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.
July 9, 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%
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
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