Indianola Mortgage Rates & Closing Costs

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    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Indianola averaged 7.2% for the week of 2024-04-18, compared to the national average of 7.1% for the same period.

    The average rate for the prior week (2024-04-11) was 6.88% and one month ago for the week of 2024-03-14, the average rate was 6.74%.

    Indianola's average rate one year ago was 6.07%.

    For refis of the same type during the week of 2024-04-18, the average rate was 7%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-04-18 7.1%
    Indianola 30 Year Fixed Rate 2024-04-18 7.2%
    Indianola 30 Year Fixed Rate Refi 2024-04-18 7%
    Indianola 15 Year Fixed Rate 2024-04-18 6.49%
    Indianola 15 Year Fixed Rate Refi 2024-04-18 6.99%
    Indianola 30 Year FHA 2024-04-18 6.66%
    Indianola 30 Year FHA Refi 2024-04-18 6.96%
    Indianola 30 Year USDA 2024-04-18 6.66%
    Indianola 30 Year USDA Refi 2024-04-18 6.76%
    Indianola 30 Year VA 2024-04-18 6.66%
    Indianola 30 Year VA Refi 2024-04-18 6.86%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Indianola, MS.

    Indianola 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 Indianola, MS 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.).

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 5 7.12% $5,641
    EUSTIS AND AMERICAN MORTGAGE COMPANY 4 6.84% $4,778
    Community Bank of Mississippi 3 7.41% $3,796
    Trustmark National Bank 2 6.81% $3,949
    Bank of England 2 6.38% $8,104
    Citizens Bank 2 6.19% $7,792
    FirstBank 1 9.59% $5,652
    Discover Bank 1 10.49% $0
    Renasant Bank 1 7.38% $3,831
    21ST MORTGAGE CORPORATION 1 8.79% $5,355

    Indianola Average Closing Costs & Other Stats

    Indianola, MS's 10 lenders originated 228 loans during 2023. The total origination value was $21,770,000, with an average loan value of $95,482.

    Indianola's average closing costs are $4,855.

    The top Indianola lender as defined by loan originations is QUICKEN LOANS, LLC, with 5 loans originated. Their average total fees are $5,641, which is $864 higher than the next largest lender, EUSTIS AND AMERICAN MORTGAGE COMPANY.

    The lowest fee Indianola lenders (with over 10 loans originated) are .

    The lowest rate Indianola lenders (with over 10 loans originated) are .

    Indianola, MS 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
    Planters Bank & Trust Company $4,980,000 $5,265,000 5.7% 24.2%
    Community Bank of Mississippi $4,720,000 $4,235,000 -10.3% 19.5%
    Southern Bank $3,205,000 n/a 14.7%
    Southern Bancorp Bank $3,820,000 $1,675,000 -56.2% 7.7%
    QUICKEN LOANS, LLC $2,720,000 $1,485,000 -45.4% 6.8%
    Guaranty Bank and Trust Company $1,035,000 $925,000 -10.6% 4.2%
    EUSTIS AND AMERICAN MORTGAGE COMPANY $520,000 n/a 2.4%
    Trustmark National Bank $260,000 $450,000 73.1% 2.1%
    Citizens Bank $125,000 $420,000 236.0% 1.9%
    Bank of England $320,000 n/a 1.5%
    21ST MORTGAGE CORPORATION $280,000 n/a 1.3%
    Merchants & Marine Bank $245,000 n/a 1.1%
    PENNYMAC LOAN SERVICES, LLC $145,000 $245,000 69.0% 1.1%
    Renasant Bank $245,000 $245,000 0.0% 1.1%
    BankPlus $610,000 $235,000 -61.5% 1.1%
    PLANET HOME LENDING, LLC $215,000 n/a 1.0%
    Flagstar Bank, FSB $85,000 $180,000 111.8% 0.8%
    FREEDOM MORTGAGE CORPORATION $75,000 $155,000 106.7% 0.7%
    VANDERBILT MORTGAGE AND FINANCE, INC. $140,000 n/a 0.6%
    USAA Federal Savings Bank $135,000 n/a 0.6%
    Barrington Bank & Trust Company, N.A. $195,000 $125,000 -35.9% 0.6%
    Regions Bank $485,000 $120,000 -75.3% 0.6%
    FirstBank $220,000 $115,000 -47.7% 0.5%
    Mortgage Research Center, LLC $700,000 $115,000 -83.6% 0.5%
    NEWREZ LLC $200,000 $110,000 -45.0% 0.5%
    LOANDEPOT.COM, LLC $560,000 $105,000 -81.3% 0.5%
    BROKER SOLUTIONS, INC. $105,000 $85,000 -19.0% 0.4%
    FIRST SOUTH FINANCIAL $85,000 n/a 0.4%
    BancorpSouth $385,000 $80,000 -79.2% 0.4%
    Discover Bank $80,000 n/a 0.4%
    CB&S Bank, Inc. $25,000 $75,000 200.0% 0.3%
    U.S. Bank $55,000 n/a 0.3%
    RUOFF MORTGAGE COMPANY, INC. $45,000 n/a 0.2%

    Indianola's top lender by overall market share is Planters Bank & Trust Company, with 24.2% market share. In second place, with 19.5%, is Community Bank of Mississippi, having originated $4,235,000 in loans. In third place, with 14.7%, is Southern Bank, having originated $3,205,000 in loans. In fourth place, with 7.7%, is Southern Bancorp Bank, having originated $1,675,000 in loans. In fifth place, with 6.8%, is QUICKEN LOANS, LLC, having originated $1,485,000 in loans.

    Indianola Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Indianola (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 $49,750 (-21.5%) $87,609 (22.8%) 0.00 11
    2018-02-01 $64,500 (10.3%) $91,360 (16.9%) 0.00 12
    2018-03-01 $70,000 (16.4%) $93,142 (4.0%) 0.00 12
    2018-04-01 $60,000 (0.0%) $84,382 (-7.5%) 0.00 11
    2018-05-01 $94,500 (38.7%) $100,985 (-14.3%) 0.00 9
    2018-06-01 $85,000 (6.3%) $106,836 (-13.0%) 0.00 9
    2018-07-01 $95,000 (46.2%) $115,522 (0.5%) 0.00 8
    2018-08-01 $113,750 (75.0%) $122,389 (3.1%) 0.00 8
    2018-09-01 $92,500 (37.0%) $97,280 (-14.1%) 0.00 10
    2018-10-01 $92,500 (105.6%) $115,504 (22.9%) 0.00 13
    2018-11-01 $88,250 (96.1%) $115,639 (27.3%) 0.00 17
    2018-12-01 $85,000 (56.0%) $116,775 (19.2%) 0.00 23
    2019-01-01 $78,125 (57.0%) $109,856 (25.4%) 0.00 26
    2019-02-01 $81,875 (26.9%) $118,628 (29.9%) 0.00 23
    2019-03-01 $75,286 (7.6%) $115,139 (23.6%) 0.00 21
    2019-04-01 $74,161 (23.6%) $106,669 (26.4%) 0.00 20
    2019-05-01 $80,375 (-15.0%) $99,660 (-1.3%) 0.00 28
    2019-06-01 $92,000 (8.2%) $98,345 (-8.0%) 0.00 20
    2019-07-01 $90,875 (-4.3%) $93,729 (-18.9%) 0.00 17
    2019-08-01 $88,273 (-22.4%) $91,865 (-24.9%) 0.00 17
    2019-09-01 $86,432 (-6.6%) $96,974 (-0.3%) 0.00 20
    2019-10-01 $85,205 (-7.9%) $103,524 (-10.4%) 0.00 21
    2019-11-01 $87,250 (-1.1%) $111,898 (-3.2%) 0.00 23
    2019-12-01 $85,000 (0.0%) $110,730 (-5.2%) 0.00 27
    2020-01-01 $88,625 (13.4%) $112,499 (2.4%) 0.00 26
    2020-02-01 $89,500 (9.3%) $109,129 (-8.0%) 0.00 28
    2020-03-01 $83,650 (11.1%) $101,522 (-11.8%) 0.00 32
    2020-04-01 $85,000 (14.6%) $108,029 (1.3%) 0.00 28
    2020-05-01 $79,000 (-1.7%) $97,137 (-2.5%) 0.00 26
    2020-06-01 $78,250 (-15.0%) $108,149 (10.0%) 0.00 24
    2020-07-01 $77,500 (-14.7%) $113,856 (21.5%) 0.00 22
    2020-08-01 $106,000 (20.1%) $138,506 (50.8%) 0.00 18
    2020-09-01 $118,750 (37.4%) $132,916 (37.1%) 0.00 20
    2020-10-01 $121,750 (42.9%) $137,382 (32.7%) 0.00 21
    2020-11-01 $112,000 (28.4%) $152,159 (36.0%) 0.00 21
    2020-12-01 $112,500 (32.4%) $146,366 (32.2%) 0.00 25
    2021-01-01 $108,750 (22.7%) $144,455 (28.4%) 0.00 24
    2021-02-01 $120,000 (34.1%) $148,723 (36.3%) 0.00 22
    2021-03-01 $127,375 (52.3%) $156,958 (54.6%) 0.00 21
    2021-04-01 $134,125 (57.8%) $159,011 (47.2%) 0.00 21
    2021-05-01 $145,600 (84.3%) $171,622 (76.7%) 0.00 15
    2021-06-01 $107,250 (37.1%) $149,115 (37.9%) 0.00 19
    2021-07-01 $86,000 (11.0%) $159,245 (39.9%) 0.00 20
    2021-08-01 $88,750 (-16.3%) $134,086 (-3.2%) 0.00 21
    2021-09-01 $71,225 (-40.0%) $120,588 (-9.3%) 0.00 18
    2021-10-01 $157,500 (29.4%) $154,573 (12.5%) 0.00 10
    2021-11-01 $125,000 (11.6%) $154,076 (1.3%) 0.00 11
    2021-12-01 $89,900 (-20.1%) $125,556 (-14.2%) 0.00 12
    2022-01-01 $122,000 (12.2%) $125,811 (-12.9%) 0.00 15
    2022-02-01 $121,000 (0.8%) $108,065 (-27.3%) 0.00 17
    2022-03-01 $125,000 (-1.9%) $105,922 (-32.5%) 0.00 14
    2022-04-01 $145,000 (8.1%) $140,238 (-11.8%) 0.00 14
    2022-05-01 $145,000 (-0.4%) $148,964 (-13.2%) 0.00 17
    2022-06-01 $139,750 (30.3%) $152,992 (2.6%) 0.00 14
    2022-07-01 $139,000 (61.6%) $140,731 (-11.6%) 0.00 13
    2022-08-01 $144,250 (62.5%) $148,011 (10.4%) 0.00 14
    2022-09-01 $133,450 (87.4%) $129,480 (7.4%) 0.00 13
    2022-10-01 $148,000 (-6.0%) $172,869 (11.8%) 0.00 15
    2022-11-01 $155,125 (24.1%) $192,642 (25.0%) 0.00 18
    2022-12-01 $160,000 (78.0%) $182,239 (45.2%) 0.00 18
    2023-01-01 $152,500 (25.0%) $167,110 (32.8%) 0.00 20
    2023-02-01 $150,000 (24.0%) $159,366 (47.5%) 0.00 22
    2023-03-01 $169,750 (35.8%) $173,047 (63.4%) 0.00 27
    2023-04-01 $170,000 (17.2%) $178,081 (27.0%) 0.00 28
    2023-05-01 $165,800 (14.3%) $163,063 (9.5%) 0.00 30
    2023-06-01 $142,500 (2.0%) $152,494 (-0.3%) 0.00 33
    2023-07-01 $145,000 (4.3%) $153,972 (9.4%) 0.00 29
    2023-08-01 $162,000 (12.3%) $378,500 (155.7%) 0.00 31
    2023-09-01 $162,000 (21.4%) $394,043 (204.3%) 0.00 28
    2023-10-01 $157,000 (6.1%) $397,921 (130.2%) 0.00 28
    2023-11-01 $154,500 (-0.4%) $407,917 (111.8%) 0.00 27
    2023-12-01 $152,500 (-4.7%) $395,304 (116.9%) 0.00 29
    2024-01-01 $152,500 (0.0%) $369,569 (121.2%) 0.00 33
    2024-02-01 $152,000 (1.3%) $375,285 (135.5%) 0.00 28
    2024-03-01 $176,750 (4.1%) $516,784 (198.6%) 0.00 23
    Indianola's median listing price for 2024-03-01 was $176,750, a difference of $7,000 (4.1%) versus the prior year and $24,750 versus the prior month.

    Indianola's median listing price comes in at 0% of the national average.

    Indianola's average listing price for 2024-03-01 was $516,784, a difference of $343,737 (198.6%) versus the prior year and $141,499 versus the prior month.

    For the 2024-03-01 period, Indianola had 23 MLS listings, a difference of -5 listings (-18%) versus the prior month and -4 listings (-15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Indianola (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,309 sqft
    2018-02-01 0 days 1,292 sqft
    2018-03-01 0 days 1,309 sqft
    2018-04-01 0 days 1,596 sqft
    2018-05-01 0 days 1,763 sqft
    2018-06-01 0 days 1,846 sqft
    2018-07-01 0 days 1,855 sqft
    2018-08-01 0 days 1,816 sqft
    2018-09-01 0 days 1,751 sqft
    2018-10-01 0 days 1,749 sqft
    2018-11-01 0 days 1,636 sqft
    2018-12-01 0 days 1,664 sqft
    2019-01-01 0 days 1,718 sqft
    2019-02-01 0 days 1,821 sqft
    2019-03-01 0 days 1,825 sqft
    2019-04-01 0 days 1,744 sqft
    2019-05-01 0 days 1,669 sqft
    2019-06-01 0 days 1,636 sqft
    2019-07-01 0 days 1,632 sqft
    2019-08-01 0 days 1,504 sqft
    2019-09-01 0 days 1,571 sqft
    2019-10-01 0 days 1,710 sqft
    2019-11-01 0 days 1,828 sqft
    2019-12-01 0 days 1,796 sqft
    2020-01-01 0 days 1,793 sqft
    2020-02-01 0 days 1,702 sqft
    2020-03-01 0 days 1,747 sqft
    2020-04-01 0 days 1,786 sqft
    2020-05-01 0 days 1,665 sqft
    2020-06-01 0 days 1,636 sqft
    2020-07-01 0 days 1,551 sqft
    2020-08-01 0 days 1,965 sqft
    2020-09-01 0 days 1,925 sqft
    2020-10-01 0 days 1,925 sqft
    2020-11-01 0 days 2,234 sqft
    2020-12-01 0 days 2,312 sqft
    2021-01-01 0 days 2,058 sqft
    2021-02-01 0 days 2,004 sqft
    2021-03-01 0 days 1,969 sqft
    2021-04-01 0 days 2,178 sqft
    2021-05-01 0 days 2,265 sqft
    2021-06-01 0 days 2,095 sqft
    2021-07-01 0 days 2,050 sqft
    2021-08-01 0 days 1,824 sqft
    2021-09-01 0 days 1,818 sqft
    2021-10-01 0 days 1,828 sqft
    2021-11-01 0 days 1,824 sqft
    2021-12-01 0 days 1,552 sqft
    2022-01-01 0 days 1,606 sqft
    2022-02-01 0 days 1,589 sqft
    2022-03-01 0 days 1,552 sqft
    2022-04-01 0 days 1,785 sqft
    2022-05-01 0 days 1,785 sqft
    2022-06-01 0 days 1,800 sqft
    2022-07-01 0 days 1,589 sqft
    2022-08-01 0 days 1,818 sqft
    2022-09-01 0 days 1,818 sqft
    2022-10-01 0 days 2,193 sqft
    2022-11-01 0 days 2,285 sqft
    2022-12-01 0 days 2,285 sqft
    2023-01-01 0 days 2,028 sqft
    2023-02-01 0 days 2,068 sqft
    2023-03-01 0 days 2,224 sqft
    2023-04-01 0 days 2,225 sqft
    2023-05-01 0 days 1,960 sqft
    2023-06-01 0 days 1,920 sqft
    2023-07-01 0 days 2,058 sqft
    2023-08-01 0 days 2,047 sqft
    2023-09-01 0 days 2,035 sqft
    2023-10-01 0 days 2,090 sqft
    2023-11-01 0 days 2,046 sqft
    2023-12-01 0 days 2,178 sqft
    2024-01-01 0 days 2,178 sqft
    2024-02-01 0 days 2,131 sqft
    2024-03-01 0 days 2,222 sqft
    Indianola's median listing age (time on market) for 2024-03-01 was 0 days.

    Indianola's median square footage for active listings during the 2024-03-01 period was 2,222 sqft. One year prior, the average listing was 2,224 sqft.

    Indianola, MS Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Refi 120 $7,520,000 $62,667
    Home Purchase 70 $11,600,000 $165,714
    Other 16 $740,000 $46,250
    Home Improvement 11 $485,000 $44,091
    Cash Out Refi 11 $1,425,000 $129,545

    Indianola's most frequently cited loan purpose was Refi, with 120 originations. The 2nd most popular reason was Home Purchase, with 70 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    Over 8% 105 $6,685,000 $63,667
    7-8% 63 $5,345,000 $84,841
    6-7% 26 $6,830,000 $262,692
    5-6% 13 $1,495,000 $115,000
    4-5% 4 $390,000 $97,500
    <2.5% 2 $10,000 $5,000

    During 2023, Indianola's most frequently originated rate bucket was Over 8%, with 105 originations.

    Loan Sizing (Indianola, MS MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 158 $7,290,000 $46,139
    $100k-200k 54 $7,300,000 $135,185
    $200k-400k 14 $3,450,000 $246,429
    $400k-600k 1 $525,000 $525,000
    $Over $1MM 1 $3,205,000 $3,205,000

    Indianola's loan sizing saw the bucket of loans from $100,000 or less with 158 originations, totaling $7,290,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    60-80% 65 $5,225,000 $80,385
    80-100% 62 $11,300,000 $182,258
    40-60% 41 $2,575,000 $62,805
    20-40% 32 $1,200,000 $37,500
    Under 20% 12 $220,000 $18,333
    Over 100% 2 $240,000 $120,000

    Indianola's loan sizing saw loans grouped in the 60-80% Loan-to-value bucket with 65 originations, totaling $5,225,000 in origination value.