2,098 sqft |
| 2019-08-01 | 61 days | 2,088 sqft |
| 2019-09-01 | 63 days | 2,057 sqft |
| 2019-10-01 | 65 days | 2,030 sqft |
| 2019-11-01 | 79 days | 2,030 sqft |
| 2019-12-01 | 98 days | 2,021 sqft |
| 2020-01-01 | 62 days | 1,972 sqft |
| 2020-02-01 | 40 days | 1,941 sqft |
| 2020-03-01 | 51 days | 1,966 sqft |
| 2020-04-01 | 58 days | 1,984 sqft |
| 2020-05-01 | 68 days | 1,998 sqft |
| 2020-06-01 | 73 days | 2,008 sqft |
| 2020-07-01 | 71 days | 1,992 sqft |
| 2020-08-01 | 70 days | 1,988 sqft |
| 2020-09-01 | 67 days | 1,939 sqft |
| 2020-10-01 | 68 days | 1,920 sqft |
| 2020-11-01 | 76 days | 1,950 sqft |
| 2020-12-01 | 83 days | 1,891 sqft |
| 2021-01-01 | 53 days | 1,888 sqft |
| 2021-02-01 | 39 days | 1,846 sqft |
| 2021-03-01 | 42 days | 1,828 sqft |
| 2021-04-01 | 40 days | 1,842 sqft |
| 2021-05-01 | 47 days | 1,852 sqft |
| 2021-06-01 | 49 days | 1,907 sqft |
| 2021-07-01 | 50 days | 1,906 sqft |
| 2021-08-01 | 50 days | 1,868 sqft |
| 2021-09-01 | 58 days | 1,898 sqft |
| 2021-10-01 | 53 days | 1,856 sqft |
| 2021-11-01 | 51 days | 1,845 sqft |
| 2021-12-01 | 61 days | 1,809 sqft |
| 2022-01-01 | 50 days | 1,868 sqft |
| 2022-02-01 | 47 days | 1,876 sqft |
| 2022-03-01 | 36 days | 1,873 sqft |
| 2022-04-01 | 34 days | 1,870 sqft |
| 2022-05-01 | 44 days | 1,935 sqft |
| 2022-06-01 | 48 days | 1,972 sqft |
| 2022-07-01 | 51 days | 1,971 sqft |
| 2022-08-01 | 56 days | 2,005 sqft |
| 2022-09-01 | 53 days | 2,025 sqft |
| 2022-10-01 | 59 days | 2,022 sqft |
| 2022-11-01 | 68 days | 2,096 sqft |
| 2022-12-01 | 82 days | 2,093 sqft |
| 2023-01-01 | 56 days | 2,120 sqft |
| 2023-02-01 | 40 days | 2,112 sqft |
| 2023-03-01 | 46 days | 2,118 sqft |
| 2023-04-01 | 43 days | 2,108 sqft |
| 2023-05-01 | 44 days | 2,186 sqft |
| 2023-06-01 | 50 days | 2,179 sqft |
| 2023-07-01 | 52 days | 2,182 sqft |
| 2023-08-01 | 52 days | 2,177 sqft |
| 2023-09-01 | 49 days | 2,146 sqft |
| 2023-10-01 | 54 days | 2,136 sqft |
| 2023-11-01 | 58 days | 2,119 sqft |
| 2023-12-01 | 71 days | 2,131 sqft |
| 2024-01-01 | 59 days | 2,131 sqft |
| 2024-02-01 | 46 days | 2,119 sqft |
| 2024-03-01 | 41 days | 2,102 sqft |
Iowa City's median square footage for active listings during the 2024-03-01 period was 2,102 sqft. One year prior, the average listing was 2,118 sqft.