Iowa USDA Loan Rates, Closing Costs & Stats

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    • 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 USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Iowa averaged 6.22% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Iowa's average USDA mortgage closing costs are $4,063.

    The average rate for the prior week (2024-12-06) was 6.06% and one month ago for the week of 2024-11-08, the average rate was 6.37%.

    The average rate one year ago was 6.74%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.96%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Iowa 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 level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    IOWA BANKERS MORTGAGE CORPORATION 98 6.48% $3,922
    RESIDENTIAL MORTGAGE NETWORK, INC. 61 6.25% $4,110
    Flanagan State Bank 44 6.74% $6,798
    United Bank of Iowa 34 7.39% $4,214
    OPEN MORTGAGE, LLC 27 6.94% $7,114
    GUILD MORTGAGE COMPANY 25 6.78% $5,552
    Bank Iowa 24 6.30% $4,306
    GREENSTATE CREDIT UNION 21 6.26% $3,787
    Ixonia Bank 18 6.57% $6,817
    Central Bank 15 6.86% $4,566
    Plains Commerce Bank 13 6.01% $4,514
    Northwest Bank 13 6.54% $4,275
    Barrington Bank & Trust Company, N.A. 13 6.49% $5,445
    CASTLE & COOKE MORTGAGE, LLC 13 6.44% $8,296
    MID AMERICA MORTGAGE, INC. 11 6.78% $5,334
    COMPASS MORTGAGE, INC. 11 6.27% $5,701
    BROKER SOLUTIONS, INC. 11 6.43% $5,772
    HOMESERVICES LENDING, LLC 10 6.41% $5,303
    Lincoln Savings Bank 10 6.04% $4,238
    Great Southern Bank 9 6.33% $4,367
    UNITED WHOLESALE MORTGAGE, LLC 9 6.76% $5,448
    NEWREZ LLC 8 6.64% $4,494
    Fortress Bank 7 6.04% $5,122
    GUARANTEED RATE, INC. 7 6.60% $6,240
    Chickasaw Community Bank 6 7.15% $5,563
    V.I.P. MORTGAGE, INC. 6 6.54% $5,671
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.46% $7,256
    Reliabank Dakota 5 6.80% $5,193
    U.S. Bank 5 6.55% $3,799
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.42% $5,713
    Waterstone Mortgage Corporation 4 6.59% $6,889
    AMCAP MORTGAGE, LTD. 4 7.03% $5,367
    CARDINAL FINANCIAL 4 6.50% $5,647
    First National Bank of Omaha 4 6.50% $5,266
    BankIowa of Cedar Rapids 4 6.59% $2,643
    Wells Fargo Bank 4 6.31% $3,093
    Heritage Bank 3 7.00% $5,606
    Flagstar Bank, FSB 3 6.33% $5,335
    TOWNE MORTGAGE COMPANY 3 7.21% $6,141
    FLAT BRANCH MORTGAGE, INC. 3 6.33% $6,148
    MidWestOne Bank 3 5.92% $4,545
    FRONTIER FINANCIAL, INC. 3 6.17% $5,442
    West Gate Bank 3 6.38% $3,839
    SUN WEST MORTGAGE COMPANY, INC. 3 7.00% $6,196
    RUHL MORTGAGE, LLC 3 6.00% $2,180
    Mortgage Research Center, LLC 2 6.56% $3,572
    First Interstate Bank 2 7.31% $4,127
    GERSHMAN INVESTMENT CORP. 2 6.81% $4,821
    Carrington Mortgage Services, LLC 2 7.31% $7,382
    Sierra Pacific Mortgage Company, Inc. 2 6.94% $7,620
    CROSSCOUNTRY MORTGAGE, LLC 2 6.63% $3,466
    Hometown Equity Mortgage, LLC 2 6.88% $7,792
    TOP FLITE FINANCIAL, INC. 1 7.13% $3,174
    American Bank and Trust Company 1 6.50% $4,857
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $4,650
    AMERISAVE MORTGAGE CORPORATION 1 7.25% $4,926
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $2,416
    Bankers' Bank 1 6.88% $5,151
    Bank of England 1 5.75% $6,517
    Bank of the West 1 7.13% $5,474
    BNC National Bank 1 5.63% $7,072
    CHARTER WEST BANK 1 7.00% $4,555
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $5,700
    Community Choice Credit Union 1 6.75% $4,110
    CRESCENT MORTGAGE COMPANY 1 6.38% $4,829
    DAS Acquisition Company, LLC 1 7.25% $8,176
    DHI MORTGAGE COMPANY, LTD. 1 4.75% $14,940
    ENVOY MORTGAGE, LTD 1 7.13% $8,635
    EVERETT FINANCIAL, INC. 1 6.00% $9,850
    FIRST COMMUNITY MORTGAGE, INC. 1 5.63% $6,127
    FREEDOM MORTGAGE CORPORATION 1 7.00% $9,387
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.63% $6,481
    LAND HOME FINANCIAL SERVICES, INC. 1 5.63% $5,166
    LOANDEPOT.COM, LLC 1 6.25% $5,750
    Paramount Residential Mortgage Group, Inc. 1 7.25% $4,585
    PLAZA HOME MORTGAGE, INC. 1 6.75% $3,307
    ROYAL UNITED MORTGAGE LLC 1 6.88% $6,130
    The Central Trust Bank 1 6.13% $9,323
    The Federal Savings Bank 1 6.50% $8,286
    THOMPSON KANE & COMPANY, LLC 1 7.00% $4,771
    UNION HOME MORTGAGE CORP. 1 7.00% $7,484
    United Community Bank 1 6.38% $2,718

    The top Iowa USDA lender as defined by loan originations is IOWA BANKERS MORTGAGE CORPORATION, with 98 USDA loans originated. Their average total fees are $3,922, which is $187 lower than the next largest lender, RESIDENTIAL MORTGAGE NETWORK, INC..

    The lowest fee Iowa USDA lenders (with over 10 loans originated) are GREENSTATE CREDIT UNION ($3,787), IOWA BANKERS MORTGAGE CORPORATION ($3,922), RESIDENTIAL MORTGAGE NETWORK, INC. ($4,110), United Bank of Iowa ($4,214) and Lincoln Savings Bank ($4,238).

    The lowest rate Iowa USDA lenders (with over 10 loans originated) are Plains Commerce Bank (6.01%), Lincoln Savings Bank (6.04%), RESIDENTIAL MORTGAGE NETWORK, INC. (6.25%), GREENSTATE CREDIT UNION (6.26%) and COMPASS MORTGAGE, INC. (6.27%).