Today's 30-year mortgage rate in Indiana averages 6.13%, slightly lower than the national average of 6.4%. Indiana homebuyers can consider programs like First Step and Next Home (NH) to help reduce their mortgage costs.
Today's Mortgage Rates in Indiana (October 2024)
Today's mortgage rates in Indiana are 6.13% APR for a 30-year fixed and 7.55% APR for a 30-year FHA, which are higher than the national averages of 6.4% and 7.52%, respectively.
Updated: October 16, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Indiana. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in October 2024.
Current Mortgage Rates in Indiana
Indiana's current 30-year fixed-rate mortgage rate is 6.13% in October 2024, slightly up by 9 basis points from 6.04% the previous month. For a $250,000 loan with a 20% down payment, this rate hike could add $4,601 in total interest over the life of the loan, excluding property taxes or HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve policies. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Stay updated on Indiana's current rates to calculate your potential monthly payments and budget effectively.
Who Needs to Know Current Mortgage Rates in Indiana?
Knowing today's mortgage interest rates in Indiana's dynamic housing market is essential for new homebuyers and homeowners who are refinancing.
First-time homebuyers
Knowing current mortgage rates helps first-time homebuyers to assess offers and spot competitive rates easily.
Homeowners with mortgages
Indiana homeowners who stay informed on mortgage trends might consider a mortgage refinance when rates drop below their own.
In Indiana, purchase rates often differ from refinance rates. The current mortgage rate for a 30-year fixed-rate mortgage is 6.13%, while the refinance rate is slightly higher at 6.15%. Keep this in mind as you weigh your financing options.
Current Mortgage Rates in Indiana by Loan Type
A 30-year fixed-rate mortgage usually has a higher interest rate than a 15-year one because it poses more risk to lenders over a longer term. The longer duration increases the chances of economic changes affecting interest rates and the risk of loan default. Your choice between these mortgage types in Indiana can influence monthly payments and total interest paid.
As you search for a home, use a mortgage calculator to estimate potential monthly payments and explore mortgage options in Indiana. This tool helps you see how the term length impacts your budget and the overall homeownership cost.
- 10-Year Fixed
- 15-Year Fixed
- 15-Year Fixed Rate FHA
- 15-Year Fixed Rate Jumbo
- 15-Year Fixed Rate VA
- 20-Year Fixed
- 30-Year Fixed
- 30-Year Fixed Rate FHA
- 30-Year Fixed Rate Jumbo
- 30-Year Fixed Rate VA
- 5-Year ARM
- 5-Year ARM Jumbo
- 5-year ARM Jumbo
- 7-Year ARM
- 7-year ARM Jumbo
4.65% | 4.79% |
The interest rate is the yearly cost you pay for borrowing money through a mortgage. In Indiana, the average mortgage interest rate for a 30-year fixed mortgage is 6.06%.
An APR, or annual percentage rate, includes your mortgage interest rate plus other costs such as mortgage points and fees associated with the loan. Indiana's average APR for a 30-year fixed mortgage is 6.13%, giving you the true yearly expense of your mortgage.
Current Mortgage Rates in Indiana by Credit Score
In Indiana, if your credit score is 740 or higher and you're making a 5% to 20% down payment, the average APR for a 30-year fixed mortgage is 6.33%. If your credit score is below 680, the average APR increases to 6.81%.
Your credit score directly affects the mortgage rate you can secure in Indiana. Adjust the credit score and down payment variables in the table below to view the rates you may qualify for.
- 680 - 740
- 740 or higher
- Less than 680
- 20% or higher
- 5% to 20%
- Less than 5%
10-year Fixed | 6.26% |
15-year Fixed | 5.62% |
20-year Fixed | 6.08% |
30-year Fixed | 6.33% |
5-year ARM | 8.09% |
7-year ARM | 7.90% |
Mortgage Types in Indiana
In October 2024, VA loans offer Indiana's lowest average APR for a 30-year fixed-rate mortgage at 5.77%. Understanding your mortgage options helps you compare and select a loan that fits your financial needs. Check the table below for a quick overview of the mortgage types in Indiana.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Indiana |
---|---|---|---|
Conventional loans | A conventional loan isn't insured by the government. | Credit score and down payment size can influence rates. | 6.13% |
FHA loans | An FHA loan is insured by the Federal Housing Administration, allowing for lower credit score requirements. | FHA loans may offer lower rates due to government insurance reducing lender risk. | 7.55% |
VA loans | VA loans are backed by the Department of Veterans Affairs for eligible service members and veterans. | VA loans may come with competitive rates as they are backed by the Department of Veterans Affairs. | 5.77% |
USDA loans | USDA loans support rural development with government backing. | USDA loans can provide lower rates for eligible rural and suburban homebuyers. | currently unavailable |
Jumbo loans | A jumbo loan exceeds the conventional loan limits. | Jumbo loans often have higher rates due to the increased risk associated with larger loan amounts. | 6.27% |
Mortgage rates in Indiana offer two types: fixed and adjustable.
- Fixed mortgage rates keep your interest rate the same throughout the loan, ensuring stable monthly payments and peace of mind.
- Adjustable mortgage rates start with lower rates that can change over time. While initial payments may be lower, future adjustments can impact your budget.
In October 2024, the average rate in Indiana for a 30-year fixed mortgage is 6.13%, while a seven-year adjustable-rate mortgage (ARM) averages 7.31%.
Mortgage Lenders in Indiana
First Midwest Bank, Truist and U.S. Bank are solid mortgage options in Indiana, known for their state availability, Better Business Bureau accreditation, and homeowner assistance programs. This list is not exhaustive.
Your choice of lender can affect your mortgage rate, as different lenders offer various options and terms. Comparing offers helps you secure the best deal for your needs.
- First Midwest Bank
- 8Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 7 pm ET Saturday, 8 am to 1 pm ETCustomer Service Hours
First Midwest Bank offers mortgage products online and in person, including conventional and FHA loans. Programs like Community Experts and Heroes require a minimum credit score of 720.
The bank requires a 20% down payment for Land or Lot loans but offers 0% to 1% down payment options for qualifying borrowers under specific programs. It also provides assistance programs like Home Manager and Down Payment Assistance.
Customer service is available by phone or in person Monday through Friday from 8 a.m. to 7 p.m. ET and Saturdays from 8 a.m. to 1 p.m. ET.
Pros
- Online prequalification available
- Specialized loans for professionals
- Homebuyer assistance programs
Cons
- Limited branch locations in seven states
- No clear credit score requirements
- Mortgages FAQ focused on online, mobile banking only
- Truist
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours
Truist offers various home loan products, including conventional, VA, FHA and jumbo loans for larger amounts.
While Truist doesn’t specify credit score requirements, conventional loans generally require around 620, and VA and FHA loans may accept scores as low as 580. Truist allows down payments as low as 3%, which may vary based on the loan type. The bank also provides assistance programs to enhance homeownership accessibility, including Doctor Loan, Construction and Permanent Loans.
Customer service is available by phone, social media or in person from 8 a.m. to 8 p.m. ET on weekdays and until 5 p.m. ET on Saturdays.
Pros
- Doctor and construction loans available
- Online mortgage amortization calculator
- Affordable loan options with assistance
Cons
- Must speak with a specialist for mortgage details
- No mortgage payment relief options
- U.S. Bank
- 6Number of Mortgage Options
- YesOnline Application
- NRBBB Rating
- Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours
U.S. Bank offers a range of mortgage products, including conventional and FHA loans. Conventional loans require a 3% down payment, while FHA loans need 3.5%. The minimum credit score for jumbo loans is 660, and for FHA loans, it’s 640, making it easier for more borrowers to qualify.
The bank provides customer service Monday to Friday from 7 a.m. to 8 p.m. CT and Saturdays from 8 a.m. to 2 p.m. CT through video chats, phone calls or in-person meetings. It also offers programs like forbearance and repayment plans and ranks as the top HELOC lender for borrowers with bad credit in many states.
Pros
- Online prequalification available
- Unique loan offerings, including investment and construction
- Assistance options like forbearance or loan modification
Cons
- No BBB rating despite accreditation
- Limited physical branch availability
Mortgage Programs in Indiana
Owning a home has hidden costs that may impact your budget. In Indiana, the Indiana Housing and Community Development Authority provides access to mortgage programs that support homebuyers.
Program | Description |
---|---|
First Step | Helps first-time homebuyers by offering 6% down payment assistance with a 30-year fixed-rate mortgage. Available for FHA or conventional loans with a nonforgivable DPA. A $250 reservation fee is required. |
Next Home (NH) | Offers homebuyers down payment assistance of 2.50% or 3.50%, based on the purchase price. It provides a 30-year fixed-rate loan for FHA or conventional financing. To qualify, you need a minimum credit score of 640 and a debt-to-income ratio under 45%. |
Step Down | Provides a 30-year fixed-rate mortgage for first-time buyers, available for FHA or conventional loans. It requires a $250 reservation fee. First-time buyers or those purchasing in targeted census tracts are eligible. |
FAQ: Mortgage Rates in Indiana
Many borrowers have questions about today's mortgage rates in Indiana. We've addressed commonly asked questions to help you understand the current rates as you consider purchasing a home.
Current average APRs for mortgages in Indiana vary by loan type and other factors. As of October 2024, the average APR for a seven-year ARM is 7.31%, while a 30-year fixed-rate FHA loan has an average APR of 7.55%.
As of October 2024, the average APR for a 30-year fixed-rate mortgage in Indiana is 6.13%, slightly lower than the national average of 6.4%. However, the state average APR for a five-year ARM is 7.53%, below the national average of 7.92%.
Your credit score can significantly impact the rates you qualify for in Indiana. Generally, a higher credit score can help secure low mortgage rates, as it indicates less risk to lenders.
Indiana offers several mortgage programs, including the First Step, Next Home (NH) and Step Down, to assist homebuyers and make homeownership more accessible.
To get the best mortgage rate in Indiana, consider improving your credit score, comparing offers from multiple lenders and making a larger down payment to decrease the loan-to-value ratio.
As of October 2024, the average refinance rates in Indiana are 5.47% for a 15-year fixed and 6.15% for a 30-year fixed mortgage.
To estimate your monthly payments, use a mortgage calculator for Indiana, which allows you to input details like home price, down payment, loan term and interest rate.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Indiana Housing and Community Development Authority. "Homebuyer Programs." Accessed October 8, 2024.