Indiana Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Indiana averaged
6.74%
for the week of 2024-07-18, compared to the national average of
6.77% for the same period.
The average rate for the prior week (2024-07-11) was
6.66% and
one month ago for the week of 2024-06-13, the
average rate was 6.62%.
Indiana's average rate one year ago was 7.03%.
For refis of the same type during the week of 2024-07-18, the average rate
was 6.77%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-07-18 | 6.77% |
| Indiana 30 Year Fixed Rate | 2024-07-18 | 6.74% |
| Indiana 30 Year Fixed Rate Refi | 2024-07-18 | 6.77% |
| Indiana 15 Year Fixed Rate | 2024-07-18 | 5.85% |
| Indiana 15 Year Fixed Rate Refi | 2024-07-18 | 6.45% |
| Indiana 30 Year FHA | 2024-07-18 | 6.53% |
| Indiana 30 Year FHA Refi | 2024-07-18 | 6.39% |
| Indiana 30 Year USDA | 2024-07-18 | 6.43% |
| Indiana 30 Year USDA Refi | 2024-07-18 | 6.53% |
| Indiana 30 Year VA | 2024-07-18 | 6.1% |
| Indiana 30 Year VA Refi | 2024-07-18 | 6.2% |
Indiana Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Indiana, PA market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).
Indiana Average Closing Costs & Other Stats
Indiana, PA's 60 lenders originated 1,201
loans during 2023. The total origination value was $149,065,000, with an average loan value of
$124,117.
Indiana's average closing costs are $4,979.
The top Indiana lender as defined by loan originations is S&T Bank, with
30 loans originated. Their average total fees are
$3,910, which is $392
higher than the next largest lender,
InFirst Bank.
The lowest fee Indiana lenders (with over 10 loans originated) are
PENNSYLVANIA STATE EMPLOYEES Credit Union ($2,403), InFirst Bank ($3,517), S&T Bank ($3,910), AFFORDABLE MORTGAGE ADVISORS, LLC. ($4,418) and First Commonwealth Bank ($4,583).
The lowest rate Indiana lenders (with over 10 loans originated) are
PENNSYLVANIA STATE EMPLOYEES Credit Union (6.36%), InFirst Bank (6.41%), S&T Bank (6.44%), Citizens Bank (6.54%) and First Commonwealth Bank (6.73%).
Indiana, PA Mortgage Market Share & Volume
Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.
| Name | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| S&T Bank | $24,210,000 | $23,510,000 | -2.9% | 15.8% |
| InFirst Bank | $18,485,000 | $17,020,000 | -7.9% | 11.4% |
| First Commonwealth Bank | $24,730,000 | $12,685,000 | -48.7% | 8.5% |
| PNC Bank | $5,415,000 | $6,790,000 | 25.4% | 4.6% |
| Marion Center Bank | $12,625,000 | $6,525,000 | -48.3% | 4.4% |
| Elderton State Bank | $6,165,000 | $6,240,000 | 1.2% | 4.2% |
| NORWICH COMMERCIAL GROUP, INC. | $5,870,000 | $6,150,000 | 4.8% | 4.1% |
| PENNSYLVANIA STATE EMPLOYEES Credit Union | $4,975,000 | $5,860,000 | 17.8% | 3.9% |
| CNB Bank | $8,155,000 | $5,305,000 | -34.9% | 3.6% |
| Mortgage Research Center, LLC | $2,930,000 | $5,045,000 | 72.2% | 3.4% |
| PLAZA HOME MORTGAGE, INC. | $4,490,000 | $5,005,000 | 11.5% | 3.4% |
| QUICKEN LOANS, LLC | $7,370,000 | $4,270,000 | -42.1% | 2.9% |
| First National Bank of Pennsylvania | $6,225,000 | $4,015,000 | -35.5% | 2.7% |
| UNITED WHOLESALE MORTGAGE, LLC | $2,715,000 | $2,925,000 | 7.7% | 2.0% |
| 1st Summit Bank | $3,890,000 | $2,025,000 | -47.9% | 1.4% |
| Brentwood Bank | $1,980,000 | n/a | 1.3% | |
| AFFORDABLE MORTGAGE ADVISORS, LLC. | $5,580,000 | $1,895,000 | -66.0% | 1.3% |
| Citizens Bank | $3,515,000 | $1,815,000 | -48.4% | 1.2% |
| STOCKTON MORTGAGE CORPORATION | $260,000 | $1,690,000 | 550.0% | 1.1% |
| Union Savings Bank | $2,150,000 | $1,580,000 | -26.5% | 1.1% |
| UNION HOME MORTGAGE CORP. | $1,720,000 | $1,470,000 | -14.5% | 1.0% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $2,545,000 | $1,375,000 | -46.0% | 0.9% |
| CARDINAL FINANCIAL | $170,000 | $1,105,000 | 550.0% | 0.7% |
| First Federal Bank of the Midwest | $1,140,000 | $785,000 | -31.1% | 0.5% |
| AmeriServ Financial Bank | $1,055,000 | $780,000 | -26.1% | 0.5% |
| UTILITIES EMPLOYEES CREDIT UNION | $1,325,000 | $775,000 | -41.5% | 0.5% |
| SOMERSET TRUST COMPANY | $450,000 | $760,000 | 68.9% | 0.5% |
| RELIANCE FIRST CAPITAL, LLC | $430,000 | $700,000 | 62.8% | 0.5% |
| WELCOME HOME FINANCE, L.P. | $665,000 | n/a | 0.4% | |
| Univest Bank and Trust Co. | $320,000 | $620,000 | 93.8% | 0.4% |
| Dollar Bank, Federal Savings Bank | $1,265,000 | $595,000 | -53.0% | 0.4% |
| MOVEMENT MORTGAGE, LLC | $625,000 | $580,000 | -7.2% | 0.4% |
| GUARANTEED RATE AFFINITY, LLC | $520,000 | $575,000 | 10.6% | 0.4% |
| Wells Fargo Bank | $980,000 | $550,000 | -43.9% | 0.4% |
| The Ephrata National Bank | $545,000 | n/a | 0.4% | |
| NEXTIER BANK, NATIONAL ASSOCIATION | $160,000 | $535,000 | 234.4% | 0.4% |
| BROKER SOLUTIONS, INC. | $190,000 | $500,000 | 163.2% | 0.3% |
| SOUTHPOINT FINANCIAL SERVICES, INC. | $490,000 | n/a | 0.3% | |
| Flagstar Bank, FSB | $1,360,000 | $445,000 | -67.3% | 0.3% |
| NAVY FEDERAL CREDIT UNION | $1,235,000 | $445,000 | -64.0% | 0.3% |
| USAA Federal Savings Bank | $585,000 | $405,000 | -30.8% | 0.3% |
| CMG MORTGAGE, INC. | $400,000 | n/a | 0.3% | |
| Clearview Federal Credit Union | $515,000 | $385,000 | -25.2% | 0.3% |
| CFSBANK | $85,000 | $370,000 | 335.3% | 0.2% |
| PENNYMAC LOAN SERVICES, LLC | $965,000 | $370,000 | -61.7% | 0.2% |
| Northwest Bank | $595,000 | $360,000 | -39.5% | 0.2% |
| Paramount Residential Mortgage Group, Inc. | $85,000 | $345,000 | 305.9% | 0.2% |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $345,000 | n/a | 0.2% | |
| Slovenian Savings & Loan Association of Franklin-Conemaugh | $575,000 | $335,000 | -41.7% | 0.2% |
| Peoples Security Bank and Trust Company | $325,000 | n/a | 0.2% | |
| The Huntington National Bank | $100,000 | $325,000 | 225.0% | 0.2% |
| Carrington Mortgage Services, LLC | $130,000 | $305,000 | 134.6% | 0.2% |
| Mr. Cooper ( Nationstar Mortgage ) | $790,000 | $280,000 | -64.6% | 0.2% |
| Bank of America | $540,000 | $255,000 | -52.8% | 0.2% |
| NATIONS RELIABLE LENDING, LLC | $85,000 | $250,000 | 194.1% | 0.2% |
| AMERISAVE MORTGAGE CORPORATION | $860,000 | $245,000 | -71.5% | 0.2% |
| First Savings Bank | $235,000 | n/a | 0.2% | |
| U.S. Bank | $235,000 | n/a | 0.2% | |
| Ally Bank | $230,000 | n/a | 0.2% | |
| EQUITY RESOURCES, INC. | $175,000 | $230,000 | 31.4% | 0.2% |
| LOANPAL, LLC | $245,000 | $230,000 | -6.1% | 0.2% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $795,000 | $225,000 | -71.7% | 0.2% |
| ROYAL UNITED MORTGAGE LLC | $145,000 | $225,000 | 55.2% | 0.2% |
| Discover Bank | $220,000 | n/a | 0.1% | |
| NEWREZ LLC | $105,000 | $220,000 | 109.5% | 0.1% |
| AMERICAN FINANCIAL NETWORK, INC. | $215,000 | n/a | 0.1% | |
| PENTAGON FEDERAL CREDIT UNION | $225,000 | $215,000 | -4.4% | 0.1% |
| GUARANTEED RATE, INC. | $480,000 | $205,000 | -57.3% | 0.1% |
| GUILD MORTGAGE COMPANY | $965,000 | $205,000 | -78.8% | 0.1% |
| Meridian Bank Corporation | $205,000 | n/a | 0.1% | |
| Morgan Stanley Private Bank | $205,000 | n/a | 0.1% | |
| Jersey Shore State Bank | $225,000 | $200,000 | -11.1% | 0.1% |
| Truist | $185,000 | n/a | 0.1% | |
| ZILLOW HOME LOANS, LLC | $180,000 | n/a | 0.1% | |
| JPMorgan Chase Bank | $125,000 | $170,000 | 36.0% | 0.1% |
| BAY EQUITY LLC | $165,000 | n/a | 0.1% | |
| GSF Mortgage Corporation | $165,000 | n/a | 0.1% | |
| Philadelphia Mortgage Advisors, Inc. | $165,000 | n/a | 0.1% | |
| First Federal Bank | $135,000 | n/a | 0.1% | |
| JLB CORPORATION | $385,000 | $135,000 | -64.9% | 0.1% |
| Northpointe Bank | $375,000 | $135,000 | -64.0% | 0.1% |
| MEMBER FIRST MORTGAGE, LLC | $125,000 | n/a | 0.1% | |
| NEXERA HOLDING LLC | $115,000 | n/a | 0.1% | |
| Barrington Bank & Trust Company, N.A. | $105,000 | n/a | 0.1% | |
| BMO Harris Bank | $105,000 | n/a | 0.1% | |
| CROSSCOUNTRY MORTGAGE, LLC | $455,000 | $105,000 | -76.9% | 0.1% |
| HOWARD HANNA FINANCIAL SERVICES, INC. | $430,000 | $105,000 | -75.6% | 0.1% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $375,000 | $105,000 | -72.0% | 0.1% |
| PHH Mortgage Corporation | $105,000 | n/a | 0.1% | |
| TOP FLITE FINANCIAL, INC. | $125,000 | $105,000 | -16.0% | 0.1% |
| PHEPLE FCU | $95,000 | n/a | 0.1% | |
| American Airlines Federal Credit Union | $85,000 | n/a | 0.1% | |
| CHURCHILL MORTGAGE CORPORATION | $85,000 | n/a | 0.1% | |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $245,000 | $85,000 | -65.3% | 0.1% |
| PLANET HOME LENDING, LLC | $215,000 | $85,000 | -60.5% | 0.1% |
| AMERICAN FINANCING CORPORATION | $220,000 | $75,000 | -65.9% | 0.1% |
| FREEDOM MORTGAGE CORPORATION | $815,000 | $75,000 | -90.8% | 0.1% |
| LOANDEPOT.COM, LLC | $1,240,000 | $75,000 | -94.0% | 0.1% |
| Centier Bank | $65,000 | n/a | 0.0% | |
| LIBERTY HOME MORTGAGE CORPORATION | $55,000 | n/a | 0.0% | |
| NEW DAY FINANCIAL, LLC | $75,000 | $55,000 | -26.7% | 0.0% |
| Reliance Savings Bank | $350,000 | $45,000 | -87.1% | 0.0% |
| Century Heritage FCU | $25,000 | n/a | 0.0% | |
| Coastal Community Bank | $25,000 | n/a | 0.0% | |
| Figure Lending LLC | $155,000 | $25,000 | -83.9% | 0.0% |
Indiana's top lender by overall market share is S&T Bank, with 15.8% market share. In second place, with 11.4%, is InFirst Bank, having originated $17,020,000 in loans. In third place, with 8.5%, is First Commonwealth Bank, having originated $12,685,000 in loans. In fourth place, with 4.6%, is PNC Bank, having originated $6,790,000 in loans. In fifth place, with 4.4%, is Marion Center Bank, having originated $6,525,000 in loans.
Indiana, PA Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 543 | $94,545,000 | $174,116 |
| Refi | 235 | $24,815,000 | $105,596 |
| Home Improvement | 208 | $12,770,000 | $61,394 |
| Other | 160 | $10,110,000 | $63,188 |
| Cash Out Refi | 55 | $6,825,000 | $124,091 |
Indiana's most frequently cited loan purpose was Home Purchase, with 543 originations. The 2nd most popular reason was Refi, with 235 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 417 | $56,005,000 | $134,305 |
| 7-8% | 323 | $40,545,000 | $125,526 |
| 5-6% | 182 | $23,660,000 | $130,000 |
| Over 8% | 116 | $7,530,000 | $64,914 |
| 3-4% | 30 | $2,610,000 | $87,000 |
| 4-5% | 16 | $1,580,000 | $98,750 |
| 2.5-3% | 12 | $1,320,000 | $110,000 |
| <2.5% | 2 | $200,000 | $100,000 |
During 2023, Indiana's most frequently originated rate bucket was 6-7%, with 417 originations.
Loan Sizing (Indiana, PA MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 634 | $34,330,000 | $54,148 |
| $100k-200k | 365 | $51,355,000 | $140,699 |
| $200k-400k | 172 | $45,060,000 | $261,977 |
| $400k-600k | 23 | $10,895,000 | $473,696 |
| $600k-1000k | 4 | $2,920,000 | $730,000 |
| $Over $1MM | 3 | $4,505,000 | $1,501,667 |
Indiana's loan sizing saw the bucket of loans from $100,000 or less with 634 originations, totaling $34,330,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 389 | $65,125,000 | $167,416 |
| 60-80% | 220 | $35,440,000 | $161,091 |
| 20-40% | 202 | $12,510,000 | $61,931 |
| Under 20% | 166 | $5,560,000 | $33,494 |
| 40-60% | 106 | $11,740,000 | $110,755 |
| Over 100% | 14 | $2,630,000 | $187,857 |
Indiana's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 389 originations, totaling $65,125,000 in origination value.