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Indiana Mortgage Rates

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Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders and find the one that best suits your needs.

Overview of Indiana Mortgages

The Hoosier State is a mid-range state in terms of population, but its mortgage rates tend to be on the high end compared to the rest of the country. Indiana’s county conforming loan limits and FHA loan limits all rest at the standard mark.

Today's Mortgage Rates in Indiana

Product Today Last Week Change
30 year fixed 4.19% 4.19% 0.00
15 year fixed 3.25% 3.50% -0.25
5/1 ARM 2.00% 2.00% 0.00
30 yr fixed mtg refi 6.00% 5.99% +0.01
15 yr fixed mtg refi 5.10% 5.10% 0.00
7/1 ARM refi 2.13% 2.25% -0.13
15 yr jumbo fixed mtg refi 3.16% 3.19% -0.03

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Historical Mortgage Rates in Indiana

Photo Credit: ©iStock.com/Purdue9394

Indiana Mortgage Rates Quick Facts

  • Median Home Value: $156,000 (U.S. Census Bureau)
  • Loan Funding Rate: 61.44% (CFPB)
  • Homeownership Rate: 58.8% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,148 (U.S. Census Bureau)

Indiana mortgage rates are generally higher than the national average. On the bright side, the state's median monthly homeownership costs are quite a bit lower than the national median, which is $1,595.

A financial advisor in Indiana can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

Indiana Historic Mortgage Rates*

YearIndiana RateU.S. Rate
20008.137.86
20017.086.94
20026.676.44
20035.975.67
20045.895.68
20055.975.85
20066.676.54
20076.556.42
20086.146.06
20095.395.05
20105.014.81
20114.974.56
20123.713.65
20134.053.84
20144.244.13
20154.013.88
20163.863.73
20174.194.03
20184.754.56

*The FHFA stopped reporting new data in 2018.

Indiana Mortgages Overview

Indiana real estate is more affordable than other parts of the nation. For instance, the median home value in Indiana is $156,000, while the the U.S. median is nearly $85,000 higher at $240,500.

Every county in the state has a standard conforming loan limit of $647,200, and a standard FHA limit of $420,680. 

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Adams$647,200$420,680
Allen$647,200$420,680
Bartholomew$647,200$420,680
Benton$647,200$420,680
Blackford$647,200$420,680
Boone$647,200$420,680
Brown$647,200$420,680
Carroll$647,200$420,680
Cass$647,200$420,680
Clark$647,200$420,680
Clay$647,200$420,680
Clinton$647,200$420,680
Crawford$647,200$420,680
Daviess$647,200$420,680
Dearborn$647,200$420,680
Decatur$647,200$420,680
De Kalb$647,200$420,680
Delaware$647,200$420,680
Dubois$647,200$420,680
Elkhart$647,200$420,680
Fayette$647,200$420,680
Floyd$647,200$420,680
Fountain$647,200$420,680
Franklin$647,200$420,680
Fulton$647,200$420,680
Gibson$647,200$420,680
Grant$647,200$420,680
Greene$647,200$420,680
Hamilton$647,200$420,680
Hancock$647,200$420,680
Harrison$647,200$420,680
Hendricks$647,200$420,680
Henry$647,200$420,680
Howard$647,200$420,680
Huntington$647,200$420,680
Jackson$647,200$420,680
Jasper$647,200$420,680
Jay$647,200$420,680
Jefferson$647,200$420,680
Jennings$647,200$420,680
Johnson$647,200$420,680
Knox$647,200$420,680
Kosciusko$647,200$420,680
Lagrange$647,200$420,680
Lake$647,200$420,680
La Porte$647,200$420,680
Lawrence$647,200$420,680
Madison$647,200$420,680
Marion$647,200$420,680
Marshall$647,200$420,680
Martin$647,200$420,680
Miami$647,200$420,680
Monroe$647,200$420,680
Montgomery$647,200$420,680
Morgan$647,200$420,680
Newton$647,200$420,680
Noble$647,200$420,680
Ohio$647,200$420,680
Orange$647,200$420,680
Owen$647,200$420,680
Parke$647,200$420,680
Perry$647,200$420,680
Pike$647,200$420,680
Porter$647,200$420,680
Posey$647,200$420,680
Pulaski$647,200$420,680
Putnam$647,200$420,680
Randolph$647,200$420,680
Ripley$647,200$420,680
Rush$647,200$420,680
St. Joseph$647,200$420,680
Scott$647,200$420,680
Shelby$647,200$420,680
Spencer$647,200$420,680
Starke$647,200$420,680
Steuben$647,200$420,680
Sullivan$647,200$420,680
Switzerland$647,200$420,680
Tippecanoe$647,200$420,680
Tipton$647,200$420,680
Union$647,200$420,680
Vanderburgh$647,200$420,680
Vermillion$647,200$420,680
Vigo$647,200$420,680
Wabash$647,200$420,680
Warren$647,200$420,680
Warrick$647,200$420,680
Washington$647,200$420,680
Wayne$647,200$420,680
Wells$647,200$420,680
White$647,200$420,680
Whitley$647,200$420,680

Indiana is not a “buyer beware” state (also known as caveat emptor). Home sellers here have to fill out a form disclosing their knowledge of any issues with the house to the buyer. But according to the fine print, those disclosure forms are not meant to replace a home inspection or act as any sort of contract between the buyer and seller. That means you’re still going to want a home inspection. A quality home inspection will help you attend your closing with confidence, knowing you’re not about to move into a major money pit.

30-Year Fixed Mortgage Rates in Indiana

A 30-year fixed-rate mortgage is the most popular type of home loan. This is a reliable option that tends to be the best mortgage solution for buyers who are looking to stay in their house for a long time. With fixed-rate mortgages, the interest rate remains the same for the duration of the loan, unless you decide to refinance. That means you can depend on your monthly mortgage payment remaining the same for the duration of the loan (excluding property tax and insurance).

The average Indiana mortgage rate for a fixed 30-year loan is 3.46% (Zillow, Feb. 2022).

Indiana Jumbo Loan Rates

Conforming loan limits throughout Indiana stick to the standard $647,200 level, as most homes in the state fit within that range. If you take out a loan that exceeds this limit, it is considered a jumbo loan and is accompanied by a higher interest rate. Remember that it is riskier for banks to lend these nonstandard loans and higher rates are how they offset that risk. The high interest rates that accompany jumbo loans may be a good reason to decide on a home that fits comfortably within your budget.

The average 30-year fixed jumbo loan rate in Indiana is 3.29% (Zillow, Feb. 2022).

Indiana ARM Loan Rates

An adjustable-rate mortgage (ARM) stands in direct contrast to a fixed-rate mortgage. Unlike with a fixed-rate mortgage, an ARM’s interest rate level can change over the duration of the loan. An ARM may seem attractive because it offers a lower interest rate upfront which is available for a specific period lasting for one, three, five, seven or 10 years. However, when that period comes to an end, the rate can change and will likely go up. If you feel sure that you will no longer be living in the house when the introductory period ends, an ARM might be a good option for you.

While the interest rate on an ARM can change over time, it must follow specific rules concerning how many times it can change and by how much, which are laid out in the loan’s terms. If you decide on an ARM, it is a good idea to check the maximum possible interest rate and see if it’s something that you can afford to pay.

The average rate for a 5/1 ARM in Indiana is 2.69% (Zillow, Feb. 2022).

Indiana Mortgage Resources

For Hoosier homebuyers, there are resources available to help you in your mortgage process.

The Indiana Housing and Community Development Authority is a resource available to homebuyers and homeowners. Some of the programs they offer include:

  • Helping to Own (H2O) – Offers down payment grants and 100% financing for qualifying first-time homebuyers only, unless you’re buying in a targeted area.
  • Mortgage credit certificate (MCC) - Federal tax benefits are available for qualifying first-time homebuyers only, unless you’re purchasing in a targeted area.
  • Next Home (NH) – This program offers down payment assistance and is not restricted to first-time homebuyers.
  • Next Home with Mortgage Credit Certificate (NH/MCC) - Down payment assistance and tax benefits for first-time homebuyers only, unless you’re buying in a targeted area.
  • Affordable Home (AH) - FHA loans available for qualifying first-time homebuyers only, unless the home is located in a targeted area.
  • My Home (MH) - Affordable loan options available for all eligible homebuyers.
  • My Home with Mortgage Credit Certificate (MH/MCC) - Affordable loans with federal tax benefit for first-time homebuyers only, unless you are purchasing a home in a targeted area.

If you’re a first-time homebuyer in Gary, the First Time Homebuyer Down Payment Assistance Program by the Homeownership Opportunity Network offers a variety of benefits. It offers funding via forgivable loans for down payments and closing costs, among other home purchasing fees, for eligible homeowners.

Available Resources

ResourceProblem or IssueWho Qualifies
Indiana Housing and Community Development AuthorityMortgage and down payment assistance for first-time homebuyers, repeat homebuyers and homebuyers in designated areas of the state.Requirements vary by program; location and income eligiblity.
First Time Homebuyer Down Payment Assistance ProgramDown payments on first home.Must be a first-time homebuyer; minimum credit score 660.
Mortgage Credit CertificateTax breaks on mortgage.First-time homebuyers who meet income requirements.
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability.Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; and Not be suspended or debarred from participation in federal programs.

The United States Department of Agriculture Rural Development offers nationwide programs in rural communities that help residents obtain safe, affordable housing. Indiana is eligible as well. Loans and grants are available for people looking to purchase a new home or repair their current home. Check at the start of your home search to see if you qualify for the USDA rural development offers.

Indiana Mortgage Taxes

Indiana is one of just a handful of states that collects a personal income tax, but does not offer a deduction on mortgage interest. That doesn’t mean you’re out of luck if you’re buying in Indiana, though. If you’re a first-time homebuyer, you can still apply for the Mortgage Credit Certificate Program to get a break on your mortgage interest. It is a credit that lowers what you owe on your tax bill.

Another bonus: Unlike most states, Indiana does not charge taxes on real estate property title transfers.

Indiana Mortgage Refinance

The Home Affordable Refinance Program (HARP) no longer serves as an option for refinancing, as it ceased to exist at the end of 2018. It may be worth looking into an alternative: the High Loan-to-Value Refinance Option from Fannie Mae.

If you don’t qualify for these options, you can still shop around and compare different lenders to find a plan that you are comfortable with.