Indianapolis USDA Loan Rates, Closing Costs & Stats
INDIANAPOLIS-CARMEL-ANDERSON, IN
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Indianapolis's 55 lenders originated 321 USDA loans during 2022. The total origination value was $62,285,000, with an average USDA loan value of $194,034.
Indianapolis USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Indianapolis
averaged
6.91%
for the week of 2023-09-22, compared to the national average (all USDA variants) of
7.021% for the same period.
Indianapolis's average USDA mortgage closing costs are $4,109.
The average rate for the prior week (2023-09-15) was
6.87% and
one month ago for the week of 2023-08-18, the
average rate was 6.67%.
The average rate one year ago was 5.9%.
For refis of the same type during the week of 2023-09-22, the average rate
was 5.97%.
Indianapolis USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Indianapolis level.
The top Indianapolis USDA lender as defined by loan originations is GVC MORTGAGE, INC., with
53 USDA loans originated. Their average total fees are
$5,802, which is $2,297
higher than the next largest lender,
RUOFF MORTGAGE COMPANY, INC..
The lowest fee Indianapolis USDA lenders (with over 10 loans originated) are
RUOFF MORTGAGE COMPANY, INC. ($3,505), CALIBER HOME LOANS, INC. ($5,639), GVC MORTGAGE, INC. ($5,802), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,285) and AMERIFIRST FINANCIAL CORPORATION ($7,140).
The lowest rate Indianapolis USDA lenders (with over 10 loans originated) are
AMERIFIRST FINANCIAL CORPORATION (4.45%), CALIBER HOME LOANS, INC. (4.81%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.99%), VANDERBILT MORTGAGE AND FINANCE, INC. (5.02%) and RUOFF MORTGAGE COMPANY, INC. (5.13%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Indianapolis (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 | $229,950 (28.8%) | $308,557 (16.1%) | 0.85 | 4,676 |
2018-02-01 | $247,450 (35.7%) | $320,291 (15.8%) | 0.90 | 4,220 |
2018-03-01 | $259,900 (26.4%) | $334,451 (13.5%) | 0.91 | 4,142 |
2018-04-01 | $278,450 (26.6%) | $353,623 (16.6%) | 0.94 | 4,342 |
2018-05-01 | $284,950 (24.7%) | $360,680 (15.4%) | 0.95 | 4,761 |
2018-06-01 | $279,900 (19.2%) | $354,418 (11.2%) | 0.93 | 5,323 |
2018-07-01 | $272,400 (18.4%) | $344,560 (9.1%) | 0.91 | 5,891 |
2018-08-01 | $262,412 (14.4%) | $334,846 (7.3%) | 0.88 | 6,154 |
2018-09-01 | $254,900 (12.3%) | $329,125 (6.3%) | 0.86 | 6,416 |
2018-10-01 | $244,500 (8.7%) | $317,617 (4.1%) | 0.83 | 6,686 |
2018-11-01 | $239,900 (6.6%) | $317,595 (3.9%) | 0.81 | 6,402 |
2018-12-01 | $239,900 (7.4%) | $313,848 (3.9%) | 0.83 | 5,730 |
2019-01-01 | $242,400 (5.4%) | $316,339 (2.5%) | 0.84 | 5,183 |
2019-02-01 | $256,695 (3.7%) | $331,687 (3.6%) | 0.87 | 4,839 |
2019-03-01 | $268,037 (3.1%) | $347,360 (3.9%) | 0.88 | 4,749 |
2019-04-01 | $277,450 (-0.4%) | $356,448 (0.8%) | 0.88 | 4,582 |
2019-05-01 | $282,950 (-0.7%) | $360,044 (-0.2%) | 0.88 | 4,954 |
2019-06-01 | $279,900 (0.0%) | $354,729 (0.1%) | 0.87 | 5,353 |
2019-07-01 | $279,900 (2.8%) | $365,360 (6.0%) | 0.88 | 5,745 |
2019-08-01 | $270,909 (3.2%) | $351,488 (5.0%) | 0.86 | 6,034 |
2019-09-01 | $264,773 (3.9%) | $340,668 (3.5%) | 0.85 | 6,219 |
2019-10-01 | $260,682 (6.6%) | $333,454 (5.0%) | 0.84 | 6,365 |
2019-11-01 | $259,900 (8.3%) | $328,551 (3.5%) | 0.85 | 5,982 |
2019-12-01 | $255,925 (6.7%) | $326,550 (4.1%) | 0.85 | 5,204 |
2020-01-01 | $264,945 (9.3%) | $348,053 (10.0%) | 0.89 | 4,663 |
2020-02-01 | $269,900 (5.1%) | $339,348 (2.3%) | 0.88 | 4,080 |
2020-03-01 | $279,495 (4.3%) | $345,530 (-0.5%) | 0.88 | 3,855 |
2020-04-01 | $283,789 (2.3%) | $342,438 (-3.9%) | 0.89 | 4,060 |
2020-05-01 | $297,422 (5.1%) | $361,460 (0.4%) | 0.90 | 3,831 |
2020-06-01 | $299,900 (7.2%) | $373,861 (5.4%) | 0.88 | 3,503 |
2020-07-01 | $300,000 (7.2%) | $379,844 (4.0%) | 0.87 | 3,357 |
2020-08-01 | $299,500 (10.6%) | $374,056 (6.4%) | 0.86 | 3,203 |
2020-09-01 | $285,000 (7.6%) | $366,767 (7.7%) | 0.82 | 3,228 |
2020-10-01 | $274,900 (5.5%) | $352,069 (5.6%) | 0.79 | 3,340 |
2020-11-01 | $266,091 (2.4%) | $341,600 (4.0%) | 0.78 | 3,254 |
2020-12-01 | $259,950 (1.6%) | $328,511 (0.6%) | 0.77 | 2,789 |
2021-01-01 | $260,000 (-1.9%) | $328,954 (-5.5%) | 0.78 | 2,290 |
2021-02-01 | $266,975 (-1.1%) | $342,985 (1.1%) | 0.78 | 1,769 |
2021-03-01 | $271,475 (-2.9%) | $353,503 (2.3%) | 0.77 | 1,705 |
2021-04-01 | $274,950 (-3.1%) | $364,250 (6.4%) | 0.74 | 1,689 |
2021-05-01 | $275,000 (-7.5%) | $367,980 (1.8%) | 0.73 | 1,767 |
2021-06-01 | $275,000 (-8.3%) | $372,136 (-0.5%) | 0.72 | 2,012 |
2021-07-01 | $279,900 (-6.7%) | $369,526 (-2.7%) | 0.74 | 2,313 |
2021-08-01 | $279,699 (-6.6%) | $371,957 (-0.6%) | 0.75 | 2,450 |
2021-09-01 | $280,000 (-1.8%) | $373,925 (2.0%) | 0.75 | 2,492 |
2021-10-01 | $275,000 (0.0%) | $364,582 (3.6%) | 0.73 | 2,507 |
2021-11-01 | $269,950 (1.5%) | $358,052 (4.8%) | 0.72 | 2,314 |
2021-12-01 | $277,000 (6.6%) | $363,980 (10.8%) | 0.75 | 1,961 |
2022-01-01 | $279,000 (7.3%) | $367,933 (11.9%) | 0.75 | 1,630 |
2022-02-01 | $292,400 (9.5%) | $380,430 (10.9%) | 0.76 | 1,381 |
2022-03-01 | $298,950 (10.1%) | $394,790 (11.7%) | 0.75 | 1,375 |
2022-04-01 | $299,950 (9.1%) | $399,092 (9.6%) | 0.72 | 1,446 |
2022-05-01 | $317,749 (15.6%) | $402,147 (9.3%) | 0.73 | 1,975 |
2022-06-01 | $319,950 (16.4%) | $407,086 (9.4%) | 0.71 | 2,447 |
2022-07-01 | $324,967 (16.1%) | $404,797 (9.5%) | 0.73 | 3,173 |
2022-08-01 | $312,450 (11.7%) | $387,593 (4.2%) | 0.72 | 3,405 |
2022-09-01 | $300,000 (7.1%) | $381,663 (2.1%) | 0.70 | 3,600 |
2022-10-01 | $299,999 (9.1%) | $381,687 (4.7%) | 0.71 | 3,810 |
2022-11-01 | $297,000 (10.0%) | $377,207 (5.4%) | 0.71 | 3,864 |
2022-12-01 | $294,900 (6.5%) | $376,982 (3.6%) | 0.73 | 3,487 |
2023-01-01 | $289,750 (3.9%) | $380,027 (3.3%) | 0.72 | 2,989 |
2023-02-01 | $302,400 (3.4%) | $392,953 (3.3%) | 0.73 | 2,573 |
2023-03-01 | $312,900 (4.7%) | $408,505 (3.5%) | 0.74 | 2,354 |
2023-04-01 | $329,900 (10.0%) | $442,604 (10.9%) | 0.77 | 2,343 |
2023-05-01 | $347,000 (9.2%) | $458,833 (14.1%) | 0.79 | 2,594 |
2023-06-01 | $349,900 (9.4%) | $456,331 (12.1%) | 0.79 | 2,895 |
2023-07-01 | $347,250 (6.9%) | $441,685 (9.1%) | 0.79 | 3,193 |
2023-08-01 | $337,450 (8.0%) | $430,272 (11.0%) | 0.77 | 3,415 |
Indianapolis's median listing price comes in at 77% of the national average.
Indianapolis's average listing price for 2023-08-01 was $430,272, a difference of $42,679 (11.0%) versus the prior year and $-11,413 versus the prior month.
For the 2023-08-01 period, Indianapolis had 3,415 MLS listings, a difference of 222 listings (7%) versus the prior month and 10 listings (0%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Indianapolis (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 77 days | 2,399 sqft |
2018-02-01 | 71 days | 2,437 sqft |
2018-03-01 | 50 days | 2,520 sqft |
2018-04-01 | 44 days | 2,605 sqft |
2018-05-01 | 37 days | 2,660 sqft |
2018-06-01 | 39 days | 2,641 sqft |
2018-07-01 | 43 days | 2,574 sqft |
2018-08-01 | 46 days | 2,521 sqft |
2018-09-01 | 50 days | 2,458 sqft |
2018-10-01 | 53 days | 2,405 sqft |
2018-11-01 | 57 days | 2,366 sqft |
2018-12-01 | 71 days | 2,336 sqft |
2019-01-01 | 78 days | 2,328 sqft |
2019-02-01 | 78 days | 2,395 sqft |
2019-03-01 | 63 days | 2,452 sqft |
2019-04-01 | 49 days | 2,495 sqft |
2019-05-01 | 43 days | 2,539 sqft |
2019-06-01 | 44 days | 2,538 sqft |
2019-07-01 | 48 days | 2,533 sqft |
2019-08-01 | 48 days | 2,467 sqft |
2019-09-01 | 50 days | 2,433 sqft |
2019-10-01 | 53 days | 2,410 sqft |
2019-11-01 | 59 days | 2,375 sqft |
2019-12-01 | 70 days | 2,338 sqft |
2020-01-01 | 80 days | 2,330 sqft |
2020-02-01 | 81 days | 2,320 sqft |
2020-03-01 | 50 days | 2,345 sqft |
2020-04-01 | 48 days | 2,364 sqft |
2020-05-01 | 54 days | 2,400 sqft |
2020-06-01 | 47 days | 2,408 sqft |
2020-07-01 | 44 days | 2,421 sqft |
2020-08-01 | 44 days | 2,387 sqft |
2020-09-01 | 42 days | 2,288 sqft |
2020-10-01 | 41 days | 2,238 sqft |
2020-11-01 | 48 days | 2,154 sqft |
2020-12-01 | 53 days | 2,084 sqft |
2021-01-01 | 58 days | 2,047 sqft |
2021-02-01 | 52 days | 2,030 sqft |
2021-03-01 | 39 days | 2,063 sqft |
2021-04-01 | 36 days | 2,058 sqft |
2021-05-01 | 34 days | 2,057 sqft |
2021-06-01 | 31 days | 2,069 sqft |
2021-07-01 | 33 days | 2,117 sqft |
2021-08-01 | 33 days | 2,109 sqft |
2021-09-01 | 36 days | 2,091 sqft |
2021-10-01 | 37 days | 2,100 sqft |
2021-11-01 | 40 days | 2,074 sqft |
2021-12-01 | 44 days | 2,056 sqft |
2022-01-01 | 48 days | 2,017 sqft |
2022-02-01 | 37 days | 2,000 sqft |
2022-03-01 | 32 days | 2,040 sqft |
2022-04-01 | 29 days | 2,048 sqft |
2022-05-01 | 25 days | 2,111 sqft |
2022-06-01 | 26 days | 2,166 sqft |
2022-07-01 | 30 days | 2,176 sqft |
2022-08-01 | 36 days | 2,127 sqft |
2022-09-01 | 39 days | 2,094 sqft |
2022-10-01 | 41 days | 2,088 sqft |
2022-11-01 | 45 days | 2,088 sqft |
2022-12-01 | 53 days | 2,088 sqft |
2023-01-01 | 61 days | 2,054 sqft |
2023-02-01 | 59 days | 2,096 sqft |
2023-03-01 | 46 days | 2,106 sqft |
2023-04-01 | 38 days | 2,160 sqft |
2023-05-01 | 36 days | 2,218 sqft |
2023-06-01 | 36 days | 2,218 sqft |
2023-07-01 | 38 days | 2,231 sqft |
2023-08-01 | 36 days | 2,194 sqft |
Indianapolis's median square footage for active listings during the 2023-08-01 period was 2,194 sqft. One year prior, the average listing was 2,127 sqft.