Today's Mortgage Rates in Indiana

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Updated: July 16, 2024

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Today's 30-year mortgage rate in Indiana is an average of 6.75%. The current average national rate for a 30-year fixed mortgage is slightly higher at 6.90%. In Indiana, homebuyers can explore programs such as First Step and Next Home (NH) to potentially ease their mortgage expenses.

We'll help you understand the current average rates for mortgages in Indiana by type and how they change based on your credit score. We'll also explore the details of different mortgage structures, lenders and state-specific programs that can support you in your journey to homeownership. With this information, you can navigate the housing market with greater confidence.

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).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in Indiana

The current mortgage rate for a 30-year fixed-rate mortgage in Indiana is 6.75% in July 2024, experiencing a subtle uptick from June's 6.55%. This change may seem minor, but consider this: On a $250,000 loan with a 20% down payment, the July 2024 APR would increase the total cost by $9,529, not accounting for extra expenses like property taxes or HOA fees. A slight adjustment in rates can influence your financial commitment significantly over the life of your mortgage.

Rates can change daily due to factors like the economy and Federal Reserve measures. Our line chart maps the rate trends over recent months, showing the direct impact on your payment plans.

Current Mortgage Rates in Indiana (Jan to May)

Understanding the current mortgage rate in Indiana allows you to budget with confidence.

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.

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    First-time homebuyers

    Knowing current mortgage rates equips first-time homebuyers in Indiana to assess offers and spot competitive rates easily.

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    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 6.75%, while the refinance rate for the same loan type is higher at 8.19%. Keep this in mind as you weigh your financing options.

Current Mortgage Rates in Indiana by Loan Type

A 30-year fixed-rate mortgage has a higher interest rate than a 15-year fixed-rate mortgage because it exposes lenders to more risk over a longer time frame. With a 30-year term, the likelihood of economic shifts affecting interest rates and the potential for loan default is greater than short-term, 15-year loans. Choosing between these mortgage loan types in Indiana can impact the monthly payments and the total interest paid over the life of the loan.

When you begin your house search, consider using a mortgage calculator to understand your potential monthly payments and look into mortgage loan types in Indiana. This tool helps you see how the length of your mortgage term will influence your budget and the overall cost of your home.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.72%APR5.89%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

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 6.66%.

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 6.75%, 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 around 7.43%. If your credit score is below 680, the average APR jumps slightly to 7.49%.

Your credit score directly impacts the mortgage rate you can get in Indiana. Adjust the credit score and down payment variables in the table below to see tailored rates you might be eligible for.

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR5.96%
15-year FixedAPR6.30%
20-year FixedAPR6.91%
30-year FixedAPR7.17%
5-year ARMAPR7.83%
7-year ARMAPR7.66%

Mortgage Types in Indiana

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for a 30-year fixed rate mortgage in Indiana at 6.43%. Knowing your mortgage options allows you to compare and pick a loan that suits your financial situation. Check out the table below for a quick look at the range of mortgage loans you can choose from in Indiana.

Mortgage Type
Definition
Impact on Rates
30-Year Rates in Indiana

Conventional Loans

Conventional loans in Indiana are not insured by government agencies and are a common choice for borrowers.

Rates for conventional loans are influenced by credit score, down payment and market conditions.

6.75%

FHA Loans

FHA loans in Indiana are insured by the Federal Housing Administration, supporting borrowers with lower credit scores.

FHA loans typically offer lower rates and down payments, making them accessible to first-time homebuyers.

6.97%

VA Loans

VA loans in Indiana are backed by the Department of Veterans Affairs and are available to veterans and military members.

VA loans often have competitive rates due to government backing, benefiting those eligible for these loans.

6.43%

USDA Loans

USDA loans in Indiana back rural and suburban homebuyers with zero down payment requirements.

USDA loans offer low rates for eligible rural homebuyers, assisting those in less-dense areas.

currently unavailable

Jumbo Loans

Jumbo loans in Indiana exceed the conforming loan limits set by Fannie Mae and Freddie Mac.

Jumbo loans may carry higher rates due to the larger amount being borrowed and increased lender risk.

6.82%

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MORTGAGE RATE STRUCTURES IN INDIANA

Mortgage rates in Indiana come in two types: fixed and adjustable.

  • Fixed mortgage rates lock in your interest, ensuring your monthly mortgage payments won't fluctuate.
  • Adjustable mortgage rates begin with a lower interest that adjusts over time, potentially reducing your payments when market rates drop.

As of July 2024, Indiana's average APR is 6.75% for a 30-year fixed-rate loan and 7.60% for a 7-year adjustable-rate mortgage.

Mortgage Lenders in Indiana

First Midwest Bank, Truist and U.S. Bank are solid options for securing a mortgage in Indiana. These lenders are suitable due to state availability, Better Business Bureau accreditation and their homeowner assistance programs. Remember, this list doesn’t cover all the lenders in Indiana.

Choosing a lender in Indiana affects your mortgage rate, as different lenders provide varying mortgage options and terms. By comparing offers from several lenders, you can secure the best deal for your situation.


  • 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 its mortgage products online and in person, providing flexibility for borrowers in Indiana. Its conventional and FHA loans support a variety of homebuyer needs. The conventional loan is a popular choice. For specialized programs like Community Experts and Heroes, a minimum credit score of 720 is required to qualify.

    Regarding upfront financial commitment, First Midwest Bank requires a 20% down payment for Land or Lot loans. However, it offers 0% to 1% down payment programs for those qualifying under Community Experts and Heroes. To support homeownership, it also provides assistance programs like Home Manager and Down Payment Assistance, designed to help with the purchasing process. First Midwest Bank's customer service is available Monday to Friday from 8 a.m. to 7 p.m. ET and Saturdays from 8 a.m. to 1 p.m. ET via phone or in person.

    Pros

    • Online prequalification available
    • Specialized loans for professionals
    • Homebuyer assistance programs

    Cons

    • Limited branch locations in seven states
    • No clear credit score requirement listed
    • Mortgages FAQ focused on online, mobile banking only
    First Midwest Bank

  • 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 is active in the mortgage landscape within Indiana, offering a range of home loan products. Borrowers can explore conventional, VA and FHA loans; jumbo loans are also an option for larger amounts. Truist doesn't specify credit score requirements, but conventional loans generally require around 620, while VA and FHA loans may accept scores as low as 580.

    Regarding the financial commitment to secure a mortgage, Truist states down payments as low as 3%, though this may vary based on the type of loan you select. It offers homeowners assistance programs to make homeownership more accessible, such as Doctor Loan, Construction and Permanent Loans. Customer service is accessible by phone, social media or in-person channels 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
    • Not available in Alaska, Arizona, Hawaii
    • No mortgage payment relief options
    Truist

  • 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

    In Indiana, U.S. Bank stands out for its mortgage products catering to different needs, including conventional and FHA loans. The minimum down payment for conventional loans is 3%, while FHA loans are accessible with a minimum down payment of 3.5%. The minimum credit score is 660 for jumbo loans and just 640 for FHA loans, making it easier for a broader group of borrowers to qualify.

    U.S. Bank is known for its extended customer service hours of Monday to Friday from 7 a.m. to 8 p.m. CT and Saturdays from 8 a.m. to 2 p.m. CT. The lender provides customer support through video chats, phone calls and in-person meetings. It offers several programs for homeowners who might need assistance, including forbearance and repayment plans. It also stands as the top HELOC lender for borrowers with bad credit in most states, as analyzed by MoneyGeek.

    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
    U.S. Bank

Mortgage Programs in Indiana

Owning a home has hidden costs that may impact your budget. In Indiana, you can turn to the Indiana Housing and Community Development Authority. It provides access to mortgage programs designed to support homebuyers.

Program
Content

First Step

The First Step program is designed for first-time homebuyers in Indiana. It offers 6% down payment assistance with a 30-year fixed-rate mortgage. The loan is available as an FHA or a conventional loan with a nonforgivable DPA. A $250 reservation fee applies.

Next Home (NH)

Indiana's Next Home (NH) provides homebuyers with down payment assistance of either 2.50% or 3.50%, depending on the purchase price. It features a 30-year fixed-rate loan suitable for FHA or conventional financing. A credit score of at least 640 and a debt-to-income ratio below 45% are required.

Step Down

The Step Down option offers a 30-year fixed-rate mortgage to first-time buyers. It's available for FHA or conventional loans and requires a $250 reservation fee. Eligibility includes first-time buyers or purchases in targeted census tracts.

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.

What are the current mortgage rates in Indiana?
How do mortgage rates in Indiana compare to national rates?
How does my credit score impact the mortgage rates I get in Indiana?
Are there any special mortgage programs in Indiana to help homebuyers?
How can I get the best possible mortgage rate in Indiana?
What are today's mortgage refinance rates in Indiana?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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