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Indianapolis

Current Mortgage Rates in Indianapolis, Indiana

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.

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Mortgage Rates in Indianapolis, IN as of January 18, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Indianapolis, IN Mortgage Rates Compare?

January 18, 2020

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%

Mortgage Program
Today's
Indianapolis, IN Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Indianapolis, Indiana?

Below we provide helpful information on the real estate market, home prices and housing affordability in Indianapolis. Understand how much you need to earn to afford a home in Indianapolis, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Indianapolis fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Indianapolis is right for you.

The median home value for Indianapolis, IN (Marion County) is $164,685

Based on current mortgage rates and a 10% down payment, you need to make $29,639 per year to buy the median priced home in Indianapolis

With this income, you could qualify for a $148,217 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Indianapolis is $686

The median household income for Indianapolis, IN (Marion County) is $47,321

Based on this income, you can afford a home valued at approximately $262,931

The home price you can afford to buy based on household income in Indianapolis is 160% of the median home value which means housing prices are average. Indianapolis (Marion County) ranks 91 out of 92 counties in Indiana and 2,365 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

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Loan Limits for Indianapolis, Indiana

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

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Indianapolis, IN

1 unit: $355,350
2 units: $454,900
3 units: $549,850
4 units: $683,350

VA loan limits for Indianapolis, IN

1 unit: $510,400

Additional Mortgage Resources for Indianapolis, IN Residents

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