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%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

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.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
GVC MORTGAGE, INC. 53 5.37% $5,802
RUOFF MORTGAGE COMPANY, INC. 38 5.13% $3,505
CALIBER HOME LOANS, INC. 35 4.81% $5,639
VANDERBILT MORTGAGE AND FINANCE, INC. 17 5.02% $7,448
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 4.99% $6,285
AMERIFIRST FINANCIAL CORPORATION 12 4.45% $7,140
CROSSCOUNTRY MORTGAGE, LLC 8 5.03% $6,343
First Option Mortgage, LLC 8 4.47% $6,782
HOME POINT FINANCIAL CORPORATION 7 5.32% $4,435
Wolfe Financial, Inc 7 5.50% $4,374
UNITED WHOLESALE MORTGAGE, LLC 7 3.98% $6,346
FINANCE OF AMERICA MORTGAGE LLC 6 4.06% $5,464
Blue Ridge Bank 6 4.79% $5,660
DHI MORTGAGE COMPANY, LTD. 6 3.79% $8,909
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 4.85% $5,672
NVR Mortgage Finance, Inc. 5 3.55% $10,509
NEWREZ LLC 5 5.25% $6,110
UNIVERSITY LENDING GROUP, LLC 4 4.75% $4,167
Flagstar Bank, FSB 4 3.46% $4,973
PENNYMAC LOAN SERVICES, LLC 3 3.13% $4,124
AMERICAN MORTGAGE SERVICE COMPANY 3 4.83% $5,411
Bank of England 3 5.17% $5,654
BROKER SOLUTIONS, INC. 3 5.71% $6,183
DIRECT MORTGAGE LOANS, LLC 3 5.58% $4,588
Fifth Third Bank 3 5.33% $3,931
First Merchants Bank 3 4.08% $4,584
GUARANTY HOME MORTGAGE CORPORATION 3 3.13% $3,745
HALLMARK HOME MORTGAGE, LLC 3 5.67% $6,035
MJW Financial LLC 3 4.67% $5,660
FREEDOM MORTGAGE CORPORATION 2 4.56% $7,974
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 5.38% $4,486
FAIR WAY LENDING LLC 2 5.75% $6,895
MICHIGAN MUTUAL, INC. 2 5.56% $6,279
Nations Lending Corporation 2 5.94% $4,802
EUSTIS AND AMERICAN MORTGAGE COMPANY 2 5.88% $5,306
OPEN MORTGAGE, LLC 2 5.69% $7,816
1ST SIGNATURE LENDING, LLC 2 4.25% $7,886
PLAZA HOME MORTGAGE, INC. 2 4.75% $3,362
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.38% $5,061
GUARANTEED RATE, INC. 2 6.50% $5,037
AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.38% $7,060
Stock Yards Bank & Trust Company 1 7.13% $4,368
Citizens Bank 1 5.25% $3,427
University Bank 1 6.63% $7,703
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.49% $8,534
ENDEAVOR CAPITAL, LLC. 1 5.50% $6,281
Hometown Lenders, Inc. 1 5.63% $5,462
DAS Acquisition Company, LLC 1 5.75% $2,672
MID AMERICA MORTGAGE, INC. 1 4.13% $3,278
AMCAP MORTGAGE, LTD. 1 3.88% $5,017
Mortgage Research Center, LLC 1 4.50% $2,684
MYCUMORTGAGE, LLC 1 6.13% $5,792
Sierra Pacific Mortgage Company, Inc. 1 7.13% $5,971
EVERETT FINANCIAL, INC. 1 6.25% $1,971
SOUTHWEST FUNDING, LP 1 5.88% $6,548

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. Louis
Date 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 for 2023-08-01 was $337,450, a difference of $25,000 (8.0%) versus the prior year and $-9,800 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2023-08-01 was 36 days. This is 1% longer than the same period one year ago.

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.