Richmond 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 Richmond averaged 7.14% for the week of 2025-06-18, compared to the national average of 6.81% for the same period.

    The average rate for the prior week (2025-06-12) was 7.07% and one month ago for the week of 2025-05-15, the average rate was 7.14%.

    Richmond's average rate one year ago was 7.18%.

    For refis of the same type during the week of 2025-06-18, the average rate was 7.01%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2025-06-18 6.81%
    Richmond 30 Year Fixed Rate 2025-06-18 7.14%
    Richmond 30 Year Fixed Rate Refi 2025-06-18 7.01%
    Richmond 15 Year Fixed Rate 2025-06-18 6.16%
    Richmond 15 Year Fixed Rate Refi 2025-06-18 6.16%
    Richmond 30 Year FHA 2025-06-18 0.01%
    Richmond 30 Year FHA Refi 2025-06-18 -0.1%
    Richmond 30 Year USDA 2025-06-18 0.1%
    Richmond 30 Year USDA Refi 2025-06-18 0.1%
    Richmond 30 Year VA 2025-06-18 -0.2%
    Richmond 30 Year VA Refi 2025-06-18 0%
    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Three Rivers Federal Credit Union 59 6.75% $2,898
    First Financial Bank 52 6.76% $3,013
    NEWREZ LLC 44 7.05% $2,179
    PRIMELENDING, A PLAINSCAPITAL COMPANY 27 6.80% $4,418
    JPMorgan Chase Bank 23 6.99% $2,714
    U.S. Bank 14 6.75% $2,970
    MYCUMORTGAGE, LLC 11 7.00% $3,769
    QUICKEN LOANS, LLC 10 6.95% $4,186
    Merchants Bank of Indiana 8 6.37% $2,716
    Somerville Bank 8 6.52% $2,565
    The Farmers & Merchants State Bank 7 7.13% $3,189
    RUOFF MORTGAGE COMPANY, INC. 6 7.02% $1,975
    DAS Acquisition Company, LLC 6 7.37% $4,420
    Farm Credit Mid-America, ACA 6 7.06% $4,570
    CARDINAL FINANCIAL 5 6.92% $5,403
    NAVY FEDERAL CREDIT UNION 5 6.20% $5,024
    The Huntington National Bank 4 7.50% $2,283
    Fifth Third Bank 3 6.91% $3,049
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.58% $4,147
    MJW Financial LLC 3 7.25% $3,444
    First Merchants Bank 3 6.50% $2,741
    PENNYMAC LOAN SERVICES, LLC 3 6.42% $3,794
    UNION HOME MORTGAGE CORP. 2 7.06% $4,609
    Old National Bank 2 7.00% $2,804
    Greenfield Banking Company 2 6.69% $3,468
    STOCKTON MORTGAGE CORPORATION 2 6.56% $3,886
    GUARANTEED RATE, INC. 2 6.42% $3,504
    GENEVA FINANCIAL, LLC 2 6.56% $3,148
    Union Savings Bank 2 7.19% $2,596
    UNITED WHOLESALE MORTGAGE, LLC 2 6.81% $5,583
    USAA Federal Savings Bank 2 6.88% $2,787
    Flagstar Bank, FSB 2 6.50% $2,867
    GVC MORTGAGE, INC. 2 7.36% $4,497
    HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.86% $3,650
    ZILLOW HOME LOANS, LLC 1 7.13% $2,770
    AMERISAVE MORTGAGE CORPORATION 1 6.88% $6,138
    Bank of America 1 6.63% $2,544
    BMO Harris Bank 1 7.13% $2,668
    BROKER SOLUTIONS, INC. 1 7.13% $3,159
    Centier Bank 1 6.88% $6,655
    CHURCHILL MORTGAGE CORPORATION 1 6.13% $5,475
    Citizens State Bank of New Castle 1 9.88% $2,317
    Civista Bank 1 5.88% $2,651
    CROSSCOUNTRY MORTGAGE, LLC 1 6.58% $3,862
    Discover Bank 1 8.56% $0
    EMBRACE HOME LOANS, INC. 1 6.75% $4,461
    ENDEAVOR CAPITAL, LLC. 1 6.88% $5,886
    FIRST COMMUNITY MORTGAGE, INC. 1 7.38% $6,178
    Florida Capital Bank 1 6.13% $6,261
    Goldwater Bank, N.A. 1 7.13% $2,209
    GUILD MORTGAGE COMPANY 1 6.88% $4,119
    HALLMARK HOME MORTGAGE, LLC 1 6.63% $4,940
    HOMESIDE FINANCIAL, LLC 1 6.99% $2,669
    KEMBA CREDIT UNION, INC. 1 6.88% $3,096
    MORTGAGE ACCESS CORP. 1 6.63% $8,320
    Mortgage Research Center, LLC 1 7.63% $6,697
    Pinnacle Bank 1 5.50% $3,700
    PLAZA HOME MORTGAGE, INC. 1 7.50% $8,276
    Regions Bank 1 6.88% $2,517
    ROYAL UNITED MORTGAGE LLC 1 7.50% $5,210
    TEACHERS CREDIT UNION 1 6.75% $2,236
    WesBanco 1 6.63% $3,428
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.38% $5,665

    Richmond Average Closing Costs & Other Stats

    Richmond, IN's 63 lenders originated 1,175 loans during 2024. The total origination value was $154,815,000, with an average loan value of $131,757.

    Richmond's average closing costs are $3,696.

    The top Richmond lender as defined by loan originations is Three Rivers Federal Credit Union, with 59 loans originated. Their average total fees are $2,898, which is $114 lower than the next largest lender, First Financial Bank.

    The lowest fee Richmond lenders (with over 10 loans originated) are NEWREZ LLC ($2,179), JPMorgan Chase Bank ($2,714), Three Rivers Federal Credit Union ($2,898), U.S. Bank ($2,970) and First Financial Bank ($3,013).

    The lowest rate Richmond lenders (with over 10 loans originated) are Three Rivers Federal Credit Union (6.75%), U.S. Bank (6.75%), First Financial Bank (6.76%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.80%) and QUICKEN LOANS, LLC (6.95%).

    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 2023 Loan Value 2024 Loan Value % Change 2024 Market Share
    First Bank Richmond $22,215,000 $20,380,000 -8.3% 13.2%
    Three Rivers Federal Credit Union $1,043,525,000 $15,615,000 -98.5% 10.1%
    First Financial Bank $15,630,000 $13,350,000 -14.6% 8.6%
    NEWREZ LLC $9,570,000 $12,705,000 32.8% 8.2%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $8,000,000 $6,915,000 -13.6% 4.5%
    QUICKEN LOANS, LLC $5,100,000 $6,310,000 23.7% 4.1%
    U.S. Bank $3,155,000 $4,250,000 34.7% 2.7%
    JPMorgan Chase Bank $3,895,000 $4,160,000 6.8% 2.7%
    Mortgage Research Center, LLC $5,450,000 $4,085,000 -25.0% 2.6%
    DAS Acquisition Company, LLC $4,550,000 $2,715,000 -40.3% 1.8%
    Greenville National Bank $880,000 $2,600,000 195.5% 1.7%
    Farm Credit Mid-America, ACA $1,860,000 $2,510,000 34.9% 1.6%
    The Farmers & Merchants State Bank $2,120,000 $2,275,000 7.3% 1.5%
    RUOFF MORTGAGE COMPANY, INC. $1,275,000 $2,040,000 60.0% 1.3%
    MYCUMORTGAGE, LLC $800,000 $1,980,000 147.5% 1.3%
    Union Savings And Loan Association $310,000 $1,925,000 521.0% 1.2%
    NAVY FEDERAL CREDIT UNION $840,000 $1,885,000 124.4% 1.2%
    Blue Ridge Bank $560,000 $1,805,000 222.3% 1.2%
    UNION HOME MORTGAGE CORP. $1,805,000 n/a 1.2%
    PENNYMAC LOAN SERVICES, LLC $690,000 $1,760,000 155.1% 1.1%
    Somerville Bank $1,695,000 $1,600,000 -5.6% 1.0%
    Community First Bank of Indiana $185,000 $1,570,000 748.6% 1.0%
    FREEDOM MORTGAGE CORPORATION $1,165,000 $1,415,000 21.5% 0.9%
    Merchants Bank of Indiana $1,375,000 $1,400,000 1.8% 0.9%
    UNITED WHOLESALE MORTGAGE, LLC $1,030,000 $1,375,000 33.5% 0.9%
    AMERICAN PACIFIC MORTGAGE CORPORATION $360,000 $1,315,000 265.3% 0.8%
    First Merchants Bank $1,285,000 $1,275,000 -0.8% 0.8%
    POLARIS HOME FUNDING CORP. $220,000 $1,240,000 463.6% 0.8%
    Bath State Bank $900,000 $1,195,000 32.8% 0.8%
    CARDINAL FINANCIAL $425,000 $1,175,000 176.5% 0.8%
    BROKER SOLUTIONS, INC. $585,000 $1,145,000 95.7% 0.7%
    The Huntington National Bank $3,795,000 $1,120,000 -70.5% 0.7%
    Greenfield Banking Company $1,040,000 n/a 0.7%
    HOMESIDE FINANCIAL, LLC $240,000 $1,020,000 325.0% 0.7%
    Union Savings Bank $85,000 $845,000 894.1% 0.5%
    GUILD MORTGAGE COMPANY $820,000 n/a 0.5%
    Old National Bank $140,000 $815,000 482.1% 0.5%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $365,000 $755,000 106.8% 0.5%
    NEW DAY FINANCIAL, LLC $850,000 $745,000 -12.4% 0.5%
    AMERISAVE MORTGAGE CORPORATION $605,000 $700,000 15.7% 0.5%
    PLAZA HOME MORTGAGE, INC. $700,000 n/a 0.5%
    USAA Federal Savings Bank $670,000 n/a 0.4%
    GUARANTEED RATE, INC. $650,000 n/a 0.4%
    ROYAL UNITED MORTGAGE LLC $130,000 $630,000 384.6% 0.4%
    HOWARD HANNA FINANCIAL SERVICES, INC. $540,000 n/a 0.3%
    GVC MORTGAGE, INC. $135,000 $520,000 285.2% 0.3%
    Fifth Third Bank $830,000 $510,000 -38.6% 0.3%
    Carrington Mortgage Services, LLC $405,000 $500,000 23.5% 0.3%
    LOANDEPOT.COM, LLC $1,315,000 $490,000 -62.7% 0.3%
    MID AMERICA MORTGAGE, INC. $180,000 $490,000 172.2% 0.3%
    STOCKTON MORTGAGE CORPORATION $490,000 n/a 0.3%
    The Federal Savings Bank $475,000 n/a 0.3%
    BMO Harris Bank $135,000 $440,000 225.9% 0.3%
    Farmers State Bank $435,000 n/a 0.3%
    MJW Financial LLC $870,000 $415,000 -52.3% 0.3%
    FCN Bank $105,000 $405,000 285.7% 0.3%
    Barrington Bank & Trust Company, N.A. $175,000 $395,000 125.7% 0.3%
    BEACON CREDIT UNION $395,000 n/a 0.3%
    Flagstar Bank, FSB $340,000 $365,000 7.4% 0.2%
    HOMEBRIDGE FINANCIAL SERVICES, INC. $360,000 n/a 0.2%
    Mr. Cooper ( Nationstar Mortgage ) $335,000 $355,000 6.0% 0.2%
    KEMBA CREDIT UNION, INC. $335,000 $340,000 1.5% 0.2%
    PLANET HOME LENDING, LLC $225,000 $325,000 44.4% 0.2%
    EMBRACE HOME LOANS, INC. $175,000 $305,000 74.3% 0.2%
    VILLAGE CAPITAL MORTGAGE $290,000 n/a 0.2%
    First Federal Bank $275,000 $285,000 3.6% 0.2%
    MORTGAGE ACCESS CORP. $285,000 n/a 0.2%
    FIRST COMMUNITY MORTGAGE, INC. $180,000 $280,000 55.6% 0.2%
    Figure Lending LLC $140,000 $275,000 96.4% 0.2%
    21ST MORTGAGE CORPORATION $60,000 $270,000 350.0% 0.2%
    The Loan Store, Inc. $265,000 n/a 0.2%
    Century Mortgage Company DBA Century Lending Company $370,000 $255,000 -31.1% 0.2%
    Discover Bank $310,000 $255,000 -17.7% 0.2%
    Goldwater Bank, N.A. $245,000 n/a 0.2%
    MOVEMENT MORTGAGE, LLC $245,000 $245,000 0.0% 0.2%
    WesBanco $125,000 $245,000 96.0% 0.2%
    PNC Bank $875,000 $240,000 -72.6% 0.2%
    VAN DYK MORTGAGE CORPORATION $235,000 n/a 0.2%
    Florida Capital Bank $225,000 n/a 0.1%
    CHURCHILL MORTGAGE CORPORATION $205,000 n/a 0.1%
    GENEVA FINANCIAL, LLC $200,000 n/a 0.1%
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC $295,000 $195,000 -33.9% 0.1%
    Centier Bank $195,000 n/a 0.1%
    Bank of England $95,000 $175,000 84.2% 0.1%
    Equity Prime Mortgage LLC $175,000 n/a 0.1%
    The Farmers State Bank $55,000 $170,000 209.1% 0.1%
    ARK-LA-TEX FINANCIAL SERVICES, LLC. $165,000 n/a 0.1%
    First Mid Bank & Trust $165,000 n/a 0.1%
    LCNB National Bank $165,000 n/a 0.1%
    Regions Bank $165,000 n/a 0.1%
    Renasant Bank $165,000 n/a 0.1%
    TEACHERS CREDIT UNION $65,000 $160,000 146.2% 0.1%
    EMM LOANS LLC $155,000 n/a 0.1%
    DEEPHAVEN MORTGAGE LLC $145,000 n/a 0.1%
    ENDEAVOR CAPITAL, LLC. $145,000 n/a 0.1%
    Bank of America $425,000 $140,000 -67.1% 0.1%
    FINANCE OF AMERICA REVERSE LLC $135,000 n/a 0.1%
    LONGBRIDGE FINANCIAL, LLC $135,000 n/a 0.1%
    ZILLOW HOME LOANS, LLC $240,000 $135,000 -43.8% 0.1%
    SOUTHPOINT FINANCIAL SERVICES, INC. $125,000 n/a 0.1%
    Wolfe Financial, Inc $125,000 n/a 0.1%
    Home Bank SB $115,000 n/a 0.1%
    HALLMARK HOME MORTGAGE, LLC $155,000 $110,000 -29.0% 0.1%
    Paramount Residential Mortgage Group, Inc. $105,000 n/a 0.1%
    Truist $385,000 $105,000 -72.7% 0.1%
    MORTGAGE SOLUTIONS OF COLORADO, LLC $95,000 n/a 0.1%
    ROUNDPOINT MORTGAGE SERVICING CORPORATION $95,000 n/a 0.1%
    CROSSCOUNTRY MORTGAGE, LLC $800,000 $85,000 -89.4% 0.1%
    AMERICAN FINANCING CORPORATION $75,000 n/a 0.0%
    Pinnacle Bank $65,000 n/a 0.0%
    SPRING EQ, LLC $65,000 n/a 0.0%
    TOP FLITE FINANCIAL, INC. $65,000 n/a 0.0%
    VELOCITY COMMERCIAL CAPITAL, LLC $75,000 $65,000 -13.3% 0.0%
    Citizens State Bank of New Castle $25,000 $55,000 120.0% 0.0%
    Civista Bank $55,000 n/a 0.0%
    INDIANA MEMBERS CREDIT UNION $165,000 $55,000 -66.7% 0.0%
    WRIGHT-PATT CREDIT UNION, INC. $55,000 n/a 0.0%

    Richmond's top lender by overall market share is First Bank Richmond, with 13.2% market share. In second place, with 10.1%, is Three Rivers Federal Credit Union, having originated $15,615,000 in loans. In third place, with 8.6%, is First Financial Bank, having originated $13,350,000 in loans. In fourth place, with 8.2%, is NEWREZ LLC, having originated $12,705,000 in loans. In fifth place, with 4.5%, is PRIMELENDING, A PLAINSCAPITAL COMPANY, having originated $6,915,000 in loans.

    Richmond, IN Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 694 $109,280,000 $157,464
    Cash Out Refi 214 $21,810,000 $101,916
    Home Improvement 93 $5,145,000 $55,323
    Refi 91 $13,225,000 $145,330
    Other 83 $5,355,000 $64,518

    Richmond's most frequently cited loan purpose was Home Purchase, with 694 originations. The 2nd most popular reason was Cash Out Refi, with 214 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    6-7% 468 $70,370,000 $150,363
    7-8% 234 $32,760,000 $140,000
    Over 8% 181 $11,385,000 $62,901
    5-6% 78 $11,540,000 $147,949
    <2.5% 45 $315,000 $7,000
    4-5% 6 $1,060,000 $176,667
    3-4% 2 $160,000 $80,000
    2.5-3% 1 $135,000 $135,000

    During 2024, Richmond's most frequently originated rate bucket was 6-7%, with 468 originations.

    Loan Sizing (Richmond, IN MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 534 $28,660,000 $53,670
    $100k-200k 423 $59,925,000 $141,667
    $200k-400k 190 $49,580,000 $260,947
    $400k-600k 21 $9,695,000 $461,667
    $600k-1000k 6 $4,700,000 $783,333
    $Over $1MM 1 $2,255,000 $2,255,000

    Richmond's loan sizing saw the bucket of loans from $100,000 or less with 534 originations, totaling $28,660,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 452 $72,220,000 $159,779
    60-80% 180 $27,710,000 $153,944
    Under 20% 145 $4,085,000 $28,172
    20-40% 138 $9,090,000 $65,870
    40-60% 71 $7,475,000 $105,282
    Over 100% 18 $4,970,000 $276,111

    Richmond's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 452 originations, totaling $72,220,000 in origination value.