Current Mortgage Refinance Rates in Indiana (December 2024)

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Updated: January 13, 2025

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The current mortgage refinance rates in Indiana for a 15-year fixed loan stand at 5.91%, higher than the national average of 5.38%. Similarly, the 30-year fixed refinance rate in Indiana is 6.78%, which is above the national average of 6.45%. These figures provide a clear snapshot of how Indiana's rates stack up against national trends.

We offer insights into today's refinance mortgage rates in Indiana, trends, and tips on refinancing your mortgage. Whether you're curious about rates by credit score or when it's best to refinance, our comprehensive guide is designed to equip you with the knowledge you need to make informed choices.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Florida. 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 noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Indiana

The current 30-year refinance rate in Indiana is 6.78%. According to Experian, the average mortgage debt in Indiana is $147,555 as of September 2023. 

Refinancing your mortgage can be a smart way to manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan. If your current mortgage rate is higher, refinancing could be beneficial. Below are the current refinance rates in Indiana.

15-Year Fixed5.79%5.91%
30-Year Fixed6.71%6.78%

Mortgage Refinance Rate Trends in Indiana

In the latest month, 15-year refinance rates in Indiana showed a downward trend. For 30-year refinance rates, Indiana also experienced a decline, with rates dropping in the latest month. These trends suggest a favorable time for refinancing in Indiana.

Indiana Mortgage Refinance Rate Trends 2024
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WHY DO INTEREST RATES GO UP?

Interest rates often rise due to the US Federal Reserve's monetary policy, economic indicators, and global market dynamics. These factors influence refinance rate trends in Indiana, affecting decisions for homeowners considering refinancing. Staying informed helps you understand these changes without the need for financial jargon.

How to Refinance a Mortgage in Indiana

Considering refinancing your mortgage in Indiana? This process can potentially lower your monthly payments and even secure a better interest rate. Let's explore the steps to help you make informed decisions and avoid common pitfalls. Read on to discover how refinancing could benefit your financial journey.

  1. 1

    Check Your Credit Score

    Credit scores impact the rates you qualify for; a higher score often means better rates. If your score is below Indiana's average of 713, consider paying down debt or disputing errors to improve it.

  2. 2

    Determine When to Refinance a Mortgage

    Evaluate your current mortgage terms against Indiana's rates. If these are lower, refinancing might benefit you. Consider how long you plan to stay in your home to ensure savings outweigh costs.

  3. 3

    Gather Necessary Documents

    Collect documents like pay stubs, tax returns, and bank statements. These are essential for verifying your financial status and original mortgage details.

  4. 4

    Shop Around for Lenders

    Compare lenders for rates, fees, and customer service. This ensures you find the best deal for your refinancing needs. Look for lenders offering competitive rates, low fees, and positive customer feedback.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs like appraisal and origination fees. In Indiana, these average $3,155 according to the National Association of Realtors. Knowing these helps budget effectively.

  6. 6

    Apply for the Loan

    Submit your application with all required documents. To streamline the process, ensure all information is accurate and complete. This reduces delays and increases the chance of approval.

  7. 7

    Lock in Your Interest Rate

    Secure your rate with a mortgage rate lock to avoid fluctuations. Timing is crucial; locking when rates are low can save you money over the loan term.

  8. 8

    Close on Your New Loan

    Complete paperwork and pay any remaining fees to finalize the refinance. Schedule the closing at a convenient time to ensure you can review all documents thoroughly.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments according to the new schedule. Setting up automatic payments can help you avoid missing due dates and incurring late fees.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Periodically reassess your mortgage terms and market rates. If conditions improve, refinancing again might save you more money. Regularly checking rates keeps you informed of potential opportunities.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Indiana, how soon you can refinance a mortgage depends on the loan type. Conventional loans can be refinanced immediately, but a cash-out refinance typically requires a six-month seasoning period. USDA loans, however, usually mandate a 12-month waiting period before refinancing. 

It's important to remember that refinancing comes with additional closing costs, which can take years to recover. While you could refinance a mortgage within a year, it's often not worth it unless there's a drastic reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Indiana can lower your interest rates and monthly payments. Yet, closing costs might offset savings. Knowing when to refinance a mortgage in Indiana is key to ensuring financial benefits. Let's delve into scenarios where refinancing makes sense.

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    Lower Interest Rates

    Refinancing when interest rates are lower can reduce monthly payments. Visiting local banks and credit unions to discuss rate options can help secure the best deal. This approach ensures you benefit from favorable market conditions.

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    Increased Home Value

    Refinancing when your home's value rises boosts home equity. Enhancing curb appeal can increase value. With Indiana's average home value at $245,844, this strategy can lead to better loan terms.

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    Improved Credit Score

    A better credit score can lower interest rates. Paying bills on time and reducing debt can improve your score. This makes refinancing more attractive and affordable.

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    Shorter Loan Term

    Refinancing to a shorter term can save on interest and pay off your mortgage faster. This option reduces long-term costs and builds equity more quickly, offering financial freedom sooner.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage provides stability. Fixed rates protect against market fluctuations, ensuring predictable payments and long-term financial planning.

Mortgage Refinancing in Indiana: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Indiana by Credit Score

Your credit score affects the rates you qualify for in Indiana. For example, the current average refinance rates in Indiana for a 30-year fixed rate loan with a loan-to-value ratio of 80% or lower equate to 6.53% for scores between 680 and 740, compared to 6.01% for scores above 740. See the table below for more details.

Data filtered by:Results filtered by:
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Loan Type:15-year Fixed
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Credit Score Range:680 - 740
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Loan-to-Value Ratio:80% - 95%
5.76%6.17%

Mortgage Refinance Rates in Indiana by Loan Type

Loan type is another factor that can affect the rates you qualify for in Indiana. For example, the current average refinance rates in Indiana are 6.78% for a 30-year fixed rate loan and 7.88% for a 30-year FHA fixed rate. The table below shows average APRs for various loan types in Indiana.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
5.84%6.01%

FAQ: Today's Mortgage Refinance Rates in Indiana

Understanding the nuances of today's refinance rates in Indiana can leave homeowners with many questions. With fluctuating rates and economic changes, it's only natural to wonder how these factors impact refinancing decisions. In this section, we address some of the most common questions homeowners have about refinance rates in Indiana, providing clear and concise information to help you stay informed.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Indianapolis?

About Zachary Romeo, CBCA

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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.

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