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 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.