AS SEEN ON...
2.7% 3.3 APR* FIXED Mortgage Rate Today
Searching
Banks.

* Advertising Disclosures

Indiana Mortgage Rates

Bank Rate Term Type Points Contact Learn More
Unlock Bank 2.25 5 Year ARM Conforming 0.7 to 1 Show Phone Number Learn More
Unlock Bank 3.25 30 Year Fixed FHA 0.7 to 3 Show Phone Number Learn More
Unlock Bank 4 30 Year Fixed Jumbo 0.7 to 1 Show Phone Number Learn More
Unlock Bank 3.75 30 Year Fixed Conforming 0.7 to 1 Show Phone Number Learn More
Unlock Bank 2.75 15 Year Fixed FHA 0.7 to 3 Show Phone Number Learn More
Unlock Bank 2.5 5 Year ARM FHA 0.7 to 3 Show Phone Number Learn More
Unlock Bank 3 15 Year Fixed Jumbo 0.7 to 1 Show Phone Number Learn More
Unlock Bank 2.375 5 Year ARM Jumbo 0.7 to 1 Show Phone Number Learn More
Unlock Bank 2.75 15 Year Fixed Conforming 0.7 to 1 Show Phone Number Learn More

Indiana Discovers Harp 2.0

By: Morris Newman | October 5th, 2012

It may not surprise Indiana homeowners that there are many options for refinancing these days. The refinance market continues to drive the mortgage industry, representing 83% of all mortgage applications for the week ending September 28th, according to the Mortgage Bankers Association.

What may surprise some Hoosiers, however, is that many of the people currently refinancing are underwater on their mortgages. That’s surprising, because most conventional lenders will not refinance a mortgage that’s worth more than the current market value of the home. And with the plunge in home values following the mortgage meltdown of the 2008, many Indiana home owners find themselves in that unhappy position.

Popular options for refinancing, as it turns out, come from the government-insured mortgage programs. These programs, while highly advantageous to eligible homeowners, do not apply to everyone. People who have VA loans, for example, are often able to refinance even though they are underwater, as long as they are current on their mortgage payments. Also, people who have FHA loans can also refinance. But as popular as those programs are, that still leaves out a lot of people.

HARP 2.0 is a refinance program for the millions of homeowners whose mortgages are owned by Freddie Mac and Fannie Mae. (Your lender can probably tell you quickly whether or not your home loan falls in that category. Freddie Mac and Fannie Mae also have online programs that help you ascertain whether those giant, mortgage-buying agencies own your mortgage.) If your loan is conforming, which in most cases means that you bought your house for $417,500 or below, it’s highly possible that you fall into this group; Fannie and Freddie together are the country’s biggest mortgage buyers. They exist to buy mortgages from lenders, who then have cash to loan to new home buyers.

For eligible homeowners with good credit and who are current on their home payments, HARP 2.0 can save hundreds of dollars a month, on average, on mortgage payments. Even better, HARP 2.0 is able to refinance mortgages for more than 100% of their value. In fact, many homeowners are opting to re-fi for more than 125% through HARP 2.0.

HARP 2.0 is also competitive, in terms of interest. With the Federal Reserve currently attempting to stimulate the economy and reduce lower interest rates to new record lows, refinancing remains attractive. HARP 2.0 may not be able to prevent floods like those of last April, but for most Indiana homeowners, the government-backed refinance program may be keeping one’s head above water.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard 0.7-1.0% point origination fee.


Latest HARP Mortgage News March 31st, 2014

  • FHA Streamline Refinance Benefits Hoosier Homeowners

    By: Morris Newman | October 5th, 2012

    Refinancing is the biggest line of business in today’s mortgage market. Currently, more than four out of five new mortgage applications are for re-fis, according to the Mortgage Bankers Association, an industry trade group. One reason why re-fis are outpacing … Continue reading

  • Indiana Mortgage Rates: Indiana Mortgage Interest Rates Increasing as Jumbo Mortgage Rates Decreasing

    By: Vanessa Rodriguez | February 2nd, 2011

    In addition to a decrease in home construction throughout the state of Indiana, prices on mortgage backed securities fell last week. Fortunately, this week, due to data on manufacturing throughout the United States and Europe, mortgage interest rates increased on some mortgage types and decreased on others, such as Jumbo mortgage loans. Mortgage rates in Indiana are expected to increase slightly because of investor speculation regarding re-pricing. Continue reading