What is the current mortgage refinance rate in Indiana?

The average 30-year mortgage rate in Indiana is currently around 6.95%. Refinance rates typically run 0.1%–0.2% higher than purchase rates. Actual rates depend on your credit score, LTV, and lender. On the Indiana median loan of $188,000, that is a monthly payment of $1,244.

How much can I save refinancing in Indiana?

Dropping 1% on a $188,000 loan in Indiana saves $123/month. Closing costs of about $4,700 (2.5% of loan) means you break even in 39 months. Over 30 years, you save $39,704 in total interest.

When does refinancing make sense in Indiana?

Refinancing makes sense in Indiana when you can lower your rate by at least 0.75%–1%, you plan to stay in the home past the break-even date (typically 39 months for a 1% rate drop), and your remaining loan balance justifies the closing costs. Property taxes in Indiana average 0.85% of assessed value — factor that into the total housing cost calculation.

Not Financial Advice. CalcMoney provides calculators for educational and planning purposes only. Results are estimates and do not constitute financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Terms apply.

CALCMONEY // MORTGAGE REFINANCE // IN

Indiana Mortgage Refinance 2026

Indiana average rate: 6.95%. On the median loan of $188,000, a 1% rate drop saves $123/month and breaks even in 39 months.

Calculate Your Refinance

Avg 30yr Rate

6.95%

Median Home Price

$235,000

Monthly Payment (80% LTV)

$1,244

Estimated Closing Costs

$4,700

Refinance Scenarios for Indiana Homeowners

BASED ON IN MEDIAN LOAN: $188,000 — CLOSING COSTS: $4,700

New Rate	New Monthly	Monthly Savings	Break-Even	30yr Savings
6.45% (save 0.5%)	$1,182	$62/mo	6yr 4mo	$17,746
5.95% (save 1.0%)	$1,121	$123/mo	3yr 3mo	$39,704
5.45% (save 1.5%)	$1,062	$183/mo	2yr 2mo	$61,147

Refinancing in Indiana: Key Factors

IN MARKET CONTEXT

The median home price in Indiana is $235,000. At 80% LTV, the typical loan is $188,000 at the current 6.95% average rate, producing a monthly P+I payment of $1,244. Total interest over 30 years at this rate: $260,006.

Property taxes in Indiana average 0.85% of assessed value, or $1,998 per year on the median home. This adds $166/month to your all-in housing cost. When evaluating a refinance, factor in property tax and insurance for a complete picture.

Indiana residents can deduct mortgage interest on state income tax returns for primary residences, subject to state-specific limits. The federal mortgage interest deduction applies on loans up to $750,000.

Related Calculators

Mortgage Refinance Mortgage Calculator Home Affordability Rent vs Buy