Mortgage Rates in Storm Lake, Iowa — March 2026
Updated March 2026 | Based on Storm Lake market data and regional lending conditions
Storm Lake is a growing city in Iowa with a population of 11,137. The current 30-year fixed mortgage rate in Storm Lake is 6.67%, which is 0.02% above the national average. With a median home price of $171,000 and a 20% down payment of $34,200, homebuyers can expect a monthly principal and interest payment of approximately $880.
Current Mortgage Rates in Storm Lake, IA
Below are the current average mortgage rates available in the Storm Lake 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 | 6.67% | 6.65% | +0.02% |
| 15-Year Fixed | 5.92% | 5.89% | +0.03% |
| 5/1 ARM | 6.2% | 6.15% | +0.05% |
| FHA | 6.46% | 6.25% | +0.21% |
| VA | 6.21% | 6.05% | +0.16% |
| Jumbo | 6.92% | 6.85% | +0.07% |
Storm Lake Housing Market Overview
The Storm Lake housing market offers relatively affordable housing compared to many major cities. The median household income in Storm Lake is $61,000, and the cost of living index is 90.3 (national average = 100). Based on the 28% affordability rule, the median income in Storm Lake is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Storm Lake
Based on the median home price of $171,000 with 20% down ($34,200), here is what you can expect to pay monthly in Storm Lake:
15-Year vs. 30-Year Mortgage in Storm Lake
Choosing a 15-year mortgage in Storm Lake at 5.92% instead of a 30-year at 6.67% would save you $110,160 in total interest over the life of the loan. However, your monthly payment would be $1,148 instead of $880 — an increase of $268 per month.
Calculate Your Storm Lake 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 Storm Lake
What are the current mortgage rates in Storm Lake, IA?
As of March 2026, the average 30-year fixed mortgage rate in Storm Lake, Iowa is 6.67%, while the 15-year fixed rate is 5.92%. FHA loans average 6.46% and VA loans 6.21%. These rates are 0.02% above the national average of 6.65%.
How much is a monthly mortgage payment in Storm Lake?
Based on the median home price of $171,000 with 20% down, the estimated monthly mortgage payment in Storm Lake is $880 for principal and interest. Including property taxes of $231/month, the total monthly housing cost is approximately $1,111.
What income do I need to buy a home in Storm Lake?
Using the 28% rule, you would need an annual income of approximately $47,614 to afford the median-priced home in Storm Lake at $171,000. The median household income in Storm Lake is $61,000. The median income is currently sufficient to meet this threshold.
Is Storm Lake a good place to buy a home in 2026?
Storm Lake offers a below-average cost of living with a cost of living index of 90.3 (national average = 100). The property tax rate in Iowa is 1.62%, which is above the national average. Storm Lake has a population of 11,137 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 Storm Lake, Iowa area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.