Iowa City VA Loan Rates, Closing Costs & Stats
IOWA CITY, IA
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
Iowa City's 27 lenders originated 130 VA loans during 2022. The total origination value was $36,450,000, with an average VA loan value of $280,385.
Iowa City VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Iowa City
averaged
-0.82%
for the week of 2023-11-24, compared to the national average (all VA variants) of
0% for the same period.
Iowa City's average VA mortgage closing costs are $4,459.
The average rate for the prior week (2023-11-17) was
6.02% and
one month ago for the week of 2023-10-20, the
average rate was 6.55%.
The average rate one year ago was 5.37%.
For refis of the same type during the week of 2023-11-24, the average rate
was -1.41%.
Iowa City VA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Iowa City level.
The top Iowa City VA lender as defined by loan originations is RESIDENTIAL MORTGAGE NETWORK, INC., with
59 VA loans originated. Their average total fees are
$5,731, which is $659
lower than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Iowa City VA lenders (with over 10 loans originated) are
RESIDENTIAL MORTGAGE NETWORK, INC. ($5,731), Mortgage Research Center, LLC ($6,390), .
The lowest rate Iowa City VA lenders (with over 10 loans originated) are
RESIDENTIAL MORTGAGE NETWORK, INC. (4.50%), Mortgage Research Center, LLC (4.92%), .
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Iowa City (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 (9.6%) | 1.10 | 698 |
2018-02-01 | $287,738 (2.8%) | $325,822 (6.5%) | 1.05 | 814 |
2018-03-01 | $300,000 (10.8%) | $348,102 (15.4%) | 1.05 | 730 |
2018-04-01 | $316,425 (19.5%) | $358,478 (20.3%) | 1.07 | 729 |
2018-05-01 | $304,950 (12.1%) | $350,856 (17.1%) | 1.02 | 780 |
2018-06-01 | $299,900 (8.1%) | $343,284 (12.2%) | 1.00 | 786 |
2018-07-01 | $288,400 (1.2%) | $338,663 (7.5%) | 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%) | $327,585 (-5.9%) | 0.91 | 975 |
2019-04-01 | $271,064 (-14.3%) | $320,868 (-10.5%) | 0.86 | 1,199 |
2019-05-01 | $273,825 (-10.2%) | $312,524 (-10.9%) | 0.86 | 1,238 |
2019-06-01 | $279,000 (-7.0%) | $320,510 (-6.6%) | 0.87 | 1,179 |
2019-07-01 | $279,450 (-3.1%) | $319,422 (-5.7%) | 0.87 | 1,102 |
2019-08-01 | $278,564 (-1.2%) | $320,963 (-2.4%) | 0.88 | 1,045 |
2019-09-01 | $276,559 (-1.9%) | $319,738 (-8.2%) | 0.89 | 1,023 |
2019-10-01 | $274,950 (-1.8%) | $317,569 (-2.4%) | 0.89 | 1,000 |
2019-11-01 | $274,900 (0.1%) | $318,010 (-1.3%) | 0.90 | 918 |
2019-12-01 | $274,900 (0.0%) | $315,321 (-3.6%) | 0.92 | 803 |
2020-01-01 | $274,900 (-1.6%) | $309,504 (-3.6%) | 0.92 | 793 |
2020-02-01 | $274,900 (-3.0%) | $308,504 (-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%) | $317,715 (1.7%) | 0.84 | 1,208 |
2020-06-01 | $278,400 (-0.2%) | $326,791 (2.0%) | 0.82 | 1,180 |
2020-07-01 | $279,575 (0.0%) | $326,637 (2.3%) | 0.81 | 1,088 |
2020-08-01 | $279,900 (0.5%) | $328,836 (2.5%) | 0.80 | 998 |
2020-09-01 | $271,000 (-2.0%) | $324,470 (1.5%) | 0.78 | 990 |
2020-10-01 | $274,900 (0.0%) | $324,830 (2.3%) | 0.79 | 936 |
2020-11-01 | $273,450 (-0.5%) | $327,140 (2.9%) | 0.80 | 825 |
2020-12-01 | $270,100 (-1.8%) | $327,863 (4.0%) | 0.80 | 724 |
2021-01-01 | $279,900 (1.8%) | $329,954 (6.6%) | 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 (10.3%) | 0.76 | 813 |
2021-08-01 | $298,450 (6.6%) | $369,300 (12.3%) | 0.80 | 731 |
2021-09-01 | $300,475 (10.9%) | $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 | $324,950 (12.1%) | $393,603 (16.5%) | 0.74 | 823 |
2022-06-01 | $334,000 (11.5%) | $405,571 (13.3%) | 0.74 | 794 |
2022-07-01 | $339,900 (17.3%) | $408,053 (13.3%) | 0.77 | 734 |
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 | $368,748 (13.5%) | $446,572 (13.5%) | 0.84 | 754 |
2023-06-01 | $365,250 (9.4%) | $442,932 (9.2%) | 0.82 | 748 |
2023-07-01 | $365,000 (7.4%) | $443,232 (8.6%) | 0.83 | 696 |
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 |
Iowa City's median listing price comes in at 82% of the national average.
Iowa City's average listing price for 2023-10-01 was $673,077, a difference of $272,829 (68.2%) versus the prior year and $233,586 versus the prior month.
For the 2023-10-01 period, Iowa City had 576 MLS listings, a difference of -92 listings (-14%) versus the prior month and -36 listings (-6%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Iowa City (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 | 2,045 sqft |
2019-06-01 | 60 days | 2,078 sqft |
2019-07-01 | 61 days | 2,098 sqft |
2019-08-01 | 61 days | 2,088 sqft |
2019-09-01 | 63 days | 2,056 sqft |
2019-10-01 | 65 days | 2,029 sqft |
2019-11-01 | 79 days | 2,030 sqft |
2019-12-01 | 98 days | 2,019 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 | 2,000 sqft |
2020-06-01 | 73 days | 2,008 sqft |
2020-07-01 | 71 days | 1,994 sqft |
2020-08-01 | 70 days | 1,989 sqft |
2020-09-01 | 68 days | 1,940 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 | 1,938 sqft |
2022-06-01 | 48 days | 1,972 sqft |
2022-07-01 | 51 days | 1,972 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 | 2,180 sqft |
2023-07-01 | 52 days | 2,184 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 |
Iowa City's median square footage for active listings during the 2023-10-01 period was 2,136 sqft. One year prior, the average listing was 2,022 sqft.