Indianapolis VA Loan Rates, Closing Costs & Stats
INDIANAPOLIS-CARMEL-ANDERSON, IN
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
Indianapolis's 180 lenders originated 3,626 VA loans during 2022. The total origination value was $1,030,470,000, with an average VA loan value of $284,189.
Indianapolis VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Indianapolis
averaged
6.38%
for the week of 2023-05-26, compared to the national average (all VA variants) of
6.408% for the same period.
Indianapolis's average VA mortgage closing costs are $4,976.
The average rate for the prior week (2023-05-19) was
6% and
one month ago for the week of 2023-04-21, the
average rate was 6.32%.
The average rate one year ago was 4.89%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.54%.
Indianapolis VA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Indianapolis level.
The top Indianapolis VA lender as defined by loan originations is Mortgage Research Center, LLC, with
506 VA loans originated. Their average total fees are
$6,678, which is $3,417
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Indianapolis VA lenders (with over 10 loans originated) are
Wolfe Financial, Inc ($4,096), The Huntington National Bank ($4,451), PULTE MORTGAGE LLC ($5,759), NAVY FEDERAL CREDIT UNION ($5,826) and TUCKER MORTGAGE, LLC ($6,101).
The lowest rate Indianapolis VA lenders (with over 10 loans originated) are
PENTAGON FEDERAL CREDIT UNION (3.61%), VILLAGE CAPITAL MORTGAGE (3.76%), LAKEVIEW LOAN SERVICING, LLC (3.76%), MUTUAL OF OMAHA MORTGAGE, INC. (3.82%) and PENNYMAC LOAN SERVICES, LLC (3.84%).
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%) | $320,125 (15.7%) | 0.90 | 4,220 |
| 2018-03-01 | $259,900 (26.3%) | $334,451 (13.4%) | 0.91 | 4,142 |
| 2018-04-01 | $278,445 (26.6%) | $353,497 (16.5%) | 0.94 | 4,342 |
| 2018-05-01 | $284,950 (24.7%) | $360,568 (15.4%) | 0.95 | 4,761 |
| 2018-06-01 | $279,900 (19.2%) | $354,188 (11.1%) | 0.93 | 5,323 |
| 2018-07-01 | $272,400 (18.4%) | $344,364 (9.0%) | 0.91 | 5,891 |
| 2018-08-01 | $261,956 (14.2%) | $334,764 (7.3%) | 0.88 | 6,154 |
| 2018-09-01 | $254,900 (12.3%) | $329,089 (6.3%) | 0.86 | 6,416 |
| 2018-10-01 | $243,900 (8.5%) | $317,514 (4.0%) | 0.83 | 6,686 |
| 2018-11-01 | $239,900 (6.6%) | $317,561 (3.9%) | 0.81 | 6,402 |
| 2018-12-01 | $239,800 (7.3%) | $313,745 (3.8%) | 0.83 | 5,730 |
| 2019-01-01 | $242,400 (5.4%) | $316,279 (2.5%) | 0.84 | 5,183 |
| 2019-02-01 | $256,948 (3.8%) | $331,697 (3.6%) | 0.87 | 4,839 |
| 2019-03-01 | $264,875 (1.9%) | $342,951 (2.5%) | 0.88 | 4,570 |
| 2019-04-01 | $278,446 (0.0%) | $356,453 (0.8%) | 0.88 | 4,541 |
| 2019-05-01 | $282,950 (-0.7%) | $360,044 (-0.2%) | 0.88 | 4,954 |
| 2019-06-01 | $279,900 (0.0%) | $354,729 (0.2%) | 0.87 | 5,353 |
| 2019-07-01 | $279,900 (2.8%) | $365,360 (6.1%) | 0.88 | 5,745 |
| 2019-08-01 | $279,900 (6.9%) | $358,998 (7.2%) | 0.88 | 6,257 |
| 2019-09-01 | $271,175 (6.4%) | $351,012 (6.7%) | 0.86 | 6,561 |
| 2019-10-01 | $260,000 (6.6%) | $332,213 (4.6%) | 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 (10.1%) | 0.89 | 4,663 |
| 2020-02-01 | $269,900 (5.0%) | $339,348 (2.3%) | 0.88 | 4,080 |
| 2020-03-01 | $279,495 (5.5%) | $345,530 (0.8%) | 0.88 | 3,855 |
| 2020-04-01 | $283,789 (1.9%) | $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 (7.0%) | $374,056 (4.2%) | 0.86 | 3,203 |
| 2020-09-01 | $285,000 (5.1%) | $366,767 (4.5%) | 0.82 | 3,228 |
| 2020-10-01 | $274,900 (5.7%) | $352,028 (6.0%) | 0.79 | 3,340 |
| 2020-11-01 | $266,091 (2.4%) | $341,565 (4.0%) | 0.78 | 3,254 |
| 2020-12-01 | $259,950 (1.6%) | $328,491 (0.6%) | 0.77 | 2,789 |
| 2021-01-01 | $257,245 (-2.9%) | $328,831 (-5.5%) | 0.77 | 2,290 |
| 2021-02-01 | $264,950 (-1.8%) | $343,178 (1.1%) | 0.77 | 1,769 |
| 2021-03-01 | $271,250 (-3.0%) | $353,522 (2.3%) | 0.77 | 1,705 |
| 2021-04-01 | $274,950 (-3.1%) | $364,271 (6.4%) | 0.74 | 1,689 |
| 2021-05-01 | $275,000 (-7.5%) | $367,989 (1.8%) | 0.73 | 1,767 |
| 2021-06-01 | $275,000 (-8.3%) | $372,147 (-0.5%) | 0.72 | 2,012 |
| 2021-07-01 | $279,900 (-6.7%) | $369,526 (-2.7%) | 0.74 | 2,313 |
| 2021-08-01 | $279,300 (-6.7%) | $371,898 (-0.6%) | 0.74 | 2,450 |
| 2021-09-01 | $280,000 (-1.8%) | $373,895 (1.9%) | 0.75 | 2,492 |
| 2021-10-01 | $275,000 (0.0%) | $364,498 (3.5%) | 0.73 | 2,507 |
| 2021-11-01 | $269,950 (1.5%) | $358,029 (4.8%) | 0.72 | 2,314 |
| 2021-12-01 | $277,000 (6.6%) | $363,974 (10.8%) | 0.75 | 1,961 |
| 2022-01-01 | $279,000 (8.5%) | $367,956 (11.9%) | 0.75 | 1,630 |
| 2022-02-01 | $291,450 (10.0%) | $380,325 (10.8%) | 0.76 | 1,381 |
| 2022-03-01 | $297,000 (9.5%) | $395,176 (11.8%) | 0.74 | 1,375 |
| 2022-04-01 | $299,900 (9.1%) | $399,812 (9.8%) | 0.71 | 1,446 |
| 2022-05-01 | $315,000 (14.6%) | $402,059 (9.3%) | 0.72 | 1,975 |
| 2022-06-01 | $319,950 (16.4%) | $407,139 (9.4%) | 0.71 | 2,447 |
| 2022-07-01 | $324,967 (16.1%) | $404,816 (9.6%) | 0.73 | 3,173 |
| 2022-08-01 | $311,075 (11.4%) | $387,128 (4.1%) | 0.72 | 3,405 |
| 2022-09-01 | $300,000 (7.1%) | $381,405 (2.0%) | 0.70 | 3,600 |
| 2022-10-01 | $299,997 (9.1%) | $381,619 (4.7%) | 0.71 | 3,810 |
| 2022-11-01 | $295,000 (9.3%) | $377,207 (5.4%) | 0.71 | 3,864 |
| 2022-12-01 | $294,000 (6.1%) | $376,099 (3.3%) | 0.73 | 3,487 |
| 2023-01-01 | $289,500 (3.8%) | $379,764 (3.2%) | 0.72 | 2,989 |
| 2023-02-01 | $299,500 (2.8%) | $392,801 (3.3%) | 0.72 | 2,572 |
| 2023-03-01 | $311,125 (4.8%) | $408,429 (3.4%) | 0.73 | 2,352 |
| 2023-04-01 | $329,900 (10.0%) | $443,053 (10.8%) | 0.77 | 2,343 |
Indianapolis's median listing price comes in at 77% of the national average.
Indianapolis's average listing price for 2023-04-01 was $443,053, a difference of $43,241 (10.8%) versus the prior year and $34,624 versus the prior month.
For the 2023-04-01 period, Indianapolis had 2,343 MLS listings, a difference of -9 listings (0%) versus the prior month and 897 listings (62%) 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 | 81 days | 2,399 sqft |
| 2018-02-01 | 75 days | 2,437 sqft |
| 2018-03-01 | 54 days | 2,520 sqft |
| 2018-04-01 | 46 days | 2,605 sqft |
| 2018-05-01 | 39 days | 2,659 sqft |
| 2018-06-01 | 40 days | 2,640 sqft |
| 2018-07-01 | 45 days | 2,574 sqft |
| 2018-08-01 | 48 days | 2,521 sqft |
| 2018-09-01 | 51 days | 2,458 sqft |
| 2018-10-01 | 54 days | 2,404 sqft |
| 2018-11-01 | 59 days | 2,365 sqft |
| 2018-12-01 | 72 days | 2,336 sqft |
| 2019-01-01 | 80 days | 2,327 sqft |
| 2019-02-01 | 82 days | 2,395 sqft |
| 2019-03-01 | 60 days | 2,414 sqft |
| 2019-04-01 | 51 days | 2,494 sqft |
| 2019-05-01 | 45 days | 2,538 sqft |
| 2019-06-01 | 45 days | 2,538 sqft |
| 2019-07-01 | 50 days | 2,532 sqft |
| 2019-08-01 | 58 days | 2,538 sqft |
| 2019-09-01 | 67 days | 2,452 sqft |
| 2019-10-01 | 57 days | 2,403 sqft |
| 2019-11-01 | 61 days | 2,375 sqft |
| 2019-12-01 | 73 days | 2,338 sqft |
| 2020-01-01 | 84 days | 2,329 sqft |
| 2020-02-01 | 85 days | 2,320 sqft |
| 2020-03-01 | 54 days | 2,345 sqft |
| 2020-04-01 | 51 days | 2,364 sqft |
| 2020-05-01 | 57 days | 2,400 sqft |
| 2020-06-01 | 50 days | 2,408 sqft |
| 2020-07-01 | 47 days | 2,420 sqft |
| 2020-08-01 | 46 days | 2,387 sqft |
| 2020-09-01 | 45 days | 2,288 sqft |
| 2020-10-01 | 43 days | 2,238 sqft |
| 2020-11-01 | 50 days | 2,153 sqft |
| 2020-12-01 | 57 days | 2,085 sqft |
| 2021-01-01 | 62 days | 2,047 sqft |
| 2021-02-01 | 60 days | 2,036 sqft |
| 2021-03-01 | 43 days | 2,063 sqft |
| 2021-04-01 | 37 days | 2,058 sqft |
| 2021-05-01 | 36 days | 2,059 sqft |
| 2021-06-01 | 33 days | 2,069 sqft |
| 2021-07-01 | 34 days | 2,118 sqft |
| 2021-08-01 | 35 days | 2,108 sqft |
| 2021-09-01 | 37 days | 2,091 sqft |
| 2021-10-01 | 38 days | 2,100 sqft |
| 2021-11-01 | 41 days | 2,074 sqft |
| 2021-12-01 | 45 days | 2,056 sqft |
| 2022-01-01 | 50 days | 2,017 sqft |
| 2022-02-01 | 38 days | 1,999 sqft |
| 2022-03-01 | 34 days | 2,045 sqft |
| 2022-04-01 | 30 days | 2,063 sqft |
| 2022-05-01 | 27 days | 2,110 sqft |
| 2022-06-01 | 28 days | 2,166 sqft |
| 2022-07-01 | 31 days | 2,176 sqft |
| 2022-08-01 | 37 days | 2,123 sqft |
| 2022-09-01 | 39 days | 2,093 sqft |
| 2022-10-01 | 42 days | 2,086 sqft |
| 2022-11-01 | 46 days | 2,086 sqft |
| 2022-12-01 | 54 days | 2,080 sqft |
| 2023-01-01 | 63 days | 2,049 sqft |
| 2023-02-01 | 61 days | 2,089 sqft |
| 2023-03-01 | 49 days | 2,100 sqft |
| 2023-04-01 | 39 days | 2,160 sqft |
Indianapolis's median square footage for active listings during the 2023-04-01 period was 2,160 sqft. One year prior, the average listing was 2,063 sqft.