Today’s Refinance Rates in Indiana

In Indiana, refinancing your mortgage can help reduce your monthly payment or modify your loan terms. The average monthly mortgage payment in Hoosier State is $980, and the average outstanding mortgage amount is $120,567.

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Current Refinance Rates in Indiana

MoneyGeek analyzed current mortgage refinance rates in Indiana to help you decide which loan option is the best for your situation. The table below includes the latest average rates in Indiana.

  • Type of Loan
    Rate
    APR
  • Conventional 30 Year Fixed
    5.253 %
    5.25 %
  • Conventional 20 Year Fixed
    5.379 %
    5.375 %
  • Conventional 15 Year Fixed
    4.646 %
    4.625 %
  • Conventional 10 Year ARM
    6.223 %
    5.75 %
  • Conventional 7 Year ARM
    6.341 %
    5.625 %
  • null 5 Year ARM
    6.55 %
    5.75 %
  • FHA 30 Year Fixed
    5.253 %
    5.25 %
  • VA 30 Year Fixed
    5.253 %
    5.25 %
  • FHA 15 Year Fixed
    4.646 %
    4.625 %
  • VA 15 Year Fixed
    4.646 %
    4.625 %
  • Jumbo 30 Year Fixed
    5.253 %
    5.25 %
  • Jumbo 15 Year Fixed
    4.646 %
    4.625 %
  • Jumbo 7 Year ARM
    6.341 %
    5.625 %
  • Jumbo 5 Year ARM
    6.55 %
    5.75 %

Mortgage Refinance Rates From Top Lenders

What Is a Good Refinance Rate in Indiana?

The current mortgage refinance rates in Indiana are 4.64% for a 15-year FRM, 5.25% for a 30-year FRM and 4.53% for a 5/1 ARM. In comparison, the average national rates are 4.45%, 5.30% and 4.19%, respectively. This indicates that the current refinance rates in Indiana for a 15-year FRM and 5/1 ARM are greater than the national average, while the state’s current rate for a 30-year FRM is less than the national average.

A “good” mortgage rate is subjective since factors like your credit score, debt-to-income ratio and loan amount will also impact rates. To find the lowest rate for your specific situation, you should compare rates from different lenders. It’s also important to remember that rates fluctuate daily; the rate you receive today may be different from the one you get next week.

Estimate Your New Monthly Mortgage Payment

You can use MoneyGeek’s mortgage calculator to approximate your new monthly payment. Simply input your mortgage information and the rates indicated above to calculate your estimate.

While this tool provides your new approximate rate, it’s only an estimate. Rates regularly change and may also vary based on individual factors.

Edit your mortgage details
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Total monthly payment$1,271
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Total monthly payment$1,271

Frequently Asked Questions About Refinance Rates in Indiana

To learn more about current refinance rates in Indiana, you can review our responses to the most frequently asked questions about the topic below.

Read More on Mortgages

sources
  • Federal Reserve Bank of St. Louis. "Mortgage Rates." Accessed July 13, 2022.