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 47 lenders originated 179 USDA loans during 2023. The total origination value was $37,015,000, with an average USDA loan value of $206,788.

Indianapolis USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Indianapolis averaged 6.46% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

Indianapolis's average USDA mortgage closing costs are $4,234.

The average rate for the prior week (2024-04-05) was 6.58% and one month ago for the week of 2024-03-08, the average rate was 6.34%.

The average rate one year ago was 6.45%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.96%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GVC MORTGAGE, INC. 29 6.77% $7,088
RUOFF MORTGAGE COMPANY, INC. 19 6.78% $3,023
CALIBER HOME LOANS, INC. 15 6.42% $5,263
UNION HOME MORTGAGE CORP. 12 6.74% $6,913
NEWREZ LLC 9 6.97% $7,572
HALLMARK HOME MORTGAGE, LLC 7 6.43% $7,225
VANDERBILT MORTGAGE AND FINANCE, INC. 7 5.63% $13,283
MJW Financial LLC 5 7.00% $6,645
CROSSCOUNTRY MORTGAGE, LLC 5 6.38% $7,613
DHI MORTGAGE COMPANY, LTD. 5 5.40% $4,487
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.30% $6,708
Wolfe Financial, Inc 4 7.09% $5,533
BROKER SOLUTIONS, INC. 4 6.75% $7,702
Blue Ridge Bank 3 6.25% $5,921
Nations Lending Corporation 3 6.58% $4,184
FIRST COMMUNITY MORTGAGE, INC. 3 6.75% $5,375
UNITED WHOLESALE MORTGAGE, LLC 3 5.82% $5,579
Elements Financial Federal Credit Union 2 6.69% $5,746
EUSTIS AND AMERICAN MORTGAGE COMPANY 2 6.81% $4,940
First Option Mortgage, LLC 2 6.75% $7,540
Flagstar Bank, FSB 2 6.69% $4,119
Gateway First Bank 2 6.00% $4,753
LEADERONE FINANCIAL CORPORATION 2 6.63% $7,383
MICHIGAN MUTUAL, INC. 2 6.38% $8,856
NVR Mortgage Finance, Inc. 2 6.06% $10,410
University Bank 2 5.88% $6,014
Ixonia Bank 1 7.13% $6,252
CHURCHILL MORTGAGE CORPORATION 1 7.38% $13,573
LOANDEPOT.COM, LLC 1 6.25% $13,214
AmRes Corporation 1 7.13% $8,694
First Financial Bank 1 6.13% $9,898
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.63% $7,233
FAIR WAY LENDING LLC 1 6.63% $7,019
EVERETT FINANCIAL, INC. 1 6.38% $4,067
Bankers' Bank 1 7.00% $4,200
PLANET HOME LENDING, LLC 1 6.38% $6,862
PLAZA HOME MORTGAGE, INC. 1 6.25% $7,511
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $6,609
Sierra Pacific Mortgage Company, Inc. 1 6.99% $5,574
STOCKTON MORTGAGE CORPORATION 1 6.75% $10,304
Stock Yards Bank & Trust Company 1 7.13% $6,007
SUN WEST MORTGAGE COMPANY, INC. 1 6.75% $6,384
EAGLE HOME MORTGAGE, LLC 1 5.63% $7,408
German American Bank 1 6.38% $5,632
FREEDOM MORTGAGE CORPORATION 1 6.75% $5,710
First Merchants Bank 1 7.75% $2,942
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.63% $9,050

The top Indianapolis USDA lender as defined by loan originations is GVC MORTGAGE, INC., with 29 USDA loans originated. Their average total fees are $7,088, which is $4,065 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. ($3,023), CALIBER HOME LOANS, INC. ($5,263), UNION HOME MORTGAGE CORP. ($6,913), GVC MORTGAGE, INC. ($7,088) and .

The lowest rate Indianapolis USDA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (6.42%), UNION HOME MORTGAGE CORP. (6.74%), GVC MORTGAGE, INC. (6.77%), RUOFF MORTGAGE COMPANY, INC. (6.78%) and .


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 (3.8%) 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%) $328,517 (3.4%) 0.85 5,983
2019-12-01 $255,750 (6.6%) $326,532 (4.0%) 0.85 5,204
2020-01-01 $264,945 (9.3%) $348,053 (10.0%) 0.89 4,663
2020-02-01 $269,945 (5.2%) $339,364 (2.3%) 0.88 4,079
2020-03-01 $279,495 (4.3%) $345,547 (-0.5%) 0.88 3,854
2020-04-01 $283,835 (2.3%) $342,457 (-3.9%) 0.89 4,059
2020-05-01 $297,500 (5.1%) $361,506 (0.4%) 0.90 3,832
2020-06-01 $299,900 (7.2%) $373,903 (5.4%) 0.88 3,503
2020-07-01 $300,000 (7.2%) $379,874 (4.0%) 0.87 3,358
2020-08-01 $299,500 (10.6%) $374,075 (6.4%) 0.86 3,204
2020-09-01 $285,000 (7.6%) $366,787 (7.7%) 0.82 3,229
2020-10-01 $274,900 (5.5%) $352,050 (5.6%) 0.79 3,341
2020-11-01 $266,091 (2.4%) $341,596 (4.0%) 0.78 3,256
2020-12-01 $259,950 (1.6%) $328,514 (0.6%) 0.77 2,791
2021-01-01 $260,000 (-1.9%) $328,997 (-5.5%) 0.78 2,291
2021-02-01 $267,000 (-1.1%) $343,033 (1.1%) 0.78 1,770
2021-03-01 $271,600 (-2.8%) $353,523 (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 (-7.6%) $368,545 (2.0%) 0.73 1,767
2021-06-01 $275,000 (-8.3%) $372,653 (-0.3%) 0.72 2,013
2021-07-01 $279,900 (-6.7%) $369,976 (-2.6%) 0.74 2,314
2021-08-01 $279,849 (-6.6%) $372,386 (-0.5%) 0.75 2,451
2021-09-01 $280,000 (-1.8%) $374,322 (2.1%) 0.75 2,494
2021-10-01 $275,000 (0.0%) $364,974 (3.7%) 0.73 2,509
2021-11-01 $269,950 (1.5%) $358,081 (4.8%) 0.72 2,315
2021-12-01 $277,250 (6.7%) $364,216 (10.9%) 0.75 1,962
2022-01-01 $279,000 (7.3%) $367,963 (11.8%) 0.75 1,631
2022-02-01 $292,423 (9.5%) $380,455 (10.9%) 0.76 1,382
2022-03-01 $298,950 (10.1%) $394,790 (11.7%) 0.75 1,375
2022-04-01 $299,999 (9.1%) $399,092 (9.6%) 0.72 1,446
2022-05-01 $317,749 (15.6%) $402,147 (9.1%) 0.73 1,975
2022-06-01 $319,950 (16.4%) $407,086 (9.2%) 0.71 2,447
2022-07-01 $324,967 (16.1%) $404,797 (9.4%) 0.73 3,173
2022-08-01 $312,450 (11.7%) $387,593 (4.1%) 0.72 3,405
2022-09-01 $300,000 (7.1%) $381,663 (2.0%) 0.70 3,600
2022-10-01 $299,999 (9.1%) $381,687 (4.6%) 0.71 3,810
2022-11-01 $297,000 (10.0%) $377,207 (5.3%) 0.71 3,864
2022-12-01 $294,900 (6.4%) $376,982 (3.5%) 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%) $392,917 (3.3%) 0.73 2,572
2023-03-01 $312,675 (4.6%) $408,482 (3.5%) 0.74 2,352
2023-04-01 $329,900 (10.0%) $442,517 (10.9%) 0.77 2,343
2023-05-01 $347,000 (9.2%) $458,814 (14.1%) 0.79 2,593
2023-06-01 $349,913 (9.4%) $456,448 (12.1%) 0.79 2,894
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
2023-09-01 $329,900 (10.0%) $417,694 (9.4%) 0.77 3,756
2023-10-01 $319,950 (6.7%) $407,251 (6.7%) 0.75 4,153
2023-11-01 $312,500 (5.2%) $404,419 (7.2%) 0.74 4,184
2023-12-01 $304,900 (3.4%) $401,226 (6.4%) 0.74 3,733
2024-01-01 $310,097 (7.0%) $412,005 (8.4%) 0.76 3,186
2024-02-01 $318,950 (5.5%) $419,898 (6.9%) 0.77 2,889
2024-03-01 $330,000 (5.5%) $428,857 (5.0%) 0.78 2,905
Indianapolis's median listing price for 2024-03-01 was $330,000, a difference of $17,325 (5.5%) versus the prior year and $11,050 versus the prior month.

Indianapolis's median listing price comes in at 78% of the national average.

Indianapolis's average listing price for 2024-03-01 was $428,857, a difference of $20,375 (5.0%) versus the prior year and $8,959 versus the prior month.

For the 2024-03-01 period, Indianapolis had 2,905 MLS listings, a difference of 16 listings (1%) versus the prior month and 553 listings (24%) 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 2,659 sqft
2018-06-01 39 days 2,640 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 2,365 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 2,451 sqft
2019-04-01 49 days 2,493 sqft
2019-05-01 43 days 2,537 sqft
2019-06-01 44 days 2,538 sqft
2019-07-01 48 days 2,532 sqft
2019-08-01 48 days 2,466 sqft
2019-09-01 51 days 2,431 sqft
2019-10-01 53 days 2,408 sqft
2019-11-01 59 days 2,374 sqft
2019-12-01 70 days 2,337 sqft
2020-01-01 80 days 2,329 sqft
2020-02-01 81 days 2,320 sqft
2020-03-01 50 days 2,345 sqft
2020-04-01 48 days 2,365 sqft
2020-05-01 54 days 2,400 sqft
2020-06-01 47 days 2,408 sqft
2020-07-01 44 days 2,419 sqft
2020-08-01 44 days 2,387 sqft
2020-09-01 42 days 2,287 sqft
2020-10-01 41 days 2,238 sqft
2020-11-01 48 days 2,153 sqft
2020-12-01 54 days 2,084 sqft
2021-01-01 58 days 2,045 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 2,059 sqft
2021-06-01 31 days 2,070 sqft
2021-07-01 33 days 2,118 sqft
2021-08-01 33 days 2,110 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 2,057 sqft
2022-01-01 48 days 2,017 sqft
2022-02-01 37 days 2,001 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 2,105 sqft
2023-04-01 38 days 2,160 sqft
2023-05-01 36 days 2,216 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
2023-09-01 39 days 2,159 sqft
2023-10-01 41 days 2,101 sqft
2023-11-01 46 days 2,069 sqft
2023-12-01 57 days 2,028 sqft
2024-01-01 67 days 2,020 sqft
2024-02-01 59 days 2,027 sqft
2024-03-01 42 days 2,064 sqft
Indianapolis's median listing age (time on market) for 2024-03-01 was 42 days. This is -9% shorter than the same period one year ago.

Indianapolis's median square footage for active listings during the 2024-03-01 period was 2,064 sqft. One year prior, the average listing was 2,105 sqft.