Indiana Mortgage and Refinance Rates

As of Thursday, May 13, 2021, current rates in Indiana are 3.11% for a 30-year fixed, 2.44% for a 15-year fixed, and 3.67% for a 5/1 adjustable-rate mortgage (ARM).

We’ll help you find Indiana mortgage and refinance rates well below the national average so you can apply and start saving on your home today.

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.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, 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.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

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Compare today's average mortgage rates in the state of Indiana. Bankrate aggregates mortgage rates from multiple sources to provide averages for Indiana.

Indiana Mortgage Interest Rates Thursday, May 13
Loan Term Interest Rate Change 1 Day Rate Last Week
30-year fixed mortgage rate 3.11% trend-up-red 0.02% 3.13%
15-year fixed mortgage rate 2.44% -- 0.00% 2.44%
5/1 ARM mortgage rate 3.67% -- 0.00% 3.67%
30-year fixed jumbo mortgage rate 3.13% -- 0.00% 3.13%
30-year fixed refinance rate 3.16% trend-up-red 0.03% 3.19%

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to help consumers in their mortgage process. To learn more about the different rate averages Bankrate publishes above, see Understanding Bankrate's Rate Averages.

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Indiana mortgage overview

By Jeff Ostrowski

Indiana is home to approximately 6.7 million residents, and the majority of The Hoosier State lives in homes they own, with a median value of $135,400, according to Census estimates.

The Indiana Housing & Community Development Authority (IHCDA) helps residents in the state find and obtain affordable housing, and works with nonprofits, investors, lenders and developers to serve low- and moderate-income families.

If you’re an Indiana homeowner in danger of foreclosure due to late or nonpayment, the IHCDA can refer you to the Indiana Foreclosure Prevention Network, which oversees the federally funded Hardest Hit Fund program, giving qualifying families up to six months of assistance, or up to $30,000, to help them stay in their homes.

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 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.

Indiana mortgage refinancing

If you’re looking to refinance a home in Indiana, private lenders, banks and mortgage brokers are all options. The IHCDA doesn’t offer any programs specifically for refinancing, though for those who have used first-time homebuyer down payment assistance, there may be a penalty for refinancing before the loan term is up.

Regardless, you are not required to refinance with the same lender who holds your current mortgage. Whether your goal of refinancing is to get a lower monthly mortgage payment or a shorter term, it’s smart to do your research and shop around to make sure you’re getting the best possible refinance rate and terms.

Indiana mortgage resources