Compare mortgage rates and fees for leading lenders in Indianapolis, IN. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Indianapolis.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Indianapolis. Plus, shopping lenders is free and there is no obligation.
September 22, 2019
The current average rate for a 30 year fixed rate mortgage in Indianapolis is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Indianapolis, IN (Marion County) is $153,338
The median household income for Indianapolis, IN (Marion County) is $46,241
Based on current mortgage rates and a 10% down payment, you need to make $28,449 per year to buy the median priced home in Indianapolis
The home price you can afford to buy based on household income in Indianapolis is 163% of the median home value which means housing prices are average
Indianapolis (Marion County) ranks 91 out of 92 counties in Indiana and 2,336 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Indianapolis, IN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Indianapolis (Marion County) below.
Conforming loan limits for Indianapolis, IN
FHA loan limits for Indianapolis, IN
VA loan limits for Indianapolis, IN
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index