July Mortgage Bulletin

Hello from LaPorte Group Mortgage!

As we move into July, here’s your quick update on what’s happening in the mortgage world and how it may affect your home financing plans in Minnesota and Iowa.

Interest Rate Snapshot

Rates are holding fairly steady, with national averages around:

• 30-year fixed: ~6.68%

• 15-year fixed: ~5.91%

• Adjustable-Rate Mortgages (ARMs): ~7.25%

State-specific note:

• Minnesota rates are tracking close to national averages.

• Iowa homebuyers can benefit from IFA programs offering subsidized rates starting around 6.25% for eligible borrowers.

What We're Seeing

• Home purchase activity remains strong across both states, especially with summer listings increasing.

• First-time homebuyers in Iowa are taking advantage of IFA programs with down payment assistance and lower interest rates.

• Conventional and government-backed loan options are still competitive—especially for those with solid credit profiles.

• Refinancing may still make sense for homeowners with existing rates above 7% or those looking to switch to a shorter term.

Tip of the Month

Ask us about state-specific programs.
Iowa’s IFA and Minnesota’s housing finance agency offer loan options that can save you thousands with reduced rates and potential grants.

Important Dates

• July 4 – Independence Day (offices closed)

• Looking to close before school starts? Let us know ASAP to stay ahead of back-to-school season demand.

We’re Here to Help

Whether you’re buying your first home, refinancing, or just exploring options, the team at LaPorte Group Mortgage is here to guide you every step of the way. Give us a call, send us a message, or stop by—we’d love to connect.