Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Mortgage rates in Indiana

Since 1982, rates have come in higher than the national average.

A 30-year home loan in the Hoosier State averages 4.867%, and should fluctuate around 4% in the upcoming year.

Compare mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
(NMLS #1121636)
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
No hidden fees, multiple loan terms, and member discounts available.
(NMLS #330511)
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
Online preapproval in minutes and no origination fees with this direct lender.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Streamline your mortgage from quote to final payment — all from your computer or phone.
(NMLS #1136)
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
Connect with vetted home loan lenders quickly through this online marketplace.

Compare up to 4 providers

How much do Indiana rates vary?

Average interest rates for 30-year home loans in Indiana were between 4.750% and 4.932% in 2018. Rates are determined by your credit, region and loan amount. But the type of loan you qualify for and its terms can affect rates.

2018 average rates in Indiana by loan type

Loan type15-year average rate30-year average rate
USDANot available4.920%

Based on data from

Let’s say you borrow $165,000, with a 30-year term on a conventional loan. At a rate of 4.825%, the monthly payment might run you $870, excluding taxes and other charges specific to your mortgage. But a 15-year term might cost $1,260 a month.

Though a 15-year mortgage may have higher monthly payments than 30-year loans, you could save $85,940 in interest payments over the course of the loan.

Average mortgage rates in Indiana will likely hover around the 4% mark in 2020.

For almost 40 years, mortgage rates in Indiana have been higher than the rest of the country. In 2018, Indiana rates averaged 0.19% higher than the national average, while 2017 was 0.16% higher.

National housing authorities are calling for the US 30-year rate to average between 3.55% and 3.90%. Indiana rates will likely come in higher than the national average and hold steady around 4%.

Compare mortgage rates throughout Indiana

Mortgage rates and home prices vary within the Hoosier State, depending on the region.

Using data from the Home Mortgage Disclosure Act, we calculated what you might pay on the average 30-year fixed-rate mortgage in different metropolitan areas throughout Indiana. The estimated amounts don’t include taxes or fees specific to your mortgage.

Metropolitan statistical area (MSA)Average mortgage rateMedian loan amountEstimated monthly cost
Cincinnati MSA (Dearborn, Franklin, Ohio and Union Counties, IN)4.886%$155,000$820
Evansville MSA (Posey, Vanderburgh and Warrick Counties, IN)4.772%$135,000$700
Fort Wayne4.849%$135,000$710
Chicago-Naperville-Elgin, IL-IN-WI4.866%$165,000$870
Lafayette-West Lafayette4.815%$145,000$760
Louisville MSA (Clark, Floyd, Harrison and Washington Counties, IN)4.786%$145,000$760
Michigan City-La Porte4.882%$135,000$720
South Bend MSA (St. Joseph Counties, IN)4.876%$135,000$710
Terre Haute5.003%$105,000$560

Based on data from

How to get the best mortgage rate in Indiana

Some ways to get the most competitive interest rate on your home loan in Indiana:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Historical mortgage interest rates in Indiana

Bottom line

Indiana mortgage rates are historically higher than the national average. As housing agencies predict steady rates in the upper 3% range, Indiana rates will likely come in just above, around the 4% mark. Compare home loans and lenders to find the right mortgage for you.

Frequently asked questions

More guides on Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site