Madison Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Madison averaged
7.02%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
6.65% and
one month ago for the week of 2024-10-03, the
average rate was 6.15%.
Madison's average rate one year ago was 8.09%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.79%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Madison 30 Year Fixed Rate | 2024-11-07 | 7.02% |
| Madison 30 Year Fixed Rate Refi | 2024-11-07 | 6.79% |
| Madison 15 Year Fixed Rate | 2024-11-07 | 5.8% |
| Madison 15 Year Fixed Rate Refi | 2024-11-07 | 6.5% |
| Madison 30 Year FHA | 2024-11-07 | 6.79% |
| Madison 30 Year FHA Refi | 2024-11-07 | 6.23% |
| Madison 30 Year USDA | 2024-11-07 | 6.48% |
| Madison 30 Year USDA Refi | 2024-11-07 | 6.28% |
| Madison 30 Year VA | 2024-11-07 | 6.44% |
| Madison 30 Year VA Refi | 2024-11-07 | 6.44% |
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 48 lenders originated 734
loans during 2023. The total origination value was $106,700,000, with an average loan value of
$145,368.
Madison's average closing costs are $3,968.
The top Madison lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with
30 loans originated. Their average total fees are
$3,102, which is $733
higher than the next largest lender,
The Friendship State Bank.
The lowest fee Madison lenders (with over 10 loans originated) are
The Friendship State Bank ($2,369), Centra Credit Union ($2,624), First Financial Bank ($3,030), RUOFF MORTGAGE COMPANY, INC. ($3,102) and German American Bank ($3,118).
The lowest rate Madison lenders (with over 10 loans originated) are
Centra Credit Union (6.67%), German American Bank (6.82%), The Friendship State Bank (6.95%), RUOFF MORTGAGE COMPANY, INC. (6.97%) and GENEVA FINANCIAL, LLC (7.08%).
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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| German American Bank | $18,690,000 | $15,075,000 | -19.3% | 14.1% |
| The Farmers Bank of Milton | $9,220,000 | $12,165,000 | 31.9% | 11.4% |
| RUOFF MORTGAGE COMPANY, INC. | $14,850,000 | $9,405,000 | -36.7% | 8.8% |
| First Financial Bank | $13,120,000 | $8,540,000 | -34.9% | 8.0% |
| The Friendship State Bank | $7,815,000 | $6,750,000 | -13.6% | 6.3% |
| GENEVA FINANCIAL, LLC | $7,625,000 | $5,850,000 | -23.3% | 5.5% |
| Centra Credit Union | $3,110,000 | $5,210,000 | 67.5% | 4.9% |
| QUICKEN LOANS, LLC | $7,080,000 | $4,680,000 | -33.9% | 4.4% |
| Prudential Huntoon Paige Associates, LLC | $3,835,000 | n/a | 3.6% | |
| UNITED WHOLESALE MORTGAGE, LLC | $2,575,000 | $3,025,000 | 17.5% | 2.8% |
| Mortgage Research Center, LLC | $2,235,000 | $2,780,000 | 24.4% | 2.6% |
| Farm Credit Mid-America, ACA | $895,000 | $1,970,000 | 120.1% | 1.8% |
| FAIR WAY LENDING LLC | $3,455,000 | $1,770,000 | -48.8% | 1.7% |
| BROKER SOLUTIONS, INC. | $975,000 | $1,430,000 | 46.7% | 1.3% |
| FREEDOM MORTGAGE CORPORATION | $1,005,000 | $1,265,000 | 25.9% | 1.2% |
| Old National Bank | $770,000 | $1,150,000 | 49.4% | 1.1% |
| Century Mortgage Company DBA Century Lending Company | $2,380,000 | $1,115,000 | -53.2% | 1.0% |
| MJW Financial LLC | $640,000 | $1,090,000 | 70.3% | 1.0% |
| PENNYMAC LOAN SERVICES, LLC | $1,110,000 | $1,040,000 | -6.3% | 1.0% |
| LOANDEPOT.COM, LLC | $1,210,000 | $820,000 | -32.2% | 0.8% |
| JPMorgan Chase Bank | $665,000 | $800,000 | 20.3% | 0.7% |
| Equity Prime Mortgage LLC | $670,000 | n/a | 0.6% | |
| SIRVA MORTGAGE, INC. | $670,000 | n/a | 0.6% | |
| Bedford Loan & Deposit Bank | $295,000 | $655,000 | 122.0% | 0.6% |
| GVC MORTGAGE, INC. | $725,000 | $635,000 | -12.4% | 0.6% |
| Magnolia Bank | $970,000 | $565,000 | -41.8% | 0.5% |
| Jackson County Bank | $155,000 | $545,000 | 251.6% | 0.5% |
| PLANET HOME LENDING, LLC | $500,000 | n/a | 0.5% | |
| Wells Fargo Bank | $1,630,000 | $490,000 | -69.9% | 0.5% |
| STOCKTON MORTGAGE CORPORATION | $315,000 | $465,000 | 47.6% | 0.4% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $450,000 | n/a | 0.4% | |
| PNC Bank | $715,000 | $425,000 | -40.6% | 0.4% |
| NEWREZ LLC | $185,000 | $410,000 | 121.6% | 0.4% |
| AMERISAVE MORTGAGE CORPORATION | $700,000 | $400,000 | -42.9% | 0.4% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $215,000 | $395,000 | 83.7% | 0.4% |
| Fifth Third Bank | $885,000 | $395,000 | -55.4% | 0.4% |
| 21ST MORTGAGE CORPORATION | $390,000 | n/a | 0.4% | |
| Carrington Mortgage Services, LLC | $735,000 | $375,000 | -49.0% | 0.4% |
| GUARANTEED RATE, INC. | $375,000 | n/a | 0.4% | |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $105,000 | $360,000 | 242.9% | 0.3% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $435,000 | $335,000 | -23.0% | 0.3% |
| CARDINAL FINANCIAL | $560,000 | $305,000 | -45.5% | 0.3% |
| WRIGHT-PATT CREDIT UNION, INC. | $285,000 | n/a | 0.3% | |
| CROSSCOUNTRY MORTGAGE, LLC | $235,000 | $280,000 | 19.1% | 0.3% |
| TRIAD FINANCIAL SERVICES, INC. | $510,000 | $275,000 | -46.1% | 0.3% |
| Prosperity Home Mortgage, LLC | $305,000 | $265,000 | -13.1% | 0.2% |
| Discover Bank | $65,000 | $240,000 | 269.2% | 0.2% |
| L & N Federal Credit Union | $235,000 | n/a | 0.2% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $75,000 | $235,000 | 213.3% | 0.2% |
| Owen County State Bank | $235,000 | n/a | 0.2% | |
| Willamette Valley Bank | $255,000 | $235,000 | -7.8% | 0.2% |
| HOMESIDE FINANCIAL, LLC | $135,000 | $225,000 | 66.7% | 0.2% |
| Northpointe Bank | $225,000 | n/a | 0.2% | |
| 1ST SIGNATURE LENDING, LLC | $205,000 | $215,000 | 4.9% | 0.2% |
| AFFINITY | $215,000 | n/a | 0.2% | |
| NEW DAY FINANCIAL, LLC | $1,115,000 | $215,000 | -80.7% | 0.2% |
| Meridian Bank Corporation | $205,000 | n/a | 0.2% | |
| Community Mortgage Banc Corporation | $195,000 | n/a | 0.2% | |
| MORTGAGE MASTERS OF INDIANA, INC. | $195,000 | n/a | 0.2% | |
| First Harrison Bank | $195,000 | $170,000 | -12.8% | 0.2% |
| CRANE | $165,000 | n/a | 0.2% | |
| LOANPAL, LLC | $125,000 | $165,000 | 32.0% | 0.2% |
| RELIANCE FIRST CAPITAL, LLC | $165,000 | n/a | 0.2% | |
| USAA Federal Savings Bank | $255,000 | $165,000 | -35.3% | 0.2% |
| First Financial Bank | $13,120,000 | $155,000 | -98.8% | 0.1% |
| Guardian Savings Bank, A Federal Savings Bank | $155,000 | n/a | 0.1% | |
| FIDELITY BANK | $145,000 | n/a | 0.1% | |
| Wilson & Muir Bank & Trust Company | $145,000 | n/a | 0.1% | |
| MORTGAGE 1 INCORPORATED | $135,000 | n/a | 0.1% | |
| The Loan Store, Inc. | $135,000 | n/a | 0.1% | |
| UNION HOME MORTGAGE CORP. | $175,000 | $125,000 | -28.6% | 0.1% |
| Figure Lending LLC | $35,000 | $120,000 | 242.9% | 0.1% |
| EVANSVILLE TEACHERS | $250,000 | $105,000 | -58.0% | 0.1% |
| First Bank of Berne | $105,000 | n/a | 0.1% | |
| U.S. Bank | $685,000 | $105,000 | -84.7% | 0.1% |
| Republic Bank & Trust Company | $235,000 | $95,000 | -59.6% | 0.1% |
| Truist | $275,000 | $85,000 | -69.1% | 0.1% |
| UNIFY FINANCIAL Credit Union | $105,000 | $75,000 | -28.6% | 0.1% |
| NAVY FEDERAL CREDIT UNION | $800,000 | $70,000 | -91.3% | 0.1% |
| AMERICAN FINANCING CORPORATION | $65,000 | n/a | 0.1% | |
| HONDA Federal Credit Union | $145,000 | $65,000 | -55.2% | 0.1% |
| SPRING EQ, LLC | $95,000 | $55,000 | -42.1% | 0.1% |
| Flagstar Bank, FSB | $665,000 | $45,000 | -93.2% | 0.0% |
| The Huntington National Bank | $590,000 | $45,000 | -92.4% | 0.0% |
| Citizens Bank | $455,000 | $35,000 | -92.3% | 0.0% |
| TEACHERS CREDIT UNION | $25,000 | $35,000 | 40.0% | 0.0% |
| Baxter Credit Union | $25,000 | n/a | 0.0% | |
| First Savings Bank | $245,000 | $25,000 | -89.8% | 0.0% |
| PARK COMMUNITY CREDIT UNION, INC. | $460,000 | $15,000 | -96.7% | 0.0% |
Madison's top lender by overall market share is German American Bank, with 14.1% market share. In second place, with 11.4%, is The Farmers Bank of Milton, having originated $12,165,000 in loans. In third place, with 8.8%, is RUOFF MORTGAGE COMPANY, INC., having originated $9,405,000 in loans. In fourth place, with 8.0%, is First Financial Bank, having originated $8,540,000 in loans. In fifth place, with 6.3%, is The Friendship State Bank, having originated $6,750,000 in loans.
Madison, IN Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 349 | $69,975,000 | $200,501 |
| Cash Out Refi | 104 | $11,390,000 | $109,519 |
| Home Improvement | 101 | $7,115,000 | $70,446 |
| Other | 96 | $7,700,000 | $80,208 |
| Refi | 84 | $10,520,000 | $125,238 |
Madison's most frequently cited loan purpose was Home Purchase, with 349 originations. The 2nd most popular reason was Cash Out Refi, with 104 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 254 | $40,930,000 | $161,142 |
| 7-8% | 155 | $24,085,000 | $155,387 |
| 5-6% | 89 | $14,545,000 | $163,427 |
| <2.5% | 81 | $6,955,000 | $85,864 |
| Over 8% | 74 | $5,840,000 | $78,919 |
| 4-5% | 11 | $1,085,000 | $98,636 |
| 3-4% | 1 | $25,000 | $25,000 |
During 2023, Madison's most frequently originated rate bucket was 6-7%, with 254 originations.
Loan Sizing (Madison, IN MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 297 | $15,005,000 | $50,522 |
| $100k-200k | 260 | $38,310,000 | $147,346 |
| $200k-400k | 164 | $43,310,000 | $264,085 |
| $400k-600k | 9 | $4,225,000 | $469,444 |
| $600k-1000k | 3 | $2,015,000 | $671,667 |
| $Over $1MM | 1 | $3,835,000 | $3,835,000 |
Madison's loan sizing saw the bucket of loans from $100,000 or less with 297 originations, totaling $15,005,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 223 | $43,215,000 | $193,789 |
| Under 20% | 125 | $4,405,000 | $35,240 |
| 20-40% | 122 | $9,950,000 | $81,557 |
| 60-80% | 113 | $21,115,000 | $186,858 |
| 40-60% | 70 | $14,050,000 | $200,714 |
| Over 100% | 2 | $450,000 | $225,000 |
Madison's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 223 originations, totaling $43,215,000 in origination value.