Richmond Mortgage Rates & Closing Costs

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

30 Year Fixed Rate mortgages in Richmond averaged 6.97% 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 7.21% and one month ago for the week of 2023-08-10, the average rate was 6.95%.

Richmond's average rate one year ago was 5.78%.

For refis of the same type during the week of 2023-09-14, the average rate was 7.58%.

Loan Type Date Rate
US 30 Year Fixed Rate 2023-09-14 7.18%
Richmond 30 Year Fixed Rate 2023-09-14 6.97%
Richmond 30 Year Fixed Rate Refi 2023-09-14 7.58%
Richmond 15 Year Fixed Rate 2023-09-14 6.71%
Richmond 15 Year Fixed Rate Refi 2023-09-14 7.11%
Richmond 30 Year FHA 2023-09-14 6.43%
Richmond 30 Year FHA Refi 2023-09-14 7.19%
Richmond 30 Year USDA 2023-09-14 7.18%
Richmond 30 Year USDA Refi 2023-09-14 6.98%
Richmond 30 Year VA 2023-09-14 6.91%
Richmond 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 Richmond, IN.

Richmond 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 Richmond, 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
First Bank Richmond 94 4.53% $2,940
Three Rivers Federal Credit Union 78 5.39% $2,718
First Financial Bank 70 5.15% $2,632
The Huntington National Bank 42 5.04% $2,158
QUICKEN LOANS, LLC 27 5.10% $5,663
PRIMELENDING, A PLAINSCAPITAL COMPANY 26 5.89% $3,849
CALIBER HOME LOANS, INC. 22 4.85% $2,841
U.S. Bank 20 4.78% $2,574
JPMorgan Chase Bank 17 5.04% $2,619
MYCUMORTGAGE, LLC 15 5.57% $3,030
DAS Acquisition Company, LLC 13 6.00% $3,448
Farm Credit Mid-America, ACA 8 5.36% $8,253
RUOFF MORTGAGE COMPANY, INC. 6 5.06% $2,644
ROYAL UNITED MORTGAGE LLC 6 5.06% $5,121
INSPIRE HOME LOANS INC. 6 5.31% $4,970
GVC MORTGAGE, INC. 5 5.52% $3,564
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 4.55% $2,766
LOANDEPOT.COM, LLC 4 4.09% $4,688
Somerville Bank 4 4.19% $2,327
UNITED WHOLESALE MORTGAGE, LLC 4 5.38% $3,962
Fifth Third Bank 4 4.19% $3,537
BETTER MORTGAGE CORPORATION 3 4.33% $6,133
First Merchants Bank 3 4.92% $2,381
CARDINAL FINANCIAL 3 4.83% $2,804
HOME POINT FINANCIAL CORPORATION 3 4.79% $6,184
The Farmers & Merchants State Bank 3 4.59% $4,837
AMERIFIRST FINANCIAL CORPORATION 3 5.96% $3,278
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $7,331
Mr. Cooper ( Nationstar Mortgage ) 3 4.58% $7,429
Merchants Bank of Indiana 3 5.96% $3,390
AMERISAVE MORTGAGE CORPORATION 2 4.56% $3,719
Flagstar Bank, FSB 2 3.86% $3,140
Ally Bank 2 4.44% $2,923
First Guaranty Mortgage Corporation 2 3.75% $3,298
LAKEVIEW LOAN SERVICING, LLC 2 4.12% $3,325
UNION HOME MORTGAGE CORP. 2 4.94% $3,263
MJW Financial LLC 2 5.69% $3,376
Old National Bank 2 5.63% $2,495
First Option Mortgage, LLC 2 7.13% $2,651
The Park National Bank 1 6.38% $2,520
Third Federal Savings and Loan Association of Cleveland 1 3.29% $2,503
Union Savings Bank 1 4.00% $2,285
USAA Federal Savings Bank 1 5.38% $2,762
ALLIED MORTGAGE GROUP, INC. 1 4.25% $5,955
Wells Fargo Bank 1 4.50% $2,948
AMERICAN FINANCIAL RESOURCES, INC. 1 4.50% $3,196
AMERICAN FINANCING CORPORATION 1 3.63% $1,590
AMERICAN MORTGAGE SERVICE COMPANY 1 7.63% $4,623
Bank of America 1 5.75% $4,614
Bank of England 1 7.13% $4,021
BROKER SOLUTIONS, INC. 1 7.63% $3,406
CHURCHILL MORTGAGE CORPORATION 1 5.50% $3,830
Colonial Savings, F.A. 1 3.75% $4,542
COMPASS MORTGAGE, INC. 1 5.38% $3,077
CROSSCOUNTRY MORTGAGE, LLC 1 5.50% $4,756
Elements Financial Federal Credit Union 1 5.63% $2,365
EVERETT FINANCIAL, INC. 1 4.38% $1,971
FINANCE OF AMERICA MORTGAGE LLC 1 3.99% $4,010
First Bank of Berne 1 6.25% $3,174
First National Bank of America 1 7.75% $10,338
FORT FINANCIAL Federal Credit Union 1 6.88% $2,167
FORUM Credit Union 1 6.50% $1,651
FREEDOM MORTGAGE CORPORATION 1 5.00% $4,062
Guardian Savings Bank, A Federal Savings Bank 1 3.50% $895
HOMESTAR FINANCIAL CORPORATION 1 5.75% $2,880
Hometown Lenders, Inc. 1 6.13% $3,290
Mercantile Bank of Michigan 1 3.88% $2,260
Mortgage Research Center, LLC 1 6.88% $305
Northwest Bank 1 3.38% $3,149
Paramount Residential Mortgage Group, Inc. 1 6.63% $3,332
PARK COMMUNITY CREDIT UNION, INC. 1 5.50% $1,807
PENNYMAC LOAN SERVICES, LLC 1 3.50% $3,602
PHH Mortgage Corporation 1 5.63% $7,043
PNC Bank 1 5.63% $5,062
ProFed Federal Credit Union 1 5.13% $1,847
Prosperity Home Mortgage, LLC 1 6.00% $2,090
PROVIDENT FUNDING ASSOCIATES, L.P. 1 3.75% $2,942
RAPID MORTGAGE COMPANY 1 3.38% $2,581
SECURITYNATIONAL MORTGAGE COMPANY 1 5.63% $3,673
SIRVA MORTGAGE, INC. 1 6.88% $2,618
SOFI LENDING CORP. 1 3.50% $3,312
STAR Financial Bank 1 3.88% $2,515
The Home Loan Expert LLC 1 6.63% $3,634

Richmond Average Closing Costs & Other Stats

Richmond, IN's 83 lenders originated 1,497 loans during 2022. The total origination value was $350,155,000, with an average loan value of $233,904.

Richmond's average closing costs are $3,483.

The top Richmond lender as defined by loan originations is First Bank Richmond, with 94 loans originated. Their average total fees are $2,940, which is $222 higher than the next largest lender, Three Rivers Federal Credit Union.

The lowest fee Richmond lenders (with over 10 loans originated) are The Huntington National Bank ($2,158), U.S. Bank ($2,574), JPMorgan Chase Bank ($2,619), First Financial Bank ($2,632) and Three Rivers Federal Credit Union ($2,718).

The lowest rate Richmond lenders (with over 10 loans originated) are First Bank Richmond (4.53%), U.S. Bank (4.78%), CALIBER HOME LOANS, INC. (4.85%), JPMorgan Chase Bank (5.04%) and The Huntington National Bank (5.04%).

Richmond, 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
Three Rivers Federal Credit Union $342,355,000 $187,930,000 -45.1% 53.7%
First Bank Richmond $40,535,000 $23,200,000 -42.8% 6.6%
CALIBER HOME LOANS, INC. $35,010,000 $16,965,000 -51.5% 4.8%
First Financial Bank $85,000 $15,280,000 17,876.5% 4.4%
QUICKEN LOANS, LLC $15,795,000 $9,645,000 -38.9% 2.8%
PRIMELENDING, A PLAINSCAPITAL COMPANY $9,735,000 $9,105,000 -6.5% 2.6%
U.S. Bank $8,140,000 $7,025,000 -13.7% 2.0%
The Huntington National Bank $1,565,000 $6,120,000 291.1% 1.7%
JPMorgan Chase Bank $3,240,000 $3,995,000 23.3% 1.1%
Greenville National Bank $4,240,000 $3,110,000 -26.7% 0.9%
Mortgage Research Center, LLC $3,115,000 $3,025,000 -2.9% 0.9%
DAS Acquisition Company, LLC $4,350,000 $2,990,000 -31.3% 0.9%
Farm Credit Mid-America, ACA $3,065,000 $2,825,000 -7.8% 0.8%
MYCUMORTGAGE, LLC $1,595,000 $2,600,000 63.0% 0.7%
WALKER & DUNLOP, LLC $2,525,000 n/a 0.7%
FREEDOM MORTGAGE CORPORATION $11,425,000 $2,405,000 -78.9% 0.7%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $735,000 $2,215,000 201.4% 0.6%
INSPIRE HOME LOANS INC. $1,785,000 n/a 0.5%
The Farmers & Merchants State Bank $495,000 $1,680,000 239.4% 0.5%
AMERICAN MORTGAGE SERVICE COMPANY $1,640,000 $1,670,000 1.8% 0.5%
First Merchants Bank $1,845,000 $1,600,000 -13.3% 0.5%
Merchants Bank of Indiana $1,455,000 $1,445,000 -0.7% 0.4%
Mr. Cooper ( Nationstar Mortgage ) $1,610,000 $1,440,000 -10.6% 0.4%
Fifth Third Bank $1,145,000 $1,410,000 23.1% 0.4%
NEW DAY FINANCIAL, LLC $1,160,000 $1,370,000 18.1% 0.4%
Flagstar Bank, FSB $810,000 $1,280,000 58.0% 0.4%
LOANDEPOT.COM, LLC $2,730,000 $1,275,000 -53.3% 0.4%
RUOFF MORTGAGE COMPANY, INC. $3,370,000 $1,180,000 -65.0% 0.3%
UNITED WHOLESALE MORTGAGE, LLC $1,020,000 $1,110,000 8.8% 0.3%
ROYAL UNITED MORTGAGE LLC $765,000 $1,025,000 34.0% 0.3%
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $310,000 $955,000 208.1% 0.3%
Bath State Bank $1,705,000 $875,000 -48.7% 0.2%
GVC MORTGAGE, INC. $1,635,000 $865,000 -47.1% 0.2%
PENNYMAC LOAN SERVICES, LLC $2,350,000 $850,000 -63.8% 0.2%
AMERIFIRST FINANCIAL CORPORATION $1,685,000 $840,000 -50.1% 0.2%
BETTER MORTGAGE CORPORATION $690,000 $805,000 16.7% 0.2%
FORUM Credit Union $470,000 $760,000 61.7% 0.2%
POLARIS HOME FUNDING CORP. $220,000 $750,000 240.9% 0.2%
MUTUAL OF OMAHA MORTGAGE, INC. $740,000 n/a 0.2%
BROKER SOLUTIONS, INC. $710,000 n/a 0.2%
Wells Fargo Bank $1,245,000 $665,000 -46.6% 0.2%
HOME POINT FINANCIAL CORPORATION $640,000 $625,000 -2.3% 0.2%
LAKEVIEW LOAN SERVICING, LLC $525,000 $605,000 15.2% 0.2%
Barrington Bank & Trust Company, N.A. $625,000 $595,000 -4.8% 0.2%
Somerville Bank $975,000 $585,000 -40.0% 0.2%
AMERICAN PACIFIC MORTGAGE CORPORATION $195,000 $575,000 194.9% 0.2%
AMERISAVE MORTGAGE CORPORATION $620,000 $575,000 -7.3% 0.2%
NAVY FEDERAL CREDIT UNION $1,285,000 $570,000 -55.6% 0.2%
Carrington Mortgage Services, LLC $930,000 $555,000 -40.3% 0.2%
PNC Bank $935,000 $555,000 -40.6% 0.2%
Security Federal Savings Bank $555,000 n/a 0.2%
Old National Bank $110,000 $545,000 395.5% 0.2%
USAA Federal Savings Bank $825,000 $545,000 -33.9% 0.2%
NEWREZ LLC $840,000 $475,000 -43.5% 0.1%
Citizens State Bank of New Castle $300,000 $460,000 53.3% 0.1%
Ally Bank $455,000 n/a 0.1%
Union Savings And Loan Association $1,390,000 $415,000 -70.1% 0.1%
First National Bank of America $405,000 n/a 0.1%
EVERETT FINANCIAL, INC. $380,000 n/a 0.1%
FCN Bank $500,000 $370,000 -26.0% 0.1%
ALLIED MORTGAGE GROUP, INC. $350,000 n/a 0.1%
First Bank of Berne $345,000 n/a 0.1%
First Federal Bank of the Midwest $345,000 n/a 0.1%
UNION HOME MORTGAGE CORP. $250,000 $345,000 38.0% 0.1%
Elements Financial Federal Credit Union $320,000 $330,000 3.1% 0.1%
Gateway First Bank $325,000 n/a 0.1%
Third Federal Savings and Loan Association of Cleveland $135,000 $325,000 140.7% 0.1%
SECURITYNATIONAL MORTGAGE COMPANY $315,000 n/a 0.1%
AMERICAN FINANCIAL RESOURCES, INC. $915,000 $310,000 -66.1% 0.1%
First Option Mortgage, LLC $75,000 $280,000 273.3% 0.1%
MID AMERICA MORTGAGE, INC. $2,395,000 $270,000 -88.7% 0.1%
Centier Bank $265,000 $265,000 0.0% 0.1%
Guardian Savings Bank, A Federal Savings Bank $265,000 n/a 0.1%
Mercantile Bank of Michigan $255,000 n/a 0.1%
PROVIDENT FUNDING ASSOCIATES, L.P. $155,000 $250,000 61.3% 0.1%
Bank of America $185,000 $245,000 32.4% 0.1%
CROSSCOUNTRY MORTGAGE, LLC $555,000 $240,000 -56.8% 0.1%
CITY-COUNTY CREDIT UNION $235,000 n/a 0.1%
PLANET HOME LENDING, LLC $175,000 $230,000 31.4% 0.1%
CHURCHILL MORTGAGE CORPORATION $330,000 $225,000 -31.8% 0.1%
Colonial Savings, F.A. $215,000 n/a 0.1%
AMERICAN FINANCING CORPORATION $125,000 $210,000 68.0% 0.1%
SOFI LENDING CORP. $205,000 n/a 0.1%
MJW Financial LLC $720,000 $200,000 -72.2% 0.1%
EMM LOANS LLC $195,000 n/a 0.1%
FORT FINANCIAL Federal Credit Union $325,000 $185,000 -43.1% 0.1%
RAPID MORTGAGE COMPANY $185,000 n/a 0.1%
SIRVA MORTGAGE, INC. $175,000 n/a 0.0%
INDIANA MEMBERS CREDIT UNION $215,000 $165,000 -23.3% 0.0%
LIMA ONE CAPITAL, LLC $165,000 n/a 0.0%
The Park National Bank $105,000 $165,000 57.1% 0.0%
WesBanco Bank, Inc. $165,000 n/a 0.0%
VELOCITY COMMERCIAL CAPITAL, LLC $160,000 n/a 0.0%
The Home Loan Expert LLC $155,000 n/a 0.0%
GUARANTEED RATE, INC. $170,000 $145,000 -14.7% 0.0%
HOMESTAR FINANCIAL CORPORATION $145,000 n/a 0.0%
Paramount Residential Mortgage Group, Inc. $145,000 n/a 0.0%
PHH Mortgage Corporation $55,000 $145,000 163.6% 0.0%
SUCCESS MORTGAGE PARTNERS, INC. $155,000 $145,000 -6.5% 0.0%
BM Real Estate Services, Inc. $135,000 n/a 0.0%
Citizens Bank $485,000 $135,000 -72.2% 0.0%
JLB CORPORATION $135,000 n/a 0.0%
PREMIA MORTGAGE, LLC $135,000 n/a 0.0%
Prosperity Home Mortgage, LLC $135,000 n/a 0.0%
First Guaranty Mortgage Corporation $130,000 n/a 0.0%
PENTAGON FEDERAL CREDIT UNION $270,000 $130,000 -51.9% 0.0%
Century Mortgage Company DBA Century Lending Company $125,000 n/a 0.0%
Hometown Lenders, Inc. $245,000 $115,000 -53.1% 0.0%
WRIGHT-PATT CREDIT UNION, INC. $400,000 $105,000 -73.8% 0.0%
Bankers' Bank $95,000 n/a 0.0%
COMPASS MORTGAGE, INC. $245,000 $95,000 -61.2% 0.0%
LIBERTY HOME MORTGAGE CORPORATION $95,000 n/a 0.0%
STAR Financial Bank $15,000 $95,000 533.3% 0.0%
Bank of England $85,000 n/a 0.0%
Horizon Bank $25,000 $85,000 240.0% 0.0%
NETWORK CAPITAL FUNDING CORPORATION $85,000 n/a 0.0%
The Farmers State Bank $495,000 $85,000 -82.8% 0.0%
VILLAGE CAPITAL MORTGAGE $535,000 $85,000 -84.1% 0.0%
Northwest Bank $115,000 $75,000 -34.8% 0.0%
ProFed Federal Credit Union $70,000 n/a 0.0%
BMO Harris Bank $210,000 $65,000 -69.0% 0.0%
Evolve Bank & Trust $65,000 n/a 0.0%
PARK COMMUNITY CREDIT UNION, INC. $65,000 n/a 0.0%
HONDA Federal Credit Union $95,000 $60,000 -36.8% 0.0%
SPRING EQ, LLC $25,000 $60,000 140.0% 0.0%
Discover Bank $55,000 n/a 0.0%
FINANCE OF AMERICA MORTGAGE LLC $125,000 $55,000 -56.0% 0.0%
AMERICAN ADVISORS GROUP $240,000 $50,000 -79.2% 0.0%
Centra Credit Union $45,000 n/a 0.0%
Cincinnati Federal $45,000 n/a 0.0%
Stifel Bank and Trust $35,000 n/a 0.0%
TEACHERS CREDIT UNION $35,000 n/a 0.0%
Union Savings Bank $1,250,000 $35,000 -97.2% 0.0%
Greenville Federal $15,000 n/a 0.0%
Home Loan Investment Bank, F.S.B. $15,000 $15,000 0.0% 0.0%
LCNB National Bank $15,000 n/a 0.0%

Richmond's top lender by overall market share is Three Rivers Federal Credit Union, with 53.7% market share. In second place, with 6.6%, is First Bank Richmond, having originated $23,200,000 in loans. In third place, with 4.8%, is CALIBER HOME LOANS, INC., having originated $16,965,000 in loans. In fourth place, with 4.4%, is First Financial Bank, having originated $15,280,000 in loans. In fifth place, with 2.8%, is QUICKEN LOANS, LLC, having originated $9,645,000 in loans.

Richmond, IN Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 847 $117,885,000 $139,179
Cash Out Refi 285 $32,695,000 $114,719
Refi 159 $187,755,000 $1,180,849
Home Improvement 112 $6,430,000 $57,411
Other 94 $5,390,000 $57,340

Richmond's most frequently cited loan purpose was Home Purchase, with 847 originations. The 2nd most popular reason was Cash Out Refi, with 285 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
5-6% 390 $51,590,000 $132,282
3-4% 316 $41,010,000 $129,778
4-5% 311 $205,645,000 $661,238
6-7% 205 $25,645,000 $125,098
<2.5% 85 $5,275,000 $62,059
7-8% 67 $6,105,000 $91,119
2.5-3% 65 $8,905,000 $137,000
Over 8% 24 $1,030,000 $42,917

During 2022, Richmond's most frequently originated rate bucket was 5-6%, with 390 originations.

Loan Sizing (Richmond, IN MSA)

Loan Size Originations Total Value Average Loan
$100,000 or less 723 $42,445,000 $58,707
$100k-200k 561 $77,835,000 $138,743
$200k-400k 196 $51,880,000 $264,694
$400k-600k 13 $5,955,000 $458,077
$600k-1000k 2 $1,510,000 $755,000
$Over $1MM 2 $170,530,000 $85,265,000

Richmond's loan sizing saw the bucket of loans from $100,000 or less with 723 originations, totaling $42,445,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 657 $97,685,000 $148,683
60-80% 370 $47,770,000 $129,108
20-40% 142 $8,030,000 $56,549
40-60% 134 $15,380,000 $114,776
Under 20% 128 $3,190,000 $24,922
Over 100% 13 $2,495,000 $191,923

Richmond's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 657 originations, totaling $97,685,000 in origination value.