Today's 30-year mortgage rate in Indiana averages 6.69%, slightly below the national average of 7.15%. Indiana homebuyers can consider programs like First Step and Next Home to help reduce their mortgage costs.
Mortgage
Today's Mortgage Rates in Indiana (November 2024)
Updated: November 12, 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 November 2024.
Current Mortgage Rates in Indiana
Indiana's current 30-year fixed-rate mortgage rate is 6.7% in November 2024, up significantly by 56 basis points from 6.1% the previous month. This recent increase could raise your loan's interest burden by $29,051 over its lifetime, based on a $250,000 loan with a 20% down payment, not accounting for additional costs like property taxes or HOA fees.
Rates change often due to various economic factors and Federal Reserve policies. The line chart below illustrates these adjustments in mortgage rates on a monthly basis.
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 6.69%, while the refinance rate is slightly higher at 6.80%. Keep this in mind as you weigh your financing options.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
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.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 5.73% | 5.95% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate is the yearly cost of borrowing money through a mortgage. In Indiana, the average mortgage interest rate for a 30-year fixed mortgage is 6.61%.
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 6.69%, 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 6.85%. If your credit score is below 680, the average APR increases to 7.64%.
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.
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
| 10-year Fixed | 5.08% |
| 15-year Fixed | 5.99% |
| 20-year Fixed | 6.83% |
| 30-year Fixed | 6.89% |
| 5-year ARM | 7.58% |
| 7-year ARM | 7.50% |
Mortgage Types in Indiana
In November 2024, VA loans offer Indiana's lowest average APR for a 30-year fixed-rate mortgage at 6.38%. 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 is a mortgage not backed by government agencies and offered by private lenders. | Rates for conventional loans in Indiana might fluctuate based on credit score and down payment size. | 6.69% |
FHA Loans | FHA loans are insured by the Federal Housing Administration, allowing for lower down payments. | FHA loans in Indiana often offer lower rates for borrowers with lower credit scores or smaller down payments. | 8.01% |
VA Loans | VA loans are backed by the Department of Veterans Affairs and are designed to serve military members. | VA loans typically provide competitive rates due to government backing, especially for eligible military members in Indiana. | 6.38% |
USDA Loans | USDA loans support rural development by the U.S. Department of Agriculture with specific eligibility requirements. | USDA loans could feature lower rates, given their aim to encourage homeownership in rural areas of Indiana. | currently unavailable |
Jumbo Loans | Larger than conforming loans, jumbo loans exceed the limits set by FHFA and are not secured by government sponsors. | Jumbo loans may carry higher rates because they represent a greater risk to Indiana lenders without government guarantees. | 6.67% |
MORTGAGE RATE STRUCTURES IN INDIANA
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 November 2024, the average rate in Indiana for a 30-year fixed mortgage is 6.69%, while a seven-year adjustable-rate mortgage (ARM) averages 7.40%.
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.
What are the current mortgage rates in Indiana?
Current average APRs in Indiana vary and are influenced by factors like loan type. As of November 2024, for instance, a 30-year fixed conforming loan has an average APR of 6.69%, while a 30-year fixed-rate FHA under government loans stands at 8.01%.
How do mortgage rates in Indiana compare to national rates?
Mortgage rates in Indiana can be compared to national averages to gauge the market. The current average APRs for a 30-year fixed-rate mortgage and a five-year adjustable-rate mortgage in Indiana are 6.69% and 7.42%, respectively, while nationally, they stand at 7.15% and 7.97%.
How does my credit score impact the mortgage rates I get in Indiana?
Your credit score significantly impacts the mortgage rates available to you. Higher credit scores typically secure low mortgage rates, while lower scores may result in higher rates.
Are there any special mortgage programs in Indiana to help homebuyers?
Yes, Indiana offers several mortgage programs to assist homebuyers, such as First Step, Next Home (NH) and Step Down.
How can I get the best possible mortgage rate in Indiana?
To secure the best possible mortgage rate in Indiana, consider putting in a larger down payment, improving your credit score and shopping around to compare rates from different lenders.
What are today's mortgage refinance rates in Indiana?
Today's refinance rates in Indiana for 15-year and 30-year fixed loans are 5.95% and 6.80%, respectively, on average.
How do I calculate my mortgage payments?
To calculate your mortgage payments, you can use a mortgage calculator for Indiana, which will help you estimate monthly payments based on interest rates, loan amount and term.
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 November 12, 2024.