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Mortgage rates in Indiana
Interest rates on a 30-year $300,000 conventional mortgage start at around 3.125%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.250% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Indiana home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on October 6 and are from the Consumer Financial Protection Bureau (CFPB) website.
Your credit score affects the rate you’ll get
People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Indiana by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).
|Credit score||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage
Interest rates vary by lender
Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.
Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your Indiana home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.
|Loan type||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
|15-year FHA||2.625%||2.500%||Not eligible||Not eligible|
|30-year FHA||3.125%||3.125%||Not eligible||Not eligible|
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
Some ways to get the most competitive interest rate on your home loan in Indiana:
- Compare loan products. Lenders may charge different interest rates depending on the loan program. Learn what loan products you qualify for and compare interest rates.
- Amp up your borrowing profile. Lenders give the best mortgage rates to creditworthy borrowers. Take some time to raise your credit score and check for errors in your credit report before applying for a loan.
- Consider closing costs. Some lenders issue lower interest rates in exchange for racking up the closing costs. You can expect closing costs in Indiana to be between 1.00% to 1.99% of the home purchase price. Weigh lender fees and interest rates together to make sure you’re getting the best deal.
- Get preapproved. Lenders run your credit during preapproval to give you an estimated rate and a maximum loan amount that they are willing to lend you. Multiple credit checks count as a single inquiry if it occurs within a 45-day window. Shop around and get multiple preapprovals within this time frame to find the best loan terms.
Home values in Indiana are forecast to increase
Like much of the country, low inventory and mortgage rates are driving Indiana home prices higher and even over list price. There were only 6,559 active listings at the end of May 2021 — a 48.2% decrease from the same month last year, according to the Indiana Association of Realtors,
Home values are forecast to increase everywhere throughout the state except in Rosedale, according to Zillow. Rosedale homes are expected to drop by 1.5% by the end of June 2022. The biggest jump is expected in Mecca, where home values are forecast to increase by 15.8%.
5 fast facts about the Indiana housing market
If you’re considering buying or selling a home in Indiana, consider these five facts:
- The Indiana Association of Realtors revealed in its May 2021 housing data report that the percent of original list price received at sale was 100.7% — the first time this number ever exceeded 100%. In other words, potential Indiana homebuyers are consistently offering above the list price.
- Indiana is one of the cheapest states to live in, according to CNBC.
- Indiana’s homeownership rate is 72.7%, which is higher than the national average of 65.4%.
- The median monthly cost of owning a home in Indiana is $1,148 — 28.03% less than the national median of $1,595.
- At 0.85%, property taxes in the state are well below the national average of 1.1%.
Mortgage rates in Indiana vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.
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