Madison Mortgage Rates & Closing Costs

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

30 Year Fixed Rate mortgages in Madison averaged 6.94% for the week of 2025-07-03, compared to the national average of 6.67% for the same period.

The average rate for the prior week (2025-06-26) was 6.94% and one month ago for the week of 2025-05-29, the average rate was 6.96%.

Madison's average rate one year ago was 6.73%.

For refis of the same type during the week of 2025-07-03, the average rate was 6.97%.

Loan Type Date Rate
US 30 Year Fixed Rate 2025-07-03 6.67%
Madison 30 Year Fixed Rate 2025-07-03 6.94%
Madison 30 Year Fixed Rate Refi 2025-07-03 6.97%
Madison 15 Year Fixed Rate 2025-07-03 5.9%
Madison 15 Year Fixed Rate Refi 2025-07-03 6.4%
Madison 30 Year FHA 2025-07-03 0.6%
Madison 30 Year FHA Refi 2025-07-03 0%
Madison 30 Year USDA 2025-07-03 0.1%
Madison 30 Year USDA Refi 2025-07-03 0.1%
Madison 30 Year VA 2025-07-03 0.1%
Madison 30 Year VA Refi 2025-07-03 0.2%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Madison, IN.

Madison 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 Madison, IN 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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
German American Bank 30 6.40% $2,890
RUOFF MORTGAGE COMPANY, INC. 23 6.91% $3,238
The Friendship State Bank 21 6.79% $1,952
Centra Credit Union 16 6.97% $2,873
First Financial Bank 11 6.68% $5,096
QUICKEN LOANS, LLC 10 6.80% $5,318
AMERICAN PACIFIC MORTGAGE CORPORATION 6 7.49% $6,449
Flagstar Bank, FSB 6 6.33% $2,904
GENEVA FINANCIAL, LLC 5 6.90% $4,616
CMG MORTGAGE, INC. 4 6.66% $4,109
FAIR WAY LENDING LLC 4 6.49% $4,080
UNITED WHOLESALE MORTGAGE, LLC 4 6.31% $5,850
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.17% $3,559
Farm Credit Mid-America, ACA 3 7.08% $8,052
LOANDEPOT.COM, LLC 3 7.41% $6,373
The Loan Store, Inc. 3 7.04% $4,189
STOCKTON MORTGAGE CORPORATION 2 7.75% $4,978
Stock Yards Bank & Trust Company 2 6.63% $2,426
ROYAL UNITED MORTGAGE LLC 2 6.19% $6,887
LCNB National Bank 2 6.50% $2,726
FREEDOM MORTGAGE CORPORATION 2 7.25% $5,192
GVC MORTGAGE, INC. 2 7.36% $5,652
SIRVA MORTGAGE, INC. 2 6.88% $135
PNC Bank 1 7.00% $2,267
Republic Bank & Trust Company 1 6.00% $2,946
Texana Bank 1 6.63% $3,255
AMERICAN FINANCIAL NETWORK, INC. 1 7.38% $8,068
U.S. Bank 1 7.63% $4,014
AmeriHome Mortgage Company, LLC 1 6.38% $2,688
Century Mortgage Company DBA Century Lending Company 1 7.13% $9,655
CHURCHILL MORTGAGE CORPORATION 1 6.50% $3,905
DIRECT MORTGAGE LOANS, LLC 1 6.88% $10,686
FIDELITY BANK 1 6.63% $4,001
Fifth Third Bank 1 5.63% $3,109
FIRST COMMUNITY MORTGAGE, INC. 1 6.13% $3,150
First Financial Bank 1 6.50% $3,492
First Merchants Bank 1 6.63% $4,693
First Savings Bank 1 7.25% $2,461
GUILD MORTGAGE COMPANY 1 6.99% $2,153
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.88% $8,176
INTERLINC MORTGAGE SERVICES, LLC 1 7.13% $12,101
Jackson County Bank 1 6.38% $2,146
JPMorgan Chase Bank 1 6.88% $500
L & N Federal Credit Union 1 6.38% $1,905
Magnolia Bank 1 6.63% $7,183
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.49% $7,128
NAVY FEDERAL CREDIT UNION 1 5.38% $1,428
Northwest Bank 1 5.75% $2,031
PENNYMAC LOAN SERVICES, LLC 1 6.62% $7,322
PLANET HOME LENDING, LLC 1 5.63% $4,021

Madison Average Closing Costs & Other Stats

Madison, IN's 50 lenders originated 798 loans during 2024. The total origination value was $135,380,000, with an average loan value of $169,649.

Madison's average closing costs are $4,145.

The top Madison lender as defined by loan originations is German American Bank, with 30 loans originated. Their average total fees are $2,890, which is $348 lower than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

The lowest fee Madison lenders (with over 10 loans originated) are The Friendship State Bank ($1,952), Centra Credit Union ($2,873), German American Bank ($2,890), RUOFF MORTGAGE COMPANY, INC. ($3,238) and First Financial Bank ($5,096).

The lowest rate Madison lenders (with over 10 loans originated) are German American Bank (6.40%), First Financial Bank (6.68%), The Friendship State Bank (6.79%), QUICKEN LOANS, LLC (6.80%) and RUOFF MORTGAGE COMPANY, INC. (6.91%).

Madison, IN 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 2023 Loan Value 2024 Loan Value % Change 2024 Market Share
German American Bank $15,075,000 $36,585,000 142.7% 27.0%
The Farmers Bank of Milton $12,165,000 $8,565,000 -29.6% 6.3%
First Financial Bank $155,000 $7,995,000 5,058.1% 5.9%
Centra Credit Union $5,210,000 $7,240,000 39.0% 5.3%
GENEVA FINANCIAL, LLC $5,850,000 $6,785,000 16.0% 5.0%
RUOFF MORTGAGE COMPANY, INC. $9,405,000 $6,360,000 -32.4% 4.7%
QUICKEN LOANS, LLC $4,680,000 $4,825,000 3.1% 3.6%
The Friendship State Bank $6,750,000 $4,470,000 -33.8% 3.3%
Mortgage Research Center, LLC $2,780,000 $3,655,000 31.5% 2.7%
First Merchants Bank $3,190,000 n/a 2.4%
UNITED WHOLESALE MORTGAGE, LLC $3,025,000 $2,510,000 -17.0% 1.9%
AMERICAN PACIFIC MORTGAGE CORPORATION $395,000 $2,290,000 479.7% 1.7%
FREEDOM MORTGAGE CORPORATION $1,265,000 $2,175,000 71.9% 1.6%
FAIR WAY LENDING LLC $1,770,000 $2,090,000 18.1% 1.5%
PENNYMAC LOAN SERVICES, LLC $1,040,000 $1,940,000 86.5% 1.4%
CMG MORTGAGE, INC. $1,900,000 n/a 1.4%
Farm Credit Mid-America, ACA $1,970,000 $1,425,000 -27.7% 1.1%
Century Mortgage Company DBA Century Lending Company $1,115,000 $1,400,000 25.6% 1.0%
LOANDEPOT.COM, LLC $820,000 $1,400,000 70.7% 1.0%
DIRECT MORTGAGE LOANS, LLC $1,295,000 n/a 1.0%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $335,000 $1,115,000 232.8% 0.8%
Fifth Third Bank $395,000 $910,000 130.4% 0.7%
NEW DAY FINANCIAL, LLC $215,000 $810,000 276.7% 0.6%
BROKER SOLUTIONS, INC. $1,430,000 $805,000 -43.7% 0.6%
NAVY FEDERAL CREDIT UNION $70,000 $785,000 1,021.4% 0.6%
Magnolia Bank $565,000 $765,000 35.4% 0.6%
PNC Bank $425,000 $725,000 70.6% 0.5%
Flagstar Bank, FSB $45,000 $720,000 1,500.0% 0.5%
Equity Prime Mortgage LLC $670,000 $710,000 6.0% 0.5%
The Loan Store, Inc. $135,000 $665,000 392.6% 0.5%
GUILD MORTGAGE COMPANY $640,000 n/a 0.5%
STOCKTON MORTGAGE CORPORATION $465,000 $635,000 36.6% 0.5%
SIRVA MORTGAGE, INC. $670,000 $630,000 -6.0% 0.5%
GVC MORTGAGE, INC. $635,000 $600,000 -5.5% 0.4%
INTERLINC MORTGAGE SERVICES, LLC $585,000 n/a 0.4%
NEWREZ LLC $410,000 $565,000 37.8% 0.4%
AMERICAN FINANCIAL NETWORK, INC. $545,000 n/a 0.4%
Old National Bank $1,150,000 $535,000 -53.5% 0.4%
The Federal Savings Bank $500,000 n/a 0.4%
Jackson County Bank $545,000 $490,000 -10.1% 0.4%
MUTUAL OF OMAHA MORTGAGE, INC. $235,000 $475,000 102.1% 0.4%
TRIAD FINANCIAL SERVICES, INC. $275,000 $455,000 65.5% 0.3%
Bedford Loan & Deposit Bank $655,000 $425,000 -35.1% 0.3%
GUARANTEED RATE, INC. $375,000 $425,000 13.3% 0.3%
PLANET HOME LENDING, LLC $500,000 $420,000 -16.0% 0.3%
LCNB National Bank $390,000 n/a 0.3%
Paramount Residential Mortgage Group, Inc. $390,000 n/a 0.3%
VILLAGE CAPITAL MORTGAGE $390,000 n/a 0.3%
Stock Yards Bank & Trust Company $380,000 n/a 0.3%
UNION HOME MORTGAGE CORP. $125,000 $380,000 204.0% 0.3%
First Bank of Berne $105,000 $370,000 252.4% 0.3%
Mid-Southern Savings Bank, FSB $370,000 n/a 0.3%
AmeriHome Mortgage Company, LLC $360,000 n/a 0.3%
ROYAL UNITED MORTGAGE LLC $355,000 n/a 0.3%
Carrington Mortgage Services, LLC $375,000 $350,000 -6.7% 0.3%
KeyBank $325,000 n/a 0.2%
PRIMARY RESIDENTIAL MORTGAGE, INC. $450,000 $315,000 -30.0% 0.2%
First Financial Bank $155,000 $305,000 96.8% 0.2%
JPMorgan Chase Bank $800,000 $295,000 -63.1% 0.2%
LAKEVIEW LOAN SERVICING, LLC $275,000 n/a 0.2%
ON Q FINANCIAL, INC. $275,000 n/a 0.2%
First Savings Bank $25,000 $265,000 960.0% 0.2%
LIBERTY HOME MORTGAGE CORPORATION $265,000 n/a 0.2%
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. $255,000 n/a 0.2%
Owen County State Bank $235,000 $255,000 8.5% 0.2%
TEACHERS CREDIT UNION $35,000 $255,000 628.6% 0.2%
MORTGAGE SOLUTIONS OF COLORADO, LLC $245,000 n/a 0.2%
MJW Financial LLC $1,090,000 $235,000 -78.4% 0.2%
Mr. Cooper ( Nationstar Mortgage ) $230,000 n/a 0.2%
Discover Bank $240,000 $225,000 -6.3% 0.2%
Plains Commerce Bank $225,000 n/a 0.2%
Northwest Bank $215,000 n/a 0.2%
Texana Bank $215,000 n/a 0.2%
FIRST COMMUNITY MORTGAGE, INC. $195,000 n/a 0.1%
L & N Federal Credit Union $235,000 $165,000 -29.8% 0.1%
Republic Bank & Trust Company $95,000 $165,000 73.7% 0.1%
FIDELITY BANK $145,000 $145,000 0.0% 0.1%
Bank of England $135,000 n/a 0.1%
CHURCHILL MORTGAGE CORPORATION $135,000 n/a 0.1%
United Citizens Bank & Trust Company $135,000 n/a 0.1%
ALLIANT CREDIT UNION $125,000 n/a 0.1%
The New Washington State Bank $125,000 n/a 0.1%
Truist $85,000 $105,000 23.5% 0.1%
U.S. Bank $105,000 $105,000 0.0% 0.1%
21ST MORTGAGE CORPORATION $390,000 $95,000 -75.6% 0.1%
AMERISAVE MORTGAGE CORPORATION $400,000 $95,000 -76.3% 0.1%
CREDIT HUMAN FEDERAL CREDIT UNION $45,000 n/a 0.0%
Figure Lending LLC $120,000 $45,000 -62.5% 0.0%
Horizon Bank $45,000 n/a 0.0%
HONDA Federal Credit Union $65,000 $35,000 -46.2% 0.0%
SPRING EQ, LLC $55,000 $35,000 -36.4% 0.0%
Regions Bank $25,000 n/a 0.0%

Madison's top lender by overall market share is German American Bank, with 27.0% market share. In second place, with 6.3%, is The Farmers Bank of Milton, having originated $8,565,000 in loans. In third place, with 5.9%, is First Financial Bank, having originated $7,995,000 in loans. In fourth place, with 5.3%, is Centra Credit Union, having originated $7,240,000 in loans. In fifth place, with 5.0%, is GENEVA FINANCIAL, LLC, having originated $6,785,000 in loans.

Madison, IN Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 364 $87,680,000 $240,879
Refi 120 $17,540,000 $146,167
Cash Out Refi 119 $15,215,000 $127,857
Home Improvement 99 $7,445,000 $75,202
Other 95 $7,395,000 $77,842
NA 1 $105,000 $105,000

Madison's most frequently cited loan purpose was Home Purchase, with 364 originations. The 2nd most popular reason was Refi, with 120 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
6-7% 295 $47,945,000 $162,525
7-8% 175 $47,295,000 $270,257
Over 8% 100 $8,770,000 $87,700
5-6% 92 $13,720,000 $149,130
<2.5% 73 $6,255,000 $85,685
4-5% 5 $1,045,000 $209,000
2.5-3% 1 $65,000 $65,000

During 2024, Madison's most frequently originated rate bucket was 6-7%, with 295 originations.

Loan Sizing (Madison, IN MSA)

Loan Size Originations Total Value Average Loan
$100,000 or less 344 $17,520,000 $50,930
$100k-200k 239 $35,655,000 $149,184
$200k-400k 191 $49,315,000 $258,194
$400k-600k 20 $9,150,000 $457,500
$Over $1MM 3 $23,115,000 $7,705,000
$600k-1000k 1 $625,000 $625,000

Madison's loan sizing saw the bucket of loans from $100,000 or less with 344 originations, totaling $17,520,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 233 $45,805,000 $196,588
20-40% 141 $11,765,000 $83,440
Under 20% 125 $5,655,000 $45,240
60-80% 124 $26,320,000 $212,258
40-60% 86 $12,370,000 $143,837
Over 100% 10 $20,800,000 $2,080,000

Madison's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 233 originations, totaling $45,805,000 in origination value.