The average mortgage rate in Indiana is currently 5.72% for the 30-year fixed loan term.
Here are the interest rates offered to Indiana residents looking to buy or refinance a home as of 03/07/2023:
- 30-year fixed purchase: 5.72%
- 30-year fixed refi: 6.84%
- 15-year fixed purchase: 5.3%
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The average fixed rate on a 30-year mortgage declined for the third consecutive week, retreating below 7% for the first time since February. Mortgage rates are highly volatile ahead of the busy spring homebuying season.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible effect on mortgage affordability and consumer housing sentiment. Mortgage rates are still widely expected to fall through 2023 but have stayed stubbornly high in the first quarter of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 30:
- 30-year fixed: 6.92% (down from 7% a week ago).
- 20-year fixed: 6.71% (down from 6.78% a week ago).
- 15-year fixed: 6.12% (down from 6.2% a week ago).
- 10-year fixed: 6.29% (up from 6.25% a week ago).
- 5/1 ARM: 5.66% (down from 5.71% a week ago).
- 7/1 ARM: 5.77% (down from 5.86% a week ago).
- 10/1 ARM: 6.11% (down from 6.14% a week ago).
- 30-year jumbo loans: 6.99% (down from 7.06% a week ago).
- 30-year FHA loans: 5.84% with 0.06 point (down from 6% a week ago).
- VA purchase loans: 6.02% with 0.05 point (down from 6.21% a week ago).
Indiana homebuyers can get mortgage interest tax credits and help with down payments and closing costs from these programs.
- Available to: First-time homebuyers or those buying in a qualified area.
- Income limits: Vary by county.
- First-time homebuyers only?: Yes, unless the property is located in a qualified census track or targeted area.
- Loan options: FHA 30-year fixed mortgage.
- Down payment and closing cost assistance: Down payment assistance of 6% of the purchase price.
- Income limits: Vary by county.
- First-time homebuyers only?: No, unless the buyer is utilizing the Next Home FHA loan in conjunction with the Mortgage Credit Certificate as a combination program.
- Loan options: FHA 30-year fixed mortgage.
- Down payment and closing cost assistance: Down payment assistance of 3.5% of the purchase price.
- Benefit: A federal income tax credit that can assist homebuyers in reducing their federal income tax liability and increasing their qualifying income.
- Income limits: Vary by county.
- First-time homebuyers only?: Yes, unless you are a qualified veteran or the property is located in a qualified census track or targeted area.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
