Madison Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Madison averaged
6.79%
for the week of 2025-07-10, compared to the national average of
6.72% for the same period.
The average rate for the prior week (2025-07-03) was
6.54% and
one month ago for the week of 2025-06-05, the
average rate was 6.72%.
Madison's average rate one year ago was 7.22%.
For refis of the same type during the week of 2025-07-10, the average rate
was 7.32%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-07-10 | 6.72% |
| Madison 30 Year Fixed Rate | 2025-07-10 | 6.79% |
| Madison 30 Year Fixed Rate Refi | 2025-07-10 | 7.32% |
| Madison 15 Year Fixed Rate | 2025-07-10 | 5.86% |
| Madison 15 Year Fixed Rate Refi | 2025-07-10 | 5.76% |
| Madison 30 Year FHA | 2025-07-10 | 6.72% |
| Madison 30 Year FHA Refi | 2025-07-10 | 6.72% |
| Madison 30 Year USDA | 2025-07-10 | 6.25% |
| Madison 30 Year USDA Refi | 2025-07-10 | 6.55% |
| Madison 30 Year VA | 2025-07-10 | 6.57% |
| Madison 30 Year VA Refi | 2025-07-10 | 6.17% |
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.).
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.