Indianapolis USDA Loan Rates, Closing Costs & Stats

INDIANAPOLIS-CARMEL-ANDERSON, IN

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    • 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.