New Castle FHA Loan Rates, Closing Costs & Stats
New Castle, IN
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
New Castle's 47 lenders originated 156 FHA loans during 2023. The total origination value was $23,790,000, with an average FHA loan value of $152,500.
New Castle FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in New Castle
averaged
0.52%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
New Castle's average FHA mortgage closing costs are $5,534.
The average rate for the prior week (2024-11-22) was
6.61% and
one month ago for the week of 2024-10-25, the
average rate was 6.79%.
The average rate one year ago was 7.38%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.2%.
New Castle FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the New Castle level.
The top New Castle FHA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with
22 FHA loans originated. Their average total fees are
$4,696, which is $3,402
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee New Castle FHA lenders (with over 10 loans originated) are
RUOFF MORTGAGE COMPANY, INC. ($4,696), QUICKEN LOANS, LLC ($8,098), .
The lowest rate New Castle FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.32%), RUOFF MORTGAGE COMPANY, INC. (7.13%), .
New Castle FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
NEW CASTLE, IN | HENRY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
NEW CASTLE, IN | HENRY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - New Castle (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $70,650 (1.0%) | $102,083 (0.5%) | 0.00 | 156 |
2018-02-01 | $76,150 (13.7%) | $100,343 (6.8%) | 0.00 | 156 |
2018-03-01 | $79,000 (13.8%) | $108,225 (12.2%) | 0.00 | 156 |
2018-04-01 | $72,925 (2.4%) | $115,215 (19.3%) | 0.00 | 133 |
2018-05-01 | $69,900 (-6.7%) | $111,794 (8.2%) | 0.00 | 141 |
2018-06-01 | $75,000 (-6.1%) | $137,448 (17.8%) | 0.00 | 154 |
2018-07-01 | $84,975 (-3.3%) | $130,427 (8.6%) | 0.00 | 176 |
2018-08-01 | $91,900 (0.8%) | $136,438 (9.8%) | 0.00 | 165 |
2018-09-01 | $94,633 (5.3%) | $137,177 (7.8%) | 0.00 | 171 |
2018-10-01 | $91,767 (10.4%) | $137,388 (13.1%) | 0.00 | 155 |
2018-11-01 | $78,342 (-4.7%) | $129,009 (7.0%) | 0.00 | 147 |
2018-12-01 | $74,900 (7.2%) | $117,149 (10.0%) | 0.00 | 140 |
2019-01-01 | $79,900 (13.1%) | $121,369 (18.9%) | 0.00 | 129 |
2019-02-01 | $83,200 (9.3%) | $116,825 (16.4%) | 0.00 | 133 |
2019-03-01 | $73,571 (-6.9%) | $109,341 (1.0%) | 0.00 | 132 |
2019-04-01 | $73,071 (0.2%) | $112,613 (-2.3%) | 0.00 | 130 |
2019-05-01 | $80,400 (15.0%) | $119,577 (7.0%) | 0.00 | 120 |
2019-06-01 | $77,900 (3.9%) | $115,126 (-16.2%) | 0.00 | 119 |
2019-07-01 | $69,900 (-17.7%) | $106,886 (-18.1%) | 0.00 | 123 |
2019-08-01 | $75,109 (-18.3%) | $110,817 (-18.8%) | 0.00 | 131 |
2019-09-01 | $82,923 (-12.4%) | $117,119 (-14.6%) | 0.00 | 141 |
2019-10-01 | $89,000 (-3.0%) | $122,928 (-10.5%) | 0.00 | 152 |
2019-11-01 | $89,000 (13.6%) | $125,946 (-2.4%) | 0.00 | 164 |
2019-12-01 | $89,225 (19.1%) | $126,367 (7.9%) | 0.00 | 150 |
2020-01-01 | $89,900 (12.5%) | $126,654 (4.4%) | 0.00 | 139 |
2020-02-01 | $79,990 (-3.9%) | $119,932 (2.7%) | 0.00 | 119 |
2020-03-01 | $85,000 (15.5%) | $128,391 (17.4%) | 0.00 | 101 |
2020-04-01 | $75,175 (2.9%) | $116,564 (3.5%) | 0.00 | 86 |
2020-05-01 | $79,745 (-0.8%) | $128,934 (7.8%) | 0.00 | 67 |
2020-06-01 | $93,600 (20.2%) | $131,312 (14.1%) | 0.00 | 55 |
2020-07-01 | $98,800 (41.3%) | $151,046 (41.3%) | 0.00 | 62 |
2020-08-01 | $79,990 (6.5%) | $141,502 (27.7%) | 0.00 | 54 |
2020-09-01 | $107,175 (29.3%) | $134,947 (15.2%) | 0.00 | 57 |
2020-10-01 | $85,000 (-4.5%) | $125,129 (1.8%) | 0.00 | 79 |
2020-11-01 | $89,400 (0.5%) | $120,902 (-4.0%) | 0.00 | 75 |
2020-12-01 | $87,150 (-2.3%) | $114,108 (-9.7%) | 0.00 | 73 |
2021-01-01 | $79,000 (-12.1%) | $115,692 (-8.7%) | 0.00 | 73 |
2021-02-01 | $82,175 (2.7%) | $117,137 (-2.3%) | 0.00 | 63 |
2021-03-01 | $212,470 (150.0%) | $188,787 (47.0%) | 0.00 | 68 |
2021-04-01 | $224,420 (198.5%) | $206,296 (77.0%) | 0.00 | 66 |
2021-05-01 | $239,990 (201.0%) | $226,376 (75.6%) | 0.00 | 59 |
2021-06-01 | $247,648 (164.6%) | $220,794 (68.1%) | 0.00 | 65 |
2021-07-01 | $248,990 (152.0%) | $226,958 (50.3%) | 0.00 | 70 |
2021-08-01 | $194,450 (143.1%) | $216,598 (53.1%) | 0.00 | 88 |
2021-09-01 | $205,000 (91.3%) | $227,684 (68.7%) | 0.00 | 90 |
2021-10-01 | $179,900 (111.7%) | $209,378 (67.3%) | 0.00 | 101 |
2021-11-01 | $173,723 (94.3%) | $202,331 (67.4%) | 0.00 | 97 |
2021-12-01 | $180,725 (107.4%) | $212,164 (85.9%) | 0.00 | 85 |
2022-01-01 | $154,950 (96.1%) | $205,699 (77.8%) | 0.00 | 73 |
2022-02-01 | $163,725 (99.2%) | $217,369 (85.6%) | 0.00 | 65 |
2022-03-01 | $209,725 (-1.3%) | $222,455 (17.8%) | 0.00 | 63 |
2022-04-01 | $220,000 (-2.0%) | $241,417 (17.0%) | 0.00 | 63 |
2022-05-01 | $301,500 (25.6%) | $254,786 (12.6%) | 0.00 | 64 |
2022-06-01 | $263,409 (6.4%) | $248,332 (12.5%) | 0.00 | 71 |
2022-07-01 | $239,900 (-3.7%) | $241,066 (6.2%) | 0.00 | 78 |
2022-08-01 | $220,000 (13.1%) | $247,444 (14.2%) | 0.00 | 82 |
2022-09-01 | $243,675 (18.9%) | $249,208 (9.5%) | 0.00 | 89 |
2022-10-01 | $220,450 (22.5%) | $246,148 (17.6%) | 0.00 | 90 |
2022-11-01 | $213,700 (23.0%) | $240,734 (19.0%) | 0.00 | 83 |
2022-12-01 | $250,000 (38.3%) | $241,811 (14.0%) | 0.00 | 71 |
2023-01-01 | $236,725 (52.8%) | $723,315 (251.6%) | 0.00 | 68 |
2023-02-01 | $236,725 (44.6%) | $253,183 (16.5%) | 0.00 | 66 |
2023-03-01 | $239,675 (14.3%) | $258,082 (16.0%) | 0.00 | 70 |
2023-04-01 | $257,450 (17.0%) | $257,402 (6.6%) | 0.00 | 59 |
2023-05-01 | $293,650 (-2.6%) | $276,840 (8.7%) | 0.00 | 67 |
2023-06-01 | $291,974 (10.8%) | $264,487 (6.5%) | 0.00 | 64 |
2023-07-01 | $264,000 (10.1%) | $254,487 (5.6%) | 0.00 | 68 |
2023-08-01 | $224,675 (2.1%) | $248,708 (0.5%) | 0.00 | 85 |
2023-09-01 | $248,450 (2.0%) | $247,327 (-0.8%) | 0.00 | 91 |
2023-10-01 | $242,475 (10.0%) | $248,928 (1.1%) | 0.00 | 89 |
2023-11-01 | $260,975 (22.1%) | $259,803 (7.9%) | 0.00 | 99 |
2023-12-01 | $249,900 (0.0%) | $266,781 (10.3%) | 0.00 | 107 |
2024-01-01 | $259,900 (9.8%) | $276,170 (-61.8%) | 0.00 | 99 |
2024-02-01 | $281,800 (19.0%) | $285,722 (12.9%) | 0.00 | 97 |
2024-03-01 | $296,846 (23.9%) | $290,269 (12.5%) | 0.00 | 84 |
2024-04-01 | $305,873 (18.8%) | $301,938 (17.3%) | 0.00 | 74 |
2024-05-01 | $311,633 (6.1%) | $304,550 (10.0%) | 0.00 | 69 |
2024-06-01 | $289,900 (-0.7%) | $295,045 (11.6%) | 0.00 | 78 |
2024-07-01 | $262,025 (-0.8%) | $286,371 (12.5%) | 0.00 | 87 |
2024-08-01 | $239,900 (6.8%) | $279,483 (12.4%) | 0.00 | 106 |
2024-09-01 | $232,450 (-6.4%) | $278,583 (12.6%) | 0.00 | 110 |
2024-10-01 | $229,900 (-5.2%) | $267,017 (7.3%) | 0.00 | 118 |
New Castle's median listing price comes in at 0% of the national average.
New Castle's average listing price for 2024-10-01 was $267,017, a difference of $18,089 (7.3%) versus the prior year and $-11,566 versus the prior month.
For the 2024-10-01 period, New Castle had 118 MLS listings, a difference of 8 listings (7%) versus the prior month and 29 listings (33%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - New Castle (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,817 sqft |
2018-02-01 | 0 days | 1,755 sqft |
2018-03-01 | 0 days | 1,757 sqft |
2018-04-01 | 0 days | 1,723 sqft |
2018-05-01 | 0 days | 1,754 sqft |
2018-06-01 | 0 days | 1,823 sqft |
2018-07-01 | 0 days | 1,898 sqft |
2018-08-01 | 0 days | 1,923 sqft |
2018-09-01 | 0 days | 1,970 sqft |
2018-10-01 | 0 days | 1,900 sqft |
2018-11-01 | 0 days | 1,873 sqft |
2018-12-01 | 0 days | 1,866 sqft |
2019-01-01 | 0 days | 1,802 sqft |
2019-02-01 | 0 days | 1,730 sqft |
2019-03-01 | 0 days | 1,668 sqft |
2019-04-01 | 0 days | 1,648 sqft |
2019-05-01 | 0 days | 1,617 sqft |
2019-06-01 | 0 days | 1,659 sqft |
2019-07-01 | 0 days | 1,561 sqft |
2019-08-01 | 0 days | 1,638 sqft |
2019-09-01 | 0 days | 1,614 sqft |
2019-10-01 | 0 days | 1,604 sqft |
2019-11-01 | 0 days | 1,648 sqft |
2019-12-01 | 0 days | 1,643 sqft |
2020-01-01 | 0 days | 1,625 sqft |
2020-02-01 | 0 days | 1,652 sqft |
2020-03-01 | 0 days | 1,655 sqft |
2020-04-01 | 0 days | 1,674 sqft |
2020-05-01 | 0 days | 1,810 sqft |
2020-06-01 | 0 days | 1,920 sqft |
2020-07-01 | 0 days | 2,046 sqft |
2020-08-01 | 0 days | 1,987 sqft |
2020-09-01 | 0 days | 1,979 sqft |
2020-10-01 | 0 days | 1,632 sqft |
2020-11-01 | 0 days | 1,607 sqft |
2020-12-01 | 0 days | 1,603 sqft |
2021-01-01 | 0 days | 1,582 sqft |
2021-02-01 | 0 days | 1,594 sqft |
2021-03-01 | 0 days | 1,752 sqft |
2021-04-01 | 0 days | 1,761 sqft |
2021-05-01 | 0 days | 1,761 sqft |
2021-06-01 | 0 days | 1,775 sqft |
2021-07-01 | 0 days | 1,842 sqft |
2021-08-01 | 0 days | 1,973 sqft |
2021-09-01 | 0 days | 1,830 sqft |
2021-10-01 | 0 days | 1,817 sqft |
2021-11-01 | 0 days | 1,783 sqft |
2021-12-01 | 0 days | 1,775 sqft |
2022-01-01 | 0 days | 1,775 sqft |
2022-02-01 | 0 days | 1,775 sqft |
2022-03-01 | 0 days | 1,815 sqft |
2022-04-01 | 0 days | 1,775 sqft |
2022-05-01 | 0 days | 2,051 sqft |
2022-06-01 | 0 days | 1,906 sqft |
2022-07-01 | 0 days | 1,944 sqft |
2022-08-01 | 0 days | 1,775 sqft |
2022-09-01 | 0 days | 1,831 sqft |
2022-10-01 | 0 days | 1,775 sqft |
2022-11-01 | 0 days | 1,775 sqft |
2022-12-01 | 0 days | 1,869 sqft |
2023-01-01 | 0 days | 1,775 sqft |
2023-02-01 | 0 days | 1,785 sqft |
2023-03-01 | 0 days | 1,876 sqft |
2023-04-01 | 0 days | 1,775 sqft |
2023-05-01 | 0 days | 1,882 sqft |
2023-06-01 | 0 days | 1,888 sqft |
2023-07-01 | 0 days | 1,775 sqft |
2023-08-01 | 0 days | 1,775 sqft |
2023-09-01 | 0 days | 1,792 sqft |
2023-10-01 | 0 days | 1,812 sqft |
2023-11-01 | 0 days | 1,862 sqft |
2023-12-01 | 0 days | 1,880 sqft |
2024-01-01 | 0 days | 1,935 sqft |
2024-02-01 | 0 days | 2,074 sqft |
2024-03-01 | 0 days | 2,100 sqft |
2024-04-01 | 0 days | 2,120 sqft |
2024-05-01 | 0 days | 2,155 sqft |
2024-06-01 | 0 days | 2,170 sqft |
2024-07-01 | 0 days | 1,936 sqft |
2024-08-01 | 0 days | 1,850 sqft |
2024-09-01 | 0 days | 1,858 sqft |
2024-10-01 | 0 days | 1,884 sqft |
New Castle's median square footage for active listings during the 2024-10-01 period was 1,884 sqft. One year prior, the average listing was 1,812 sqft.