Current Indiana Mortgage and Refinance Rates
As of Tuesday, February 7, 2023, current rates in Indiana are 6.45% for a 30-year fixed and 5.73% for a 15-year fixed.
Bankrate has offers for Indiana mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.
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About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
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Loans Above $726,200 May Have Different Loan Terms: If you are seeking a loan for more than $726,200, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
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Current mortgage rates in Indiana
Refinance rates in Indiana
How to find the best mortgage rate in Indiana for you
Mortgage options in Indiana
- Conventional loans
- FHA loans
- VA loans or USDA loans (only available to borrowers who have served in the military or buying in rural areas, respectively)
First-time homebuyer programs in Indiana
Qualifying individuals and families in Indiana may have access to a variety of national first-time homebuyer programs and educational opportunities to help them navigate the homebuying process — but there are also first-time homebuyer programs available specifically to residents of Indiana.
First Place (FP) Program
Administered by the Indiana Housing & Community Development Authority (IHCDA), the First Place (FP) program is aimed at first-time homebuyers, and also veterans and repeat buyers purchasing in a targeted area. The FP program helps buyers with up to 6 percent in down payment assistance through a 30-year, fixed-rate FHA loan. The down payment assistance is an interest-free second mortgage, with no monthly mortgage payments, and forgivable if the homeowner stays in the home for nine full years from the date of closing.
To be eligible, borrowers must have:
- A minimum credit score of 640 with a debt-to-income ratio (DTI) less than 45 percent; or
- A minimum credit score of 680 with a debt-to-income ratio (DTI) greater than 45 percent, but less than 50 percent
There are also household income and property value limits based on the property’s location.
Helping to Own (H2O) Program
The Helping to Own (H2O) first-time homebuyer program offers borrowers up to 3.5 percent in down payment and closing costs assistance. The assistance, offered by the IHCDA, is a grant and no repayment is required, though applicants must meet the same minimum credit scores as the First Place program, and must not exceed household income limits specified by the family’s geographic location.
In addition to first-time homebuyers, veterans and those purchasing a property in a targeted area are also eligible.
Mortgage credit certificate (MCC)
Indiana first-time homebuyers can also save through a mortgage credit certificate (MCC), administered locally by the IHCDA, which converts a portion of their mortgage interest paid into a federal tax credit. The MCC helps reduce the taxes borrowers would otherwise have to pay. The maximum tax credit each year is $2,000.
The MCC is available to low- to moderate-income first-time homebuyers who work with an approved mortgage lender. Minimum credit scores, household income limits and purchase price limits apply.