Mortgage Rates in Cedar Rapids, Iowa — March 2026
Updated March 2026 | Based on Cedar Rapids market data and regional lending conditions
Cedar Rapids is a growing city in Iowa with a population of 137,710. The current 30-year fixed mortgage rate in Cedar Rapids is 6.74%, which is 0.09% above the national average. With a median home price of $185,000 and a 20% down payment of $37,000, homebuyers can expect a monthly principal and interest payment of approximately $959.
Current Mortgage Rates in Cedar Rapids, IA
Below are the current average mortgage rates available in the Cedar Rapids area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.74% | 6.65% | +0.09% |
| 15-Year Fixed | 5.98% | 5.89% | +0.09% |
| 5/1 ARM | 6.24% | 6.15% | +0.09% |
| FHA | 6.34% | 6.25% | +0.09% |
| VA | 6.14% | 6.05% | +0.09% |
| Jumbo | 6.94% | 6.85% | +0.09% |
Cedar Rapids Housing Market Overview
The Cedar Rapids housing market offers relatively affordable housing compared to many major cities. The median household income in Cedar Rapids is $55,250, and the cost of living index is 85.5 (national average = 100). Based on the 28% affordability rule, the median income in Cedar Rapids is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Cedar Rapids
Based on the median home price of $185,000 with 20% down ($37,000), here is what you can expect to pay monthly in Cedar Rapids:
15-Year vs. 30-Year Mortgage in Cedar Rapids
Choosing a 15-year mortgage in Cedar Rapids at 5.98% instead of a 30-year at 6.74% would save you $120,780 in total interest over the life of the loan. However, your monthly payment would be $1,247 instead of $959 — an increase of $288 per month.
Calculate Your Cedar Rapids Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Cedar Rapids
What are the current mortgage rates in Cedar Rapids, IA?
As of March 2026, the average 30-year fixed mortgage rate in Cedar Rapids, Iowa is 6.74%, while the 15-year fixed rate is 5.98%. FHA loans average 6.34% and VA loans 6.14%. These rates are 0.09% above the national average of 6.65%.
How much is a monthly mortgage payment in Cedar Rapids?
Based on the median home price of $185,000 with 20% down, the estimated monthly mortgage payment in Cedar Rapids is $959 for principal and interest. Including property taxes of $242/month, the total monthly housing cost is approximately $1,201.
What income do I need to buy a home in Cedar Rapids?
Using the 28% rule, you would need an annual income of approximately $51,471 to afford the median-priced home in Cedar Rapids at $185,000. The median household income in Cedar Rapids is $55,250. The median income is currently sufficient to meet this threshold.
Is Cedar Rapids a good place to buy a home in 2026?
Cedar Rapids offers a below-average cost of living with a cost of living index of 85.5 (national average = 100). The property tax rate in Iowa is 1.57%, which is above the national average. Cedar Rapids has a population of 137,710 and offers a very affordable lifestyle.
Mortgage Rates in Other Iowa Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Cedar Rapids, Iowa area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.