Mortgage Rates in Boone, Iowa — March 2026
Updated March 2026 | Based on Boone market data and regional lending conditions
Boone is a growing city in Iowa with a population of 12,390. The current 30-year fixed mortgage rate in Boone is 6.62%, which is 0.03% below the national average. With a median home price of $168,000 and a 20% down payment of $33,600, homebuyers can expect a monthly principal and interest payment of approximately $860.
Current Mortgage Rates in Boone, IA
Below are the current average mortgage rates available in the Boone 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 | 6.62% | 6.65% | -0.03% |
| 15-Year Fixed | 5.88% | 5.89% | -0.01% |
| 5/1 ARM | 6.17% | 6.15% | +0.02% |
| FHA | 6.43% | 6.25% | +0.18% |
| VA | 6.18% | 6.05% | +0.13% |
| Jumbo | 6.87% | 6.85% | +0.02% |
Boone Housing Market Overview
The Boone housing market offers relatively affordable housing compared to many major cities. The median household income in Boone is $57,400, and the cost of living index is 89.5 (national average = 100). Based on the 28% affordability rule, the median income in Boone is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Boone
Based on the median home price of $168,000 with 20% down ($33,600), here is what you can expect to pay monthly in Boone:
15-Year vs. 30-Year Mortgage in Boone
Choosing a 15-year mortgage in Boone at 5.88% instead of a 30-year at 6.62% would save you $107,100 in total interest over the life of the loan. However, your monthly payment would be $1,125 instead of $860 — an increase of $265 per month.
Calculate Your Boone 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 Boone
What are the current mortgage rates in Boone, IA?
As of March 2026, the average 30-year fixed mortgage rate in Boone, Iowa is 6.62%, while the 15-year fixed rate is 5.88%. FHA loans average 6.43% and VA loans 6.18%. These rates are 0.03% below the national average of 6.65%.
How much is a monthly mortgage payment in Boone?
Based on the median home price of $168,000 with 20% down, the estimated monthly mortgage payment in Boone is $860 for principal and interest. Including property taxes of $225/month, the total monthly housing cost is approximately $1,085.
What income do I need to buy a home in Boone?
Using the 28% rule, you would need an annual income of approximately $46,500 to afford the median-priced home in Boone at $168,000. The median household income in Boone is $57,400. The median income is currently sufficient to meet this threshold.
Is Boone a good place to buy a home in 2026?
Boone offers a below-average cost of living with a cost of living index of 89.5 (national average = 100). The property tax rate in Iowa is 1.61%, which is above the national average. Boone has a population of 12,390 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 Boone, Iowa area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.