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Feeling like your new home might be found in Indiana? You need to check out mortgage rates before you commit. Be aware that your lender will be scrutinizing your finances, from how much money you make to how much of a down payment you have saved, plus your debt-to-income ratio and where your credit score falls.
Getting the best mortgage rate in Indiana hinges on preparation. Check your credit score and do any remediation needed, and grab all of your latest pay stubs and bank statements before applying for preapproval with a lender you can trust. Then you can start your house hunt in Indiana.
Here’s a quick look at current Indiana mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||6.467%||6.542%||-0.08%|
|Conventional 20 year fixed||6.25%||6.368%||+0.1%|
|Conventional 15 year fixed||5.903%||6.04%||-0.05%|
|Conventional 10 year fixed||5.928%||6.135%||-0.02%|
|Conventional 7 year ARM||6.802%||7.634%||+0.1%|
|Conventional 5 year ARM||6.507%||7.691%||-0.16%|
|FHA 15 year fixed||5.75%||6.588%||-0.01%|
|FHA 30 year fixed||5.842%||6.649%||-0.01%|
|VA 30 year fixed||5.798%||6.08%||+0.05%|
|VA 15 year fixed||5.5%||5.736%||Unchanged|
|VA 5 year ARM||6.089%||7.013%||+0.03%|
Indiana is often called “The Crossroads of America,” and for good reason: the Hoosier State is the embodiment of the Midwest and one of the coolest places in the nation.
Indiana has a population of more than 6.5 million people. More than one in eight live in the capital city of Indianapolis, and one in five live state’s six biggest cities:
Buying a home in Indiana can be surprisingly inexpensive. Indiana ranks 44th in US homes for sale at average price, and 35th for homes over $1,000,000. Before you start attending open houses, it’s a good idea to get preapproved to learn your realistic budget parameters.
Programs administered by the Indiana Housing & Community Development Authority’s (IHCDA) are in place to help first-time homebuyers purchase homes in Indiana, and the most popular program offers down payment and closing costs assistance — two major pain points for FTHBs.
IHCDA First Place program provides an interest-free, payment-free, forgivable second mortgage of up to 6% of the home’s purchase price. As long as you stay on top of your responsibilities as a homeowner and live in the house for at least nine years, the loan will then be forgiven. If you sell or refinance before that time limit, you will have to repay the second mortgage.
Borrower requirements for the First Place program include:
Lower Indiana mortgage rates may tempt you to refinance your home in the state. You can do any of the following:
A streamlined refinance could be an option if you have the right loan type. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.