Madison 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 Madison averaged 7.25% for the week of 2023-09-14, compared to the national average of 7.18% for the same period.

    The average rate for the prior week (2023-09-07) was 6.89% and one month ago for the week of 2023-08-10, the average rate was 6.83%.

    Madison's average rate one year ago was 5.96%.

    For refis of the same type during the week of 2023-09-14, the average rate was 7.28%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-09-14 7.18%
    Madison 30 Year Fixed Rate 2023-09-14 7.25%
    Madison 30 Year Fixed Rate Refi 2023-09-14 7.28%
    Madison 15 Year Fixed Rate 2023-09-14 6.31%
    Madison 15 Year Fixed Rate Refi 2023-09-14 6.71%
    Madison 30 Year FHA 2023-09-14 6.66%
    Madison 30 Year FHA Refi 2023-09-14 7.09%
    Madison 30 Year USDA 2023-09-14 7.08%
    Madison 30 Year USDA Refi 2023-09-14 6.78%
    Madison 30 Year VA 2023-09-14 6.81%
    Madison 30 Year VA Refi 2023-09-14 6.61%
    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    German American Bank 39 5.23% $2,850
    RUOFF MORTGAGE COMPANY, INC. 36 5.55% $2,788
    First Financial Bank 35 5.36% $3,036
    The Friendship State Bank 22 4.39% $2,581
    QUICKEN LOANS, LLC 20 4.93% $6,845
    GENEVA FINANCIAL, LLC 12 4.83% $5,765
    FAIR WAY LENDING LLC 11 5.43% $4,193
    UNITED WHOLESALE MORTGAGE, LLC 10 4.82% $3,490
    Centra Credit Union 9 5.15% $2,891
    Wells Fargo Bank 7 5.07% $3,834
    HOME POINT FINANCIAL CORPORATION 6 5.50% $4,699
    JPMorgan Chase Bank 3 6.41% $5,799
    LAKEVIEW LOAN SERVICING, LLC 3 5.04% $3,769
    Citizens Bank 3 3.63% $2,841
    LOANDEPOT.COM, LLC 3 3.96% $8,246
    Old National Bank 3 3.88% $299
    Carrington Mortgage Services, LLC 3 6.67% $5,876
    Flagstar Bank, FSB 3 4.50% $4,807
    U.S. Bank 3 5.13% $2,689
    ZILLOW HOME LOANS, LLC 3 5.54% $5,489
    STOCKTON MORTGAGE CORPORATION 2 4.25% $3,176
    FREEDOM MORTGAGE CORPORATION 2 5.00% $4,931
    PARK COMMUNITY CREDIT UNION, INC. 2 5.94% $2,081
    GVC MORTGAGE, INC. 2 4.81% $2,986
    HALLMARK HOME MORTGAGE, LLC 2 6.69% $2,688
    Truist 2 4.35% $2,678
    Morgan Stanley Private Bank 2 5.65% $2,634
    MJW Financial LLC 2 5.63% $4,508
    Farm Credit Mid-America, ACA 2 5.85% $7,785
    Fifth Third Bank 2 4.56% $3,882
    ROYAL UNITED MORTGAGE LLC 2 5.94% $5,610
    Republic Bank & Trust Company 2 5.69% $2,820
    Union Savings Bank 1 4.88% $7,780
    Wolfe Financial, Inc 1 6.00% $4,459
    The Huntington National Bank 1 4.38% $3,004
    AMERISAVE MORTGAGE CORPORATION 1 6.50% $6,377
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.99% $1,596
    Bank of America 1 5.38% $3,200
    BAY EQUITY LLC 1 3.88% $2,581
    BEACON CREDIT UNION 1 3.00% $2,685
    BNC National Bank 1 6.38% $2,721
    BROKER SOLUTIONS, INC. 1 4.99% $7,398
    CARDINAL FINANCIAL 1 4.75% $4,635
    Circle Federal Credit Union 1 5.75% $1,749
    Civista Bank 1 6.25% $2,198
    DIRECT MORTGAGE LOANS, LLC 1 4.13% $5,308
    EVANSVILLE TEACHERS 1 2.75% $2,412
    EVERETT FINANCIAL, INC. 1 5.25% $744
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.49% $7,900
    FINANCIAL BUILDERS Federal Credit Union 1 3.88% $1,933
    First Harrison Bank 1 3.99% $2,168
    First Savings Bank 1 5.50% $2,201
    GUARANTEED RATE AFFINITY, LLC 1 5.50% $2,496
    Horizon Bank 1 3.88% $2,471
    LAKE MICHIGAN CREDIT UNION 1 6.13% $2,280
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $17,212
    Magnolia Bank 1 4.13% $2,517
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.00% $4,491
    PENNYMAC LOAN SERVICES, LLC 1 6.00% $1,983
    PHH Mortgage Corporation 1 5.50% $3,974
    POLARIS HOME FUNDING CORP. 1 5.75% $4,737
    Regions Bank 1 5.75% $4,472
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.50% $3,046
    Stock Yards Bank & Trust Company 1 6.38% $2,364
    Ally Bank 1 6.50% $1,377
    THRIVE MORTGAGE, LLC 1 3.50% $2,094

    Madison Average Closing Costs & Other Stats

    Madison, IN's 66 lenders originated 962 loans during 2022. The total origination value was $142,730,000, with an average loan value of $148,368.

    Madison's average closing costs are $3,834.

    The top Madison lender as defined by loan originations is German American Bank, with 39 loans originated. Their average total fees are $2,850, which is $62 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Madison lenders (with over 10 loans originated) are The Friendship State Bank ($2,581), RUOFF MORTGAGE COMPANY, INC. ($2,788), German American Bank ($2,850), First Financial Bank ($3,036) and UNITED WHOLESALE MORTGAGE, LLC ($3,490).

    The lowest rate Madison lenders (with over 10 loans originated) are The Friendship State Bank (4.39%), UNITED WHOLESALE MORTGAGE, LLC (4.82%), GENEVA FINANCIAL, LLC (4.83%), QUICKEN LOANS, LLC (4.93%) and German American Bank (5.23%).

    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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
    German American Bank $27,730,000 $18,690,000 -32.6% 13.1%
    RUOFF MORTGAGE COMPANY, INC. $21,170,000 $14,850,000 -29.9% 10.4%
    First Financial Bank $1,265,000 $13,120,000 937.2% 9.2%
    The Farmers Bank of Milton $8,545,000 $9,220,000 7.9% 6.5%
    The Friendship State Bank $12,815,000 $7,815,000 -39.0% 5.5%
    GENEVA FINANCIAL, LLC $8,770,000 $7,625,000 -13.1% 5.3%
    INDIANA UNIVERSITY CREDIT UNION $7,125,000 n/a 5.0%
    QUICKEN LOANS, LLC $11,460,000 $7,080,000 -38.2% 5.0%
    FAIR WAY LENDING LLC $6,140,000 $3,455,000 -43.7% 2.4%
    Centra Credit Union $4,770,000 $3,110,000 -34.8% 2.2%
    First Merchants Bank $115,000 $2,815,000 2,347.8% 2.0%
    UNITED WHOLESALE MORTGAGE, LLC $1,345,000 $2,575,000 91.4% 1.8%
    HOME POINT FINANCIAL CORPORATION $3,650,000 $2,385,000 -34.7% 1.7%
    Century Mortgage Company DBA Century Lending Company $805,000 $2,380,000 195.7% 1.7%
    Mortgage Research Center, LLC $1,500,000 $2,235,000 49.0% 1.6%
    Wells Fargo Bank $980,000 $1,630,000 66.3% 1.1%
    LOANDEPOT.COM, LLC $1,390,000 $1,210,000 -12.9% 0.8%
    NEW DAY FINANCIAL, LLC $115,000 $1,115,000 869.6% 0.8%
    PENNYMAC LOAN SERVICES, LLC $2,495,000 $1,110,000 -55.5% 0.8%
    FREEDOM MORTGAGE CORPORATION $6,065,000 $1,005,000 -83.4% 0.7%
    BROKER SOLUTIONS, INC. $280,000 $975,000 248.2% 0.7%
    Magnolia Bank $820,000 $970,000 18.3% 0.7%
    Farm Credit Mid-America, ACA $2,820,000 $895,000 -68.3% 0.6%
    Fifth Third Bank $1,135,000 $885,000 -22.0% 0.6%
    NAVY FEDERAL CREDIT UNION $430,000 $800,000 86.0% 0.6%
    Old National Bank $2,040,000 $770,000 -62.3% 0.5%
    Carrington Mortgage Services, LLC $395,000 $735,000 86.1% 0.5%
    GVC MORTGAGE, INC. $340,000 $725,000 113.2% 0.5%
    PNC Bank $575,000 $715,000 24.3% 0.5%
    AMERISAVE MORTGAGE CORPORATION $2,025,000 $700,000 -65.4% 0.5%
    U.S. Bank $605,000 $685,000 13.2% 0.5%
    Flagstar Bank, FSB $515,000 $665,000 29.1% 0.5%
    JPMorgan Chase Bank $1,425,000 $665,000 -53.3% 0.5%
    Wolfe Financial, Inc $1,160,000 $665,000 -42.7% 0.5%
    MJW Financial LLC $640,000 n/a 0.4%
    The Huntington National Bank $270,000 $590,000 118.5% 0.4%
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $240,000 $560,000 133.3% 0.4%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $625,000 $555,000 -11.2% 0.4%
    LIBERTY HOME MORTGAGE CORPORATION $520,000 n/a 0.4%
    TRIAD FINANCIAL SERVICES, INC. $50,000 $510,000 920.0% 0.4%
    HALLMARK HOME MORTGAGE, LLC $490,000 n/a 0.3%
    INTERLINC MORTGAGE SERVICES, LLC $165,000 $480,000 190.9% 0.3%
    Horizon Bank $470,000 n/a 0.3%
    DIRECT MORTGAGE LOANS, LLC $465,000 n/a 0.3%
    Stock Yards Bank & Trust Company $350,000 $465,000 32.9% 0.3%
    PARK COMMUNITY CREDIT UNION, INC. $105,000 $460,000 338.1% 0.3%
    Citizens Bank $850,000 $455,000 -46.5% 0.3%
    ZILLOW HOME LOANS, LLC $455,000 n/a 0.3%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $1,340,000 $435,000 -67.5% 0.3%
    CMG MORTGAGE, INC. $300,000 $430,000 43.3% 0.3%
    Paramount Residential Mortgage Group, Inc. $430,000 n/a 0.3%
    OPEN MORTGAGE, LLC $155,000 $425,000 174.2% 0.3%
    Union Savings And Loan Association $405,000 n/a 0.3%
    SUCCESS MORTGAGE PARTNERS, INC. $195,000 $400,000 105.1% 0.3%
    Mid-Continent Funding, Inc. $385,000 n/a 0.3%
    Mr. Cooper ( Nationstar Mortgage ) $1,660,000 $355,000 -78.6% 0.2%
    Union Savings Bank $360,000 $345,000 -4.2% 0.2%
    LAKEVIEW LOAN SERVICING, LLC $1,380,000 $335,000 -75.7% 0.2%
    BAY EQUITY LLC $250,000 $315,000 26.0% 0.2%
    STOCKTON MORTGAGE CORPORATION $315,000 n/a 0.2%
    THRIVE MORTGAGE, LLC $640,000 $310,000 -51.6% 0.2%
    Prosperity Home Mortgage, LLC $255,000 $305,000 19.6% 0.2%
    Bedford Loan & Deposit Bank $225,000 $295,000 31.1% 0.2%
    Morgan Stanley Private Bank $280,000 n/a 0.2%
    Nations Lending Corporation $125,000 $280,000 124.0% 0.2%
    Truist $355,000 $275,000 -22.5% 0.2%
    USAA Federal Savings Bank $190,000 $255,000 34.2% 0.2%
    Willamette Valley Bank $255,000 n/a 0.2%
    EVANSVILLE TEACHERS $360,000 $250,000 -30.6% 0.2%
    First Savings Bank $810,000 $245,000 -69.8% 0.2%
    MID AMERICA MORTGAGE, INC. $240,000 $245,000 2.1% 0.2%
    ROYAL UNITED MORTGAGE LLC $225,000 $245,000 8.9% 0.2%
    The North Salem State Bank $245,000 n/a 0.2%
    CROSSCOUNTRY MORTGAGE, LLC $550,000 $235,000 -57.3% 0.2%
    Republic Bank & Trust Company $505,000 $235,000 -53.5% 0.2%
    Bank of America $230,000 n/a 0.2%
    BEACON CREDIT UNION $225,000 n/a 0.2%
    Civista Bank $225,000 n/a 0.2%
    AMERICAN PACIFIC MORTGAGE CORPORATION $215,000 n/a 0.2%
    1ST SIGNATURE LENDING, LLC $205,000 n/a 0.1%
    BNC National Bank $205,000 n/a 0.1%
    First Harrison Bank $305,000 $195,000 -36.1% 0.1%
    NEWREZ LLC $685,000 $185,000 -73.0% 0.1%
    AmeriHome Mortgage Company, LLC $405,000 $175,000 -56.8% 0.1%
    SOVEREIGN LENDING GROUP INCORPORATED $385,000 $175,000 -54.5% 0.1%
    UNION HOME MORTGAGE CORP. $555,000 $175,000 -68.5% 0.1%
    FINANCIAL BUILDERS Federal Credit Union $170,000 n/a 0.1%
    Circle Federal Credit Union $165,000 n/a 0.1%
    Ally Bank $380,000 $155,000 -59.2% 0.1%
    Citizens State Bank of New Castle $155,000 n/a 0.1%
    EVERETT FINANCIAL, INC. $155,000 n/a 0.1%
    Jackson County Bank $1,505,000 $155,000 -89.7% 0.1%
    GUARANTY HOME MORTGAGE CORPORATION $240,000 $145,000 -39.6% 0.1%
    HONDA Federal Credit Union $145,000 n/a 0.1%
    VANDERBILT MORTGAGE AND FINANCE, INC. $550,000 $145,000 -73.6% 0.1%
    HOMESIDE FINANCIAL, LLC $145,000 $135,000 -6.9% 0.1%
    POLARIS HOME FUNDING CORP. $135,000 n/a 0.1%
    Advanz Federal Credit Union $130,000 n/a 0.1%
    LOANPAL, LLC $125,000 n/a 0.1%
    Mid-Southern Savings Bank, FSB $125,000 n/a 0.1%
    ARK-LA-TEX FINANCIAL SERVICES, LLC. $215,000 $115,000 -46.5% 0.1%
    Regions Bank $155,000 $115,000 -25.8% 0.1%
    VILLAGE CAPITAL MORTGAGE $115,000 n/a 0.1%
    LAKE MICHIGAN CREDIT UNION $105,000 n/a 0.1%
    PROVIDENT FUNDING ASSOCIATES, L.P. $105,000 n/a 0.1%
    UNIFY FINANCIAL Credit Union $105,000 n/a 0.1%
    SPRING EQ, LLC $95,000 n/a 0.1%
    AMERICAN ADVISORS GROUP $95,000 $85,000 -10.5% 0.1%
    GUARANTEED RATE AFFINITY, LLC $85,000 n/a 0.1%
    M&T Bank $75,000 n/a 0.1%
    MUTUAL OF OMAHA MORTGAGE, INC. $695,000 $75,000 -89.2% 0.1%
    Bank of England $175,000 $65,000 -62.9% 0.0%
    Discover Bank $85,000 $65,000 -23.5% 0.0%
    LAFCU $65,000 n/a 0.0%
    PHH Mortgage Corporation $55,000 n/a 0.0%
    Figure Lending LLC $35,000 n/a 0.0%
    COMMONWEALTH $25,000 n/a 0.0%
    TEACHERS CREDIT UNION $260,000 $25,000 -90.4% 0.0%
    WesBanco Bank, Inc. $25,000 n/a 0.0%

    Madison's top lender by overall market share is German American Bank, with 13.1% market share. In second place, with 10.4%, is RUOFF MORTGAGE COMPANY, INC., having originated $14,850,000 in loans. In third place, with 9.2%, is First Financial Bank, having originated $13,120,000 in loans. In fourth place, with 6.5%, is The Farmers Bank of Milton, having originated $9,220,000 in loans. In fifth place, with 5.5%, is The Friendship State Bank, having originated $7,815,000 in loans.

    Madison, IN Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 450 $86,620,000 $192,489
    Cash Out Refi 172 $23,460,000 $136,395
    Refi 143 $19,995,000 $139,825
    Other 112 $7,290,000 $65,089
    Home Improvement 85 $5,365,000 $63,118

    Madison's most frequently cited loan purpose was Home Purchase, with 450 originations. The 2nd most popular reason was Cash Out Refi, with 172 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    5-6% 225 $39,265,000 $174,511
    4-5% 184 $31,170,000 $169,402
    <2.5% 147 $10,315,000 $70,170
    3-4% 138 $24,970,000 $180,942
    6-7% 107 $16,035,000 $149,860
    7-8% 55 $5,855,000 $106,455
    2.5-3% 34 $4,480,000 $131,765
    Over 8% 3 $195,000 $65,000

    During 2022, Madison's most frequently originated rate bucket was 5-6%, with 225 originations.

    Loan Sizing (Madison, IN MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 394 $57,440,000 $145,787
    $100,000 or less 361 $19,545,000 $54,141
    $200k-400k 184 $48,360,000 $262,826
    $400k-600k 17 $7,845,000 $461,471
    $600k-1000k 3 $1,985,000 $661,667
    $Over $1MM 3 $7,555,000 $2,518,333

    Madison's loan sizing saw the bucket of loans from $100k-200k with 394 originations, totaling $57,440,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 315 $63,925,000 $202,937
    60-80% 191 $36,845,000 $192,906
    20-40% 145 $11,615,000 $80,103
    Under 20% 112 $3,810,000 $34,018
    40-60% 104 $13,780,000 $132,500
    Over 100% 6 $1,480,000 $246,667

    Madison's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 315 originations, totaling $63,925,000 in origination value.