Indianola Mortgage Rates & Closing Costs

  • JUMP TO:
  • Trends
  • Rates vs. Fees
  • Top Lenders
  • Market Share
  • Market Conditions & Pricing
  • Time on Market/Property Size
  • Loan Attributes
    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Indianola averaged 6.85% for the week of 2023-03-16, compared to the national average of 6.6% for the same period.

    The average rate for the prior week (2023-03-09) was 7.08% and one month ago for the week of 2023-02-09, the average rate was 6.57%.

    Indianola's average rate one year ago was 3.96%.

    For refis of the same type during the week of 2023-03-16, the average rate was 7.18%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-03-16 6.6%
    Indianola 30 Year Fixed Rate 2023-03-16 6.85%
    Indianola 30 Year Fixed Rate Refi 2023-03-16 7.18%
    Indianola 15 Year Fixed Rate 2023-03-16 6.9%
    Indianola 15 Year Fixed Rate Refi 2023-03-16 6.17%
    Indianola 30 Year FHA 2023-03-16 6.2%
    Indianola 30 Year FHA Refi 2023-03-16 5.94%
    Indianola 30 Year USDA 2023-03-16 6.17%
    Indianola 30 Year USDA Refi 2023-03-16 2.59%
    Indianola 30 Year VA 2023-03-16 6.36%
    Indianola 30 Year VA Refi 2023-03-16 5.92%
    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 5 5.05% $4,751
    Community Bank of Mississippi 3 5.13% $3,440
    BancorpSouth Bank 2 5.06% $2,839
    GUARANTY HOME MORTGAGE CORPORATION 2 5.13% $5,129
    HOPE FEDERAL CREDIT UNION 2 5.63% $4,355
    Wells Fargo Bank 2 3.94% $3,867
    UNITED WHOLESALE MORTGAGE, LLC 1 5.50% $6,491
    LOANDEPOT.COM, LLC 1 2.99% $5,399
    Paramount Residential Mortgage Group, Inc. 1 6.63% $4,861
    BankPlus 1 4.00% $3,224
    Regions Bank 1 6.50% $0
    RIVERLAND FEDERAL CREDIT UNION 1 4.13% $8,046
    Barrington Bank & Trust Company, N.A. 1 7.13% $3,550
    Trustmark National Bank 1 5.88% $2,137
    HOME POINT FINANCIAL CORPORATION 1 2.99% $4,833

    Indianola Average Closing Costs & Other Stats

    Indianola, MS's 15 lenders originated 301 loans during 2022. The total origination value was $26,965,000, with an average loan value of $89,585.

    Indianola's average closing costs are $4,727.

    The top Indianola lender as defined by loan originations is QUICKEN LOANS, LLC, with 5 loans originated. Their average total fees are $4,751, which is $1,311 higher than the next largest lender, Community Bank of Mississippi.

    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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
    Planters Bank & Trust Company $7,755,000 $4,980,000 -35.8% 18.5%
    Community Bank of Mississippi $8,590,000 $4,720,000 -45.1% 17.5%
    Southern Bancorp Bank $2,250,000 $3,820,000 69.8% 14.2%
    QUICKEN LOANS, LLC $4,230,000 $2,720,000 -35.7% 10.1%
    Guaranty Bank and Trust Company $1,675,000 $1,035,000 -38.2% 3.8%
    Mortgage Research Center, LLC $430,000 $700,000 62.8% 2.6%
    PriorityOne Bank $2,835,000 $675,000 -76.2% 2.5%
    BankPlus $1,425,000 $610,000 -57.2% 2.3%
    LOANDEPOT.COM, LLC $240,000 $560,000 133.3% 2.1%
    Regions Bank $325,000 $485,000 49.2% 1.8%
    Wells Fargo Bank $225,000 $410,000 82.2% 1.5%
    BancorpSouth Bank $1,210,000 $385,000 -68.2% 1.4%
    HOPE FEDERAL CREDIT UNION $265,000 $350,000 32.1% 1.3%
    Baxter Credit Union $525,000 $340,000 -35.2% 1.3%
    UNITED WHOLESALE MORTGAGE, LLC $385,000 $320,000 -16.9% 1.2%
    Trustmark National Bank $840,000 $260,000 -69.0% 1.0%
    ATLANTA POSTAL $255,000 n/a 0.9%
    Northpointe Bank $255,000 n/a 0.9%
    Renasant Bank $75,000 $245,000 226.7% 0.9%
    RIVERLAND FEDERAL CREDIT UNION $245,000 n/a 0.9%
    FirstBank $220,000 n/a 0.8%
    GUARANTY HOME MORTGAGE CORPORATION $210,000 n/a 0.8%
    Lakeview Community Capital, LLC $205,000 n/a 0.8%
    NEWREZ LLC $45,000 $200,000 344.4% 0.7%
    Barrington Bank & Trust Company, N.A. $265,000 $195,000 -26.4% 0.7%
    Magnolia Bank $1,715,000 $175,000 -89.8% 0.6%
    PRIMARY RESIDENTIAL MORTGAGE, INC. $165,000 n/a 0.6%
    SECURITYNATIONAL MORTGAGE COMPANY $165,000 n/a 0.6%
    EVERETT FINANCIAL, INC. $155,000 n/a 0.6%
    PENNYMAC LOAN SERVICES, LLC $320,000 $145,000 -54.7% 0.5%
    HOME POINT FINANCIAL CORPORATION $135,000 n/a 0.5%
    MUTUAL OF OMAHA MORTGAGE, INC. $135,000 n/a 0.5%
    Citizens Bank $250,000 $125,000 -50.0% 0.5%
    HOMESTAR FINANCIAL CORPORATION $115,000 n/a 0.4%
    AMERISAVE MORTGAGE CORPORATION $85,000 $105,000 23.5% 0.4%
    BROKER SOLUTIONS, INC. $255,000 $105,000 -58.8% 0.4%
    AMERICAN FINANCING CORPORATION $95,000 n/a 0.4%
    HOMESIDE FINANCIAL, LLC $95,000 n/a 0.4%
    LIBERTY HOME MORTGAGE CORPORATION $95,000 n/a 0.4%
    CSL Financial, LLC $85,000 n/a 0.3%
    Flagstar Bank, FSB $85,000 n/a 0.3%
    ROYAL UNITED MORTGAGE LLC $255,000 $85,000 -66.7% 0.3%
    AMERICAN ADVISORS GROUP $75,000 n/a 0.3%
    CALIBER HOME LOANS, INC. $210,000 $75,000 -64.3% 0.3%
    FINANCE OF AMERICA MORTGAGE LLC $75,000 n/a 0.3%
    FREEDOM MORTGAGE CORPORATION $1,060,000 $75,000 -92.9% 0.3%
    JPMorgan Chase Bank $65,000 n/a 0.2%
    Paramount Residential Mortgage Group, Inc. $55,000 n/a 0.2%
    Peoples Bank $55,000 n/a 0.2%
    CB&S Bank, Inc. $25,000 n/a 0.1%

    Indianola's top lender by overall market share is Planters Bank & Trust Company, with 18.5% market share. In second place, with 17.5%, is Community Bank of Mississippi, having originated $4,720,000 in loans. In third place, with 14.2%, is Southern Bancorp Bank, having originated $3,820,000 in loans. In fourth place, with 10.1%, is QUICKEN LOANS, LLC, having originated $2,720,000 in loans. In fifth place, with 3.8%, is Guaranty Bank and Trust Company, having originated $1,035,000 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 $63,000 (7.7%) $90,032 (15.2%) 0.00 11
    2018-03-01 $60,000 (-0.3%) $89,973 (0.5%) 0.00 11
    2018-04-01 $60,000 (0.0%) $79,973 (-12.4%) 0.00 10
    2018-05-01 $77,500 (13.8%) $97,983 (-16.9%) 0.00 8
    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 (30.0%) $118,628 (31.8%) 0.00 23
    2019-03-01 $75,286 (25.5%) $115,139 (28.0%) 0.00 21
    2019-04-01 $74,161 (23.6%) $106,669 (33.4%) 0.00 20
    2019-05-01 $80,375 (3.7%) $99,660 (1.7%) 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%) $159,086 (47.2%) 0.00 22
    Indianola's median listing price for 2023-02-01 was $150,000, a difference of $29,000 (24.0%) versus the prior year and $-2,500 versus the prior month.

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

    Indianola's average listing price for 2023-02-01 was $159,086, a difference of $51,021 (47.2%) versus the prior year and $-8,024 versus the prior month.

    For the 2023-02-01 period, Indianola had 22 MLS listings, a difference of 2 listings (10%) versus the prior month and 5 listings (29%) 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 1,377 sqft
    2018-02-01 0 days 1,242 sqft
    2018-03-01 0 days 1,242 sqft
    2018-04-01 0 days 1,445 sqft
    2018-05-01 0 days 1,679 sqft
    2018-06-01 0 days 1,846 sqft
    2018-07-01 0 days 1,855 sqft
    2018-08-01 0 days 1,823 sqft
    2018-09-01 0 days 1,759 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
    Indianola's median listing age (time on market) for 2023-02-01 was 0 days.

    Indianola's median square footage for active listings during the 2023-02-01 period was 2,068 sqft. One year prior, the average listing was 1,589 sqft.

    Indianola, MS Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Refi 127 $10,055,000 $79,173
    Home Purchase 104 $10,370,000 $99,712
    Cash Out Refi 35 $4,365,000 $124,714
    Home Improvement 24 $1,590,000 $66,250
    Other 11 $585,000 $53,182

    Indianola's most frequently cited loan purpose was Refi, with 127 originations. The 2nd most popular reason was Home Purchase, with 104 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    5-6% 78 $7,950,000 $101,923
    6-7% 63 $4,305,000 $68,333
    4-5% 63 $6,145,000 $97,540
    3-4% 34 $3,720,000 $109,412
    7-8% 27 $2,285,000 $84,630
    Over 8% 16 $750,000 $46,875
    2.5-3% 11 $1,475,000 $134,091
    <2.5% 8 $310,000 $38,750

    During 2022, Indianola's most frequently originated rate bucket was 5-6%, with 78 originations.

    Loan Sizing (Indianola, MS MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 199 $9,575,000 $48,116
    $100k-200k 81 $11,095,000 $136,975
    $200k-400k 17 $4,325,000 $254,412
    $400k-600k 3 $1,305,000 $435,000
    $600k-1000k 1 $665,000 $665,000

    Indianola's loan sizing saw the bucket of loans from $100,000 or less with 199 originations, totaling $9,575,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 98 $11,960,000 $122,041
    60-80% 94 $8,510,000 $90,532
    40-60% 57 $4,355,000 $76,404
    20-40% 31 $1,165,000 $37,581
    Under 20% 14 $330,000 $23,571
    Over 100% 4 $520,000 $130,000

    Indianola's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 98 originations, totaling $11,960,000 in origination value.