IOWA CITY Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Iowa City averaged
5.92%
for the week of 2023-12-07, compared to the national average of
7.03% for the same period.
The average rate for the prior week (2023-11-30) was
6.21% and
one month ago for the week of 2023-11-02, the
average rate was 6.75%.
Iowa City's average rate one year ago was 5.48%.
For refis of the same type during the week of 2023-12-07, the average rate
was 5.93%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-12-07 | 7.03% |
| Iowa City 30 Year Fixed Rate | 2023-12-07 | 5.92% |
| Iowa City 30 Year Fixed Rate Refi | 2023-12-07 | 5.93% |
| Iowa City 15 Year Fixed Rate | 2023-12-07 | 5.86% |
| Iowa City 15 Year Fixed Rate Refi | 2023-12-07 | 5.12% |
| Iowa City 30 Year FHA | 2023-12-07 | 6.28% |
| Iowa City 30 Year FHA Refi | 2023-12-07 | 6.62% |
| Iowa City 30 Year USDA | 2023-12-07 | 6.82% |
| Iowa City 30 Year USDA Refi | 2023-12-07 | 6.92% |
| Iowa City 30 Year VA | 2023-12-07 | 6.06% |
| Iowa City 30 Year VA Refi | 2023-12-07 | 6.44% |
IOWA CITY Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the IOWA CITY, IA market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).
IOWA CITY Average Closing Costs & Other Stats
IOWA CITY, IA's 116 lenders originated 6,357
loans during 2022. The total origination value was $1,393,335,000, with an average loan value of
$219,181.
IOWA CITY's average closing costs are $2,129.
The top IOWA CITY lender as defined by loan originations is GREENSTATE CREDIT UNION, with
1,011 loans originated. Their average total fees are
$1,846, which is $137
higher than the next largest lender,
Hills Bank and Trust Company.
The lowest fee IOWA CITY lenders (with over 10 loans originated) are
Hills Bank and Trust Company ($1,708), Collins Community Credit Union ($1,761), VERIDIAN CREDIT UNION ($1,817), GREENSTATE CREDIT UNION ($1,846) and LINN AREA ($1,858).
The lowest rate IOWA CITY lenders (with over 10 loans originated) are
GREENSTATE CREDIT UNION (3.90%), Hills Bank and Trust Company (3.99%), IOWA BANKERS MORTGAGE CORPORATION (4.12%), Collins Community Credit Union (4.13%) and VERIDIAN CREDIT UNION (4.20%).
IOWA CITY, IA Mortgage Market Share & Volume
Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.
| Name | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| Hills Bank and Trust Company | $548,780,000 | $445,530,000 | -18.8% | 32.0% |
| GREENSTATE CREDIT UNION | $656,915,000 | $441,485,000 | -32.8% | 31.7% |
| MidWestOne Bank | $92,330,000 | $84,935,000 | -8.0% | 6.1% |
| RESIDENTIAL MORTGAGE NETWORK, INC. | $90,120,000 | $47,165,000 | -47.7% | 3.4% |
| Collins Community Credit Union | $46,810,000 | $28,370,000 | -39.4% | 2.0% |
| BELLWETHER ENTERPRISE REAL ESTATE CAPITAL, LLC | $2,645,000 | $18,850,000 | 612.7% | 1.4% |
| West Bank | $55,850,000 | $18,740,000 | -66.4% | 1.3% |
| CBI Bank & Trust | $35,775,000 | $18,330,000 | -48.8% | 1.3% |
| U.S. Bank | $38,565,000 | $17,770,000 | -53.9% | 1.3% |
| VERIDIAN CREDIT UNION | $40,620,000 | $17,685,000 | -56.5% | 1.3% |
| Royal Business Bank | $17,645,000 | n/a | 1.3% | |
| Washington State Bank | $17,905,000 | $14,735,000 | -17.7% | 1.1% |
| Central State Bank | $10,640,000 | $12,700,000 | 19.4% | 0.9% |
| First Interstate Bank | $12,265,000 | n/a | 0.9% | |
| QUICKEN LOANS, LLC | $36,670,000 | $11,325,000 | -69.1% | 0.8% |
| Farmers State Bank | $905,000 | $11,040,000 | 1,119.9% | 0.8% |
| Wells Fargo Bank | $19,300,000 | $10,465,000 | -45.8% | 0.8% |
| Luana Savings Bank | $9,665,000 | $10,415,000 | 7.8% | 0.7% |
| IOWA BANKERS MORTGAGE CORPORATION | $22,190,000 | $9,745,000 | -56.1% | 0.7% |
| Two Rivers Bank & Trust | $7,970,000 | $5,215,000 | -34.6% | 0.4% |
| LINN AREA | $5,745,000 | $4,725,000 | -17.8% | 0.3% |
| DUPACO COMMUNITY | $6,465,000 | $3,760,000 | -41.8% | 0.3% |
| Mortgage Research Center, LLC | $8,730,000 | $3,740,000 | -57.2% | 0.3% |
| UNITED WHOLESALE MORTGAGE, LLC | $4,115,000 | $3,705,000 | -10.0% | 0.3% |
| LOANDEPOT.COM, LLC | $7,445,000 | $3,675,000 | -50.6% | 0.3% |
| Bankers Trust Company | $4,195,000 | $3,665,000 | -12.6% | 0.3% |
| BankIowa of Cedar Rapids | $4,165,000 | $3,530,000 | -15.2% | 0.3% |
| Federation Bank | $3,200,000 | n/a | 0.2% | |
| Ohnward Bank & Trust | $10,615,000 | $3,060,000 | -71.2% | 0.2% |
| DHI MORTGAGE COMPANY, LTD. | $2,955,000 | n/a | 0.2% | |
| Lincoln Savings Bank | $950,000 | $2,930,000 | 208.4% | 0.2% |
| JPMorgan Chase Bank | $5,365,000 | $2,790,000 | -48.0% | 0.2% |
| Mr. Cooper ( Nationstar Mortgage ) | $4,970,000 | $2,555,000 | -48.6% | 0.2% |
| COMMUNITY 1ST CREDIT UNION | $2,080,000 | $2,510,000 | 20.7% | 0.2% |
| American Bank and Trust Company | $1,685,000 | $2,505,000 | 48.7% | 0.2% |
| FREEDOM MORTGAGE CORPORATION | $6,895,000 | $2,345,000 | -66.0% | 0.2% |
| PENNYMAC LOAN SERVICES, LLC | $11,045,000 | $2,340,000 | -78.8% | 0.2% |
| RUHL MORTGAGE, LLC | $9,230,000 | $2,295,000 | -75.1% | 0.2% |
| Northwest Bank | $1,015,000 | $2,255,000 | 122.2% | 0.2% |
| Servion, Inc. | $5,535,000 | $2,190,000 | -60.4% | 0.2% |
| 21ST MORTGAGE CORPORATION | $3,195,000 | $2,145,000 | -32.9% | 0.2% |
| Bank of America | $1,205,000 | $2,110,000 | 75.1% | 0.2% |
| Associated Bank | $6,480,000 | $2,075,000 | -68.0% | 0.1% |
| USAA Federal Savings Bank | $2,075,000 | $2,050,000 | -1.2% | 0.1% |
| Deere Employees Credit Union | $675,000 | $1,960,000 | 190.4% | 0.1% |
| Cedar Rapids Bank and Trust Company | $200,000 | $1,955,000 | 877.5% | 0.1% |
| BROKER SOLUTIONS, INC. | $2,670,000 | $1,930,000 | -27.7% | 0.1% |
| Community Savings Bank | $2,400,000 | $1,910,000 | -20.4% | 0.1% |
| NAVY FEDERAL CREDIT UNION | $1,405,000 | $1,830,000 | 30.2% | 0.1% |
| HOMESERVICES LENDING, LLC | $3,565,000 | $1,785,000 | -49.9% | 0.1% |
| HOMESIDE FINANCIAL, LLC | $1,600,000 | $1,630,000 | 1.9% | 0.1% |
| I. H. MISSISSIPPI VALLEY CREDIT UNION | $2,020,000 | $1,540,000 | -23.8% | 0.1% |
| Vibrant Credit Union | $1,650,000 | $1,480,000 | -10.3% | 0.1% |
| Mount Vernon Bank and Trust Company | $1,745,000 | $1,370,000 | -21.5% | 0.1% |
| OPEN MORTGAGE, LLC | $2,935,000 | $1,365,000 | -53.5% | 0.1% |
| NEW DAY FINANCIAL, LLC | $1,935,000 | $1,340,000 | -30.7% | 0.1% |
| Heartland Bank and Trust Company | $220,000 | $1,205,000 | 447.7% | 0.1% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $2,060,000 | $1,190,000 | -42.2% | 0.1% |
| GUARANTEED RATE, INC. | $2,175,000 | $1,145,000 | -47.4% | 0.1% |
| Community Choice Credit Union | $1,055,000 | n/a | 0.1% | |
| GUILD MORTGAGE COMPANY | $2,435,000 | $1,020,000 | -58.1% | 0.1% |
| ASCENTRA | $485,000 | $990,000 | 104.1% | 0.1% |
| FIRST | $1,600,000 | $990,000 | -38.1% | 0.1% |
| Northpointe Bank | $4,040,000 | $965,000 | -76.1% | 0.1% |
| Armed Forces Bank | $890,000 | n/a | 0.1% | |
| Midwest Heritage Bank FSB | $1,145,000 | $870,000 | -24.0% | 0.1% |
| The Home Loan Expert LLC | $835,000 | n/a | 0.1% | |
| AMERICAN FINANCING CORPORATION | $755,000 | $800,000 | 6.0% | 0.1% |
| DuTrac Community Credit Union | $290,000 | $785,000 | 170.7% | 0.1% |
| KeyBank | $785,000 | n/a | 0.1% | |
| Plains Commerce Bank | $785,000 | n/a | 0.1% | |
| INLANTA MORTGAGE, INC. | $1,230,000 | $740,000 | -39.8% | 0.1% |
| AMERISAVE MORTGAGE CORPORATION | $6,270,000 | $735,000 | -88.3% | 0.1% |
| FIRST COMMUNITY MORTGAGE, INC. | $670,000 | n/a | 0.0% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,680,000 | $665,000 | -60.4% | 0.0% |
| HOMEXPRESS MORTGAGE CORP. | $650,000 | n/a | 0.0% | |
| Carrington Mortgage Services, LLC | $920,000 | $645,000 | -29.9% | 0.0% |
| PLANET HOME LENDING, LLC | $1,455,000 | $645,000 | -55.7% | 0.0% |
| Farmers State Bank | $905,000 | $625,000 | -30.9% | 0.0% |
| The Huntington National Bank | $315,000 | $620,000 | 96.8% | 0.0% |
| The Central Trust Bank | $615,000 | n/a | 0.0% | |
| AMERICAN FINANCE HOUSE LARIBA | $605,000 | n/a | 0.0% | |
| Flagstar Bank, FSB | $1,660,000 | $565,000 | -66.0% | 0.0% |
| Barrington Bank & Trust Company, N.A. | $665,000 | $540,000 | -18.8% | 0.0% |
| First National Bank, Ames, Iowa | $530,000 | n/a | 0.0% | |
| State Bank Financial | $525,000 | n/a | 0.0% | |
| ALLIANT | $565,000 | $520,000 | -8.0% | 0.0% |
| Bank of the West | $600,000 | $520,000 | -13.3% | 0.0% |
| Fifth Third Bank | $570,000 | $515,000 | -9.6% | 0.0% |
| Platinum Home Mortgage Corporation | $515,000 | n/a | 0.0% | |
| CROSSCOUNTRY MORTGAGE, LLC | $1,350,000 | $510,000 | -62.2% | 0.0% |
| First Western Trust Bank | $510,000 | n/a | 0.0% | |
| UNITED | $485,000 | $510,000 | 5.2% | 0.0% |
| UBS Bank USA | $505,000 | n/a | 0.0% | |
| Mound City Bank | $485,000 | n/a | 0.0% | |
| EVERETT FINANCIAL, INC. | $465,000 | n/a | 0.0% | |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $85,000 | $460,000 | 441.2% | 0.0% |
| Princeton Mortgage Corporation | $460,000 | n/a | 0.0% | |
| ZILLOW HOME LOANS, LLC | $480,000 | $430,000 | -10.4% | 0.0% |
| CALIBER HOME LOANS, INC. | $3,525,000 | $400,000 | -88.7% | 0.0% |
| DAS Acquisition Company, LLC | $395,000 | n/a | 0.0% | |
| Fidelity Bank & Trust | $2,330,000 | $395,000 | -83.0% | 0.0% |
| Goldwater Bank, N.A. | $265,000 | $395,000 | 49.1% | 0.0% |
| PURDUE FEDERAL CREDIT UNION | $395,000 | n/a | 0.0% | |
| First State Bank of St. Charles, Missouri | $375,000 | n/a | 0.0% | |
| Farm Credit Mid-America, ACA | $3,520,000 | $370,000 | -89.5% | 0.0% |
| GREATER IOWA CREDIT UNION | $370,000 | n/a | 0.0% | |
| Kerndt Brothers Savings Bank | $175,000 | $370,000 | 111.4% | 0.0% |
| Waterstone Mortgage Corporation | $1,395,000 | $370,000 | -73.5% | 0.0% |
| Commerce Bank | $365,000 | n/a | 0.0% | |
| Truist | $670,000 | $360,000 | -46.3% | 0.0% |
| The Security National Bank of Sioux City, Iowa | $910,000 | $355,000 | -61.0% | 0.0% |
| First National Bank of Omaha | $345,000 | n/a | 0.0% | |
| Regions Bank | $1,010,000 | $345,000 | -65.8% | 0.0% |
| BMO Harris Bank | $245,000 | $335,000 | 36.7% | 0.0% |
| North American Savings Bank, F.S.B. | $310,000 | $325,000 | 4.8% | 0.0% |
| SOFI LENDING CORP. | $825,000 | $325,000 | -60.6% | 0.0% |
| Chicago Mortgage Solutions LLC | $195,000 | $320,000 | 64.1% | 0.0% |
| Central Bank | $550,000 | $315,000 | -42.7% | 0.0% |
| MLD MORTGAGE INC. | $315,000 | n/a | 0.0% | |
| AmeriHome Mortgage Company, LLC | $870,000 | $310,000 | -64.4% | 0.0% |
| PNC Bank | $1,130,000 | $310,000 | -72.6% | 0.0% |
| BETTER MORTGAGE CORPORATION | $6,900,000 | $305,000 | -95.6% | 0.0% |
| First Bank | $305,000 | n/a | 0.0% | |
| Paramount Residential Mortgage Group, Inc. | $1,770,000 | $300,000 | -83.1% | 0.0% |
| Farmers National Bank | $175,000 | $265,000 | 51.4% | 0.0% |
| Libertyville Bank & Trust | $265,000 | n/a | 0.0% | |
| Magnolia Bank | $390,000 | $265,000 | -32.1% | 0.0% |
| CORTRUST MORTGAGE, INC. | $255,000 | n/a | 0.0% | |
| Ixonia Bank | $235,000 | $255,000 | 8.5% | 0.0% |
| SENB Bank | $165,000 | $255,000 | 54.5% | 0.0% |
| SOVEREIGN LENDING GROUP INCORPORATED | $255,000 | n/a | 0.0% | |
| MARINE | $250,000 | n/a | 0.0% | |
| LAKEVIEW LOAN SERVICING, LLC | $1,355,000 | $245,000 | -81.9% | 0.0% |
| ACADEMY MORTGAGE CORPORATION | $235,000 | n/a | 0.0% | |
| Bankers' Bank | $235,000 | n/a | 0.0% | |
| Citizens State Bank | $235,000 | $235,000 | 0.0% | 0.0% |
| FIRST STATE MORTGAGE SERVICES, LLC | $280,000 | $235,000 | -16.1% | 0.0% |
| GERSHMAN INVESTMENT CORP. | $1,115,000 | $225,000 | -79.8% | 0.0% |
| GREAT LAKES | $225,000 | n/a | 0.0% | |
| PREMIA MORTGAGE, LLC | $265,000 | $225,000 | -15.1% | 0.0% |
| United Bank of Iowa | $205,000 | $225,000 | 9.8% | 0.0% |
| Farmers & Merchants Savings Bank | $1,795,000 | $220,000 | -87.7% | 0.0% |
| CMG MORTGAGE, INC. | $215,000 | n/a | 0.0% | |
| Stifel Bank and Trust | $255,000 | $205,000 | -19.6% | 0.0% |
| American Mortgage & Equity Consultants, Inc. | $195,000 | n/a | 0.0% | |
| FRONTIER FINANCIAL, INC. | $195,000 | n/a | 0.0% | |
| HOMESTAR FINANCIAL CORPORATION | $195,000 | n/a | 0.0% | |
| Denver Savings Bank | $335,000 | $190,000 | -43.3% | 0.0% |
| AMERICAN ADVISORS GROUP | $150,000 | $185,000 | 23.3% | 0.0% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $195,000 | $185,000 | -5.1% | 0.0% |
| KELLER MORTGAGE, LLC | $245,000 | $185,000 | -24.5% | 0.0% |
| Midwest Community Bank | $185,000 | n/a | 0.0% | |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $175,000 | n/a | 0.0% | |
| BOKF | $740,000 | $175,000 | -76.4% | 0.0% |
| Bremer Bank | $175,000 | n/a | 0.0% | |
| PLAZA HOME MORTGAGE, INC. | $1,040,000 | $175,000 | -83.2% | 0.0% |
| UNIVERSAL LENDING CORPORATION | $520,000 | $175,000 | -66.3% | 0.0% |
| Citibank | $165,000 | n/a | 0.0% | |
| Figure Lending LLC | $110,000 | $165,000 | 50.0% | 0.0% |
| AMCAP MORTGAGE, LTD. | $2,510,000 | $155,000 | -93.8% | 0.0% |
| Blue Grass Savings Bank | $155,000 | n/a | 0.0% | |
| PENTAGON FEDERAL CREDIT UNION | $140,000 | $155,000 | 10.7% | 0.0% |
| ROYAL UNITED MORTGAGE LLC | $85,000 | $155,000 | 82.4% | 0.0% |
| TRIAD FINANCIAL SERVICES, INC. | $175,000 | $150,000 | -14.3% | 0.0% |
| MID AMERICA MORTGAGE, INC. | $245,000 | $145,000 | -40.8% | 0.0% |
| ATHAS CAPITAL GROUP, INC. | $135,000 | n/a | 0.0% | |
| DIAMOND RESIDENTIAL MORTGAGE CORPORATION | $135,000 | n/a | 0.0% | |
| M&T Bank | $135,000 | n/a | 0.0% | |
| National Bank of St. Anne | $115,000 | n/a | 0.0% | |
| RESIDENTIAL BANCORP. | $115,000 | n/a | 0.0% | |
| The Federal Savings Bank | $855,000 | $115,000 | -86.5% | 0.0% |
| NEWREZ LLC | $2,325,000 | $105,000 | -95.5% | 0.0% |
| PHH Mortgage Corporation | $265,000 | $105,000 | -60.4% | 0.0% |
| TOWER | $105,000 | n/a | 0.0% | |
| CEDAR FALLS COMMUNITY CREDIT UNION | $170,000 | $100,000 | -41.2% | 0.0% |
| Ally Bank | $1,310,000 | $95,000 | -92.7% | 0.0% |
| Fidelity Bank | $95,000 | n/a | 0.0% | |
| CHURCHILL MORTGAGE CORPORATION | $1,215,000 | $85,000 | -93.0% | 0.0% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $1,755,000 | $85,000 | -95.2% | 0.0% |
| First Central State Bank | $375,000 | $70,000 | -81.3% | 0.0% |
| SPRING EQ, LLC | $65,000 | n/a | 0.0% | |
| STAR USA FEDERAL CREDIT UNION | $45,000 | n/a | 0.0% | |
| Bank Iowa | $665,000 | $25,000 | -96.2% | 0.0% |
| R.I.A. Federal Credit Union | $15,000 | n/a | 0.0% |
IOWA CITY's top lender by overall market share is Hills Bank and Trust Company, with 32.0% market share. In second place, with 31.7%, is GREENSTATE CREDIT UNION, having originated $441,485,000 in loans. In third place, with 6.1%, is MidWestOne Bank, having originated $84,935,000 in loans. In fourth place, with 3.4%, is RESIDENTIAL MORTGAGE NETWORK, INC., having originated $47,165,000 in loans. In fifth place, with 2.0%, is Collins Community Credit Union, having originated $28,370,000 in loans.
IOWA CITY, IA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 3,759 | $913,055,000 | $242,898 |
| Refi | 820 | $225,750,000 | $275,305 |
| Cash Out Refi | 709 | $156,985,000 | $221,417 |
| Home Improvement | 658 | $47,780,000 | $72,614 |
| Other | 410 | $36,660,000 | $89,415 |
| NA | 1 | $13,105,000 | $13,105,000 |
Iowa City's most frequently cited loan purpose was Home Purchase, with 3,759 originations. The 2nd most popular reason was Refi, with 820 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 2,234 | $565,250,000 | $253,021 |
| 4-5% | 1,401 | $276,585,000 | $197,420 |
| 5-6% | 1,170 | $220,550,000 | $188,504 |
| 2.5-3% | 524 | $133,230,000 | $254,256 |
| 6-7% | 410 | $53,480,000 | $130,439 |
| <2.5% | 195 | $37,135,000 | $190,436 |
| 7-8% | 103 | $11,355,000 | $110,243 |
| Over 8% | 61 | $3,555,000 | $58,279 |
During 2022, Iowa City's most frequently originated rate bucket was 3-4%, with 2,234 originations.
Loan Sizing (IOWA CITY, IA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 2,241 | $99,115,000 | $44,228 |
| $200k-400k | 1,900 | $521,230,000 | $274,332 |
| $100k-200k | 1,623 | $243,245,000 | $149,874 |
| $400k-600k | 390 | $184,370,000 | $472,744 |
| $600k-1000k | 150 | $103,890,000 | $692,600 |
| $Over $1MM | 53 | $241,485,000 | $4,556,321 |
IOWA CITY's loan sizing saw the bucket of loans from $100,000 or less with 2,241 originations, totaling $99,115,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 2,108 | $571,650,000 | $271,181 |
| Under 20% | 1,527 | $65,435,000 | $42,852 |
| 60-80% | 1,201 | $458,145,000 | $381,470 |
| 20-40% | 662 | $74,000,000 | $111,782 |
| 40-60% | 530 | $114,360,000 | $215,774 |
| Over 100% | 30 | $10,970,000 | $365,667 |
IOWA CITY's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 2,108 originations, totaling $571,650,000 in origination value.