“We need 20% down before we can buy.” After 30+ years in the mortgage business here in Central Indiana, I still hear this every single week — and it stops good people from buying years before they need to.

So let’s clear it up: 20% down has never been a requirement to buy a home. Not now, not ever. Here’s where that number really comes from, what you actually need, and how to figure out the right answer for your situation.

Where the 20% myth comes from

Twenty percent is simply the point where conventional loans no longer require mortgage insurance. That’s it. It’s a pricing threshold, not an entry ticket. Somewhere along the way, “you can skip mortgage insurance at 20%” got shortened to “you need 20%” — and a generation of renters has been waiting on the sidelines because of it.

What you actually need

• Conventional loans — as little as 3% down for qualified buyers.
• FHA loans — 3.5% down, with more flexible credit guidelines.
• VA loans — $0 down for veterans and eligible service members.
• USDA loans — $0 down in eligible areas, and more of Central Indiana qualifies than people expect.
• Down payment assistance — state, regional, and lender-based programs can put thousands toward your down payment, sometimes as forgivable second mortgages or grants. Funding and terms change year to year, so ask before you assume anything.

On a $250,000 home, the difference between 20% down ($50,000) and 3% down ($7,500) is the difference between buying someday and buying this year.

What about mortgage insurance?

Mortgage insurance gets treated like a four-letter word, and it shouldn’t be. It’s the fee that makes low-down-payment loans possible. On a conventional loan it drops off once you reach 20% equity — and your equity grows from both your payments and your home’s appreciation. Many of my clients reach that point faster than they expected.

The real cost of waiting

While you’re saving toward 20%, two things usually keep moving: home prices and rent. Every year you wait, the target gets bigger — and every rent check builds your landlord’s equity instead of yours. Waiting isn’t automatically wrong, but it isn’t automatically safe either. It’s a math problem, and it deserves real numbers instead of a rule of thumb.

So what’s the right answer for you?

It depends on your credit, your savings, your monthly comfort zone, and how long you plan to stay. That’s exactly the kind of thing we can sort out in a five-minute conversation — no pressure, no obligation, just a straight answer about what you’d actually need to buy in Indianapolis, Fishers, Carmel, Noblesville, or anywhere across Central Indiana.

Curious what your number really is? Reach out anytime. I’ll give it to you straight.

Greg Rank
Senior Mortgage Consultant & Indiana Mortgage Broker
Channelwood Mortgage — NMLS #138276
Call or text: (317) 603-0912
Email: gregrank@mortgagebrokerindy.com

This article is for general educational purposes and is not a commitment to lend. Loan programs and eligibility requirements are subject to change.

If you’ve served, you’ve earned one of the best mortgage benefits in the country — and after 30+ years helping Central Indiana families finance homes, I can tell you a lot of veterans never fully use it.

Not because it doesn’t fit. Usually because of something they think they know: that they need a big down payment, that the benefit was “used up” years ago, or that VA loans are complicated. None of those hold up. Here’s the plain-English version.

What makes the VA loan different

• $0 down payment for those who qualify — no waiting years to save 20%, or even 3%.
• No monthly mortgage insurance. FHA and low-down conventional loans typically carry a monthly mortgage insurance cost. VA loans don’t — which often makes the monthly payment lower than other loans, even at a similar rate.
• Competitive interest rates — VA rates are frequently among the best available.
• Flexible credit guidelines — the VA program was built to work for real people, not perfect credit reports.

The biggest myth: “I already used my benefit”

I’ve sat across from veterans who bought a home with a VA loan twenty years ago and assumed that was that. It isn’t. The VA loan benefit is reusable. Once a prior VA loan is paid off — and in some cases even while you still have one — your entitlement can be restored or partially reused for the next purchase.

If you’re not sure where your entitlement stands, that’s a five-minute question for me, not a research project for you. I can pull your Certificate of Eligibility and tell you exactly what you’re working with.

Who’s eligible

Generally speaking: veterans, active-duty service members, many members of the National Guard and Reserves, and certain surviving spouses. Length-of-service requirements vary by era and duty type — so if you’re anywhere close, it’s worth checking rather than assuming.

Buying isn’t the only use

Already own a home with a VA loan? The VA streamline refinance (IRRRL) is one of the simplest refinances in the business — typically less paperwork and no appraisal in many cases — when rates make it worthwhile. There’s also a VA cash-out option if you need to tap equity for the right reasons.

What about sellers “not liking” VA offers?

You may have heard that sellers avoid VA buyers. In my experience, that reputation comes from lenders who don’t know the program — not from the program itself. A well-prepared VA buyer with a genuine pre-approval closes on time like anyone else. That’s the lender’s job, and it’s one I take personally.

The bottom line for Central Indiana veterans

Whether you’re looking in Indianapolis, Fishers, Carmel, Noblesville, Westfield, Greenwood, Zionsville — or anywhere across Indiana — your VA benefit can likely do more than you think. You earned it. My job is to make sure you actually get the good out of it.

Buying, refinancing, or just want to understand what your benefit can do today? I’d consider it an honor to walk you through it — no pressure, no obligation.

Greg Rank
Senior Mortgage Consultant & Indiana Mortgage Broker
Channelwood Mortgage — NMLS #138276
Call or text: (317) 603-0912
Email: gregrank@mortgagebrokerindy.com

This article is for general educational purposes and is not a commitment to lend. Loan programs and eligibility requirements are subject to change.

If you own the home you live in in Indiana, the homestead exemption is one of the biggest property-tax breaks available to you — and thanks to a major 2025 reform law, the rules are changing for the 2026 tax year. Here’s a plain-English guide to how the Indiana homestead exemption works, what you’ll save, who qualifies, and how to make sure you’re actually getting it.

Quick note on wording: Hoosiers usually say “homestead exemption,” but in Indiana the benefit is technically called the homestead deduction. Same thing — a reduction in the taxable value of your primary home. We’ll use both terms below.

What the Indiana homestead exemption actually is

Your property-tax bill starts with your home’s assessed value. The homestead deduction lowers the portion of that value the county can actually tax. Indiana gives qualifying homeowners two stacked deductions:

• Standard homestead deduction — subtracts the lesser of $48,000 or 60% of your home’s assessed value.
• Supplemental homestead deduction — subtracts a percentage of whatever value is left after the standard deduction. For 2026, that percentage rises to 40% (up from 37.5%).

Together, these can cut the taxable value of a typical owner-occupied home by roughly half.

A worked example (a $300,000 Central Indiana home in 2026)

The deductions take this home from $300,000 down to about $151,200 of taxable value — roughly a 50% reduction before your local tax rate is even applied. On a home like this you’re often talking about thousands of dollars a year in savings.

What’s new for 2026: the SEA-1 reform

In 2025 Indiana passed Senate Enrolled Act 1 (SEA-1), the biggest property-tax overhaul since 2008. It phases in over six years (2026-2031). The headline changes that show up on your 2026 bill:

• A brand-new homestead credit. You get a credit equal to 10% of your property-tax bill, capped at $300. A credit comes off the bill after the tax rate is applied, so it’s a direct dollar-for-dollar reduction. Best part: it’s automatic — you don’t have to apply for it.
• A bigger supplemental deduction — up to 40% for 2026.

Looking further ahead, the standard deduction begins shrinking in 2027 (from $48,000 to $40,000) and continues phasing down through 2031, while the supplemental deduction keeps rising to offset it. Translation: the mix of how you get the break is changing, but homeowners are generally protected. The takeaway for 2026 is simple — file for your homestead deduction and you’ll also pick up the new $300 credit automatically.

Who qualifies for the Indiana homestead exemption

You qualify if:

• You own the property (or are buying it under a recorded contract), and
• It’s your principal place of residence — the home you actually live in, not a rental or second home.

You can only claim the homestead deduction on one property, and a married couple can only claim one between them. Rentals, vacation homes, and investment properties don’t qualify (though SEA-1 does add a separate new deduction for rental housing and farmland starting in 2026).

How to file for your homestead deduction

This is the step people miss — especially new homebuyers. The deduction is not automatic when you buy a house. You have to file for it once:

1. File the homestead deduction form (State Form HC10) with your county auditor. Many Central Indiana counties let you file online or at closing.
2. Provide the last five digits of your Social Security and driver’s-license numbers (required to prevent people from claiming the deduction on more than one home).
3. Once it’s approved, the deduction renews automatically every year — you don’t have to refile unless you move or your eligibility changes.

Filing deadlines shift, so confirm the current cutoff with your county auditor — but the safe move is to file as soon as you close on your home so you don’t miss a tax year.

Central Indiana county auditor resources

• Marion County (Indianapolis): apply through the City-County / indy.gov homestead deduction page.
• Hamilton County (Carmel, Fishers, Noblesville, Westfield): apply through the Hamilton County Auditor’s office.
• Boone County (Zionsville), Hendricks, Johnson, and Hancock counties have their own auditor portals.

Why this matters when you buy a home

Here’s where it hits your wallet directly. Your mortgage payment usually includes an escrow portion for property taxes. If you buy a home and forget to file the homestead deduction, your assessed taxes can come in far higher than they should — which can cause an escrow shortage and a payment jump a year later. Filing the deduction promptly keeps your taxes (and your monthly payment) accurate from the start.

When you’re getting pre-approved, this is exactly the kind of detail a local broker catches that an out-of-state call center won’t. Estimating your real, post-deduction property taxes means a more accurate monthly payment and a smoother closing.

Homestead Exemption by County in Central Indiana

The Indiana homestead deduction is a statewide program, so the deduction amounts are the same in every county. What differs is where you file (your county auditor) and your final tax bill, which depends on local tax rates and your home’s assessed value. Here is where Central Indiana homeowners file:

Marion County (Indianapolis)

Indianapolis homeowners file the homestead deduction through the Marion County Auditor and the City-County (indy.gov) property-tax deduction portal. Many buyers can file right at closing.

Hamilton County (Carmel, Fishers, Noblesville, Westfield)

Homeowners in Carmel, Fishers, Noblesville, and Westfield file through the Hamilton County Auditor’s office. Because Hamilton County has some of Indiana’s highest home values, the homestead and supplemental deductions are especially valuable here.

Boone County (Zionsville)

Zionsville and other Boone County homeowners file with the Boone County Auditor.

Hendricks, Johnson & Hancock Counties

Homeowners around Avon and Brownsburg (Hendricks), Greenwood and Franklin (Johnson), and Fortville and Greenfield (Hancock) file with their respective county auditors. The process and deduction are identical statewide.

No matter your county, the rule is the same: file once with your county auditor after you close, and the homestead deduction renews automatically every year.

Indiana Homestead Law: The Basics

Indiana’s homestead deduction is established in state law (Indiana Code Title 6, Article 1.1) and was significantly reshaped by Senate Enrolled Act 1 (SEA-1) in 2025. Under Indiana homestead law, the deduction applies only to your principal place of residence — the one home you actually live in. The key legal points:

• You may claim the homestead deduction on only one property, and a married couple may claim only one between them.
• You must own the property or be buying it under a recorded contract.
• Claiming a homestead on a property that is not your principal residence — or on more than one home — can trigger back taxes and penalties, which is why the state requires the last digits of your Social Security and driver’s-license numbers to prevent duplicate claims.
• SEA-1 phases the deduction structure over 2026 to 2031, but the core eligibility rules stay the same.

Other Indiana Property Tax Deductions & Exemptions

The homestead deduction is the biggest, but Indiana offers additional property-tax relief that stacks with your homestead benefit if you qualify:

• Over-65 relief: Qualifying seniors may claim an over-65 deduction and a circuit-breaker credit that caps annual property-tax increases (income and assessed-value limits apply).
• Disabled-veteran benefits: Indiana greatly expanded veteran relief in 2026 (HEA 1210) — totally disabled veterans (100% rating) can receive a full property-tax exemption, while partially disabled veterans receive credits. These stack on top of standard homeowner benefits. (See our VA loans page too.)
• Blind-or-disabled and surviving-spouse deductions are also available to those who qualify.

Eligibility and amounts for these programs change, so confirm the current details with your county auditor or the Indiana Department of Veterans Affairs before filing. This article is general information, not tax advice.

Common Questions About Indiana Property Taxes

Where do I file for the homestead exemption in Indianapolis?

Indianapolis homeowners file the homestead deduction through the Marion County Auditor / the indy.gov property-tax deduction portal. You file once, and it renews automatically.

Is the Indiana homestead deduction the same in every county?

Yes. The homestead deduction is a statewide program with the same amounts everywhere. Your county auditor handles filing, and your final tax bill varies based on local tax rates and your home’s assessed value.

Can I claim the homestead exemption on more than one home in Indiana?

No. The homestead deduction applies only to your principal place of residence, and you (or a married couple) may claim it on just one property.

Frequently asked questions

Is it called a homestead exemption or a homestead deduction in Indiana? Both terms refer to the same benefit. Officially Indiana calls it the homestead deduction (plus a new credit for 2026), but most people search for “homestead exemption.”

How much is the Indiana homestead deduction for 2026? The standard deduction is the lesser of $48,000 or 60% of your home’s assessed value, plus a supplemental deduction of 40% of the remaining value. For 2026 there’s also a new automatic credit of 10% of your bill, capped at $300.

Do I have to apply for the homestead exemption in Indiana? Yes — you must file the homestead deduction (Form HC10) with your county auditor one time. It then renews automatically. The new 2026 10% credit, however, is applied automatically without an application.

When should a new homebuyer file for the homestead deduction? As soon as you close. It’s not automatic with the purchase, and filing promptly ensures your property taxes — and your escrowed mortgage payment — are calculated correctly.

Does the homestead exemption apply to rental or investment property? No. It only applies to your primary residence. SEA-1 does introduce a separate new deduction for rental housing and farmland beginning in 2026.

Written by Greg Rank, mortgage broker at Channelwood Mortgage (NMLS #138276), serving Indianapolis, Carmel, Fishers, Noblesville, Westfield, Zionsville and all of Central Indiana. Thinking about buying or refinancing? Get pre-approved or call (317) 603-0912.

This article is for general information only and is not tax or legal advice. Property-tax rules change and vary by county — confirm details and deadlines with your county auditor or a tax professional.

Related Resources

• First-Time Homebuyer Programs
• Indiana Down Payment Assistance
• Current Mortgage Rates in Indiana
• Mortgage Calculator

It’s the question nearly every Central Indiana renter is asking right now: with home prices and rents both higher than a few years ago, does it still make sense to buy — or is renting the smarter play? The honest answer is “it depends,” but the math in Indianapolis and its suburbs is more favorable to buyers than a lot of people assume. Here’s what the numbers actually look like in 2026, and how local buyers are adapting.

The Central Indiana market in 2026, by the numbers

A few things are true about the Indianapolis-area market right now:

• Home prices have leveled off. The median sale price in Indianapolis is sitting around $260,000 in 2026 — essentially flat year-over-year, a big change from the double-digit jumps earlier in the decade. Appreciation has settled into a healthier 2-4% a year.
• It’s a relatively balanced, buyer-friendly market. Zillow named Indianapolis one of the nation’s most buyer-friendly metros for 2026. Homes are taking about 49 days to sell and going for close to (not far above) asking — a world away from the bidding wars of 2021-2022.
• Rents keep climbing. The average Indianapolis apartment rents for roughly $1,300 a month, and that number rises a little more each year with no equity to show for it.

The suburbs tell a different story on price: in Hamilton County — Carmel, Fishers, Westfield, and Noblesville — median home prices commonly run $380,000 to $450,000 and up, reflecting the schools, amenities, and demand that make those communities so popular.

Rent vs. buy: the real trade-off

The most-cited “buy” hurdle is the income premium — locally it takes roughly 37% more income to comfortably afford a typical home than a typical apartment in Indianapolis. That gap is real, and it’s why renting still wins for some people in the short term.

But that comparison leaves out the thing that makes buying powerful: equity. Every mortgage payment builds ownership; every rent payment builds your landlord’s. Over a 5-7 year horizon — the point at which most buyers come out ahead — a fixed mortgage payment also becomes a hedge against rising rents, because your principal-and-interest payment doesn’t go up while rents keep climbing.

Renting makes sense when you expect to move within a couple of years, you value flexibility, or you’re still building credit and savings.

Buying makes sense when you plan to stay put for several years, you want a predictable housing cost, and you’re ready to build equity instead of paying it to someone else.

How Central Indiana buyers are adapting

Buyers nationwide are adjusting to affordability by targeting smaller or more efficiently priced homes — and that’s exactly what we see here. In practice, Central Indiana buyers are getting into homes by:

• Looking a little further out — the outer ring around Indianapolis and parts of Hancock, Boone, and Hendricks counties offers more house per dollar (and much of it is USDA-eligible for zero down).
• Using low- and no-down-payment loans — zero-down options like USDA and VA, plus FHA at 3.5% down, mean you don’t need 20% saved to buy.
• Tapping down-payment assistance — Indiana’s down-payment-assistance programs can cover much of the upfront cost, turning “I can’t afford the down payment” into “I closed this month.”
• Getting pre-approved early — knowing your real monthly number, including the Indiana homestead deduction on property taxes, prevents surprises and sharpens your search.

The only comparison that actually matters: yours

National averages and “37% premiums” are useful context, but they don’t tell you whether you should rent or buy in your situation. The right comparison is your actual rent today versus your actual mortgage payment — factoring in your credit, the loan program you qualify for, property taxes after the homestead deduction, and any down-payment help you’re eligible for.

That’s a 15-minute conversation. As a local, independent broker, I’ll run your real numbers across multiple lenders and tell you honestly whether buying pencils out yet — or whether renting another year is the smarter move. No pressure either way. Get pre-approved or try the mortgage calculator to start.

Frequently asked questions

Is it cheaper to rent or buy in Indianapolis in 2026? It depends on how long you’ll stay. Renting is often cheaper month-to-month (it takes roughly 37% more income to afford a median home than a median apartment), but buying builds equity and locks in your housing cost. Most buyers who stay five or more years come out ahead.

What is the median home price in Central Indiana right now? In 2026, Indianapolis’s median sale price is around $260,000, with appreciation running a sustainable 2-4% a year. Hamilton County suburbs like Carmel, Fishers, and Westfield typically run $380,000 to $450,000 and up.

Do I need 20% down to buy in Central Indiana? No. USDA and VA loans offer zero down for eligible buyers, FHA needs just 3.5%, and down-payment-assistance programs can cover much of the rest — often bringing your out-of-pocket cost close to $0.

Is 2026 a good time to buy in Indianapolis? Indianapolis was named one of the most buyer-friendly metros for 2026, with balanced inventory, homes selling near (not far above) asking, and steadier prices. For buyers who plan to stay, conditions are more favorable than they’ve been in years.

Written by Greg Rank, mortgage broker at Channelwood Mortgage (NMLS #138276), serving Indianapolis, Carmel, Fishers, Noblesville, Westfield, Zionsville and all of Central Indiana. Want to know if buying makes sense for you? Get pre-approved or call (317) 603-0912.

This article is for general information only and is not financial advice. Home prices, rents, and rates change frequently and vary by neighborhood and situation. Equal Housing Opportunity.

How Homestead Exemptions Work in Indiana (And How to File)

If you recently purchased a home in Indiana — or have owned one for years without looking into this — you may be leaving money on the table every year. Indiana’s homestead exemption is one of the most valuable property tax benefits available to homeowners, and it’s completely free to apply for. In this post, we break down exactly what the Indiana homestead exemption is, how much it saves you, who qualifies, and how to file.

What Is the Indiana Homestead Exemption?

The Indiana homestead exemption (officially called the Homestead Standard Deduction) reduces the assessed value of your primary residence before property taxes are calculated — which directly lowers your annual tax bill. Indiana offers two layers of homestead-related deductions:

1. Homestead Standard Deduction: Reduces your home’s assessed value by 60%, up to a maximum of $48,000.
2. Supplemental Homestead Deduction: An additional percentage reduction applied to the remaining assessed value after the standard deduction — providing even more savings on higher-value homes.

How Much Does the Indiana Homestead Exemption Save?

The actual dollar savings depend on your home’s assessed value and your local property tax rate. At a 1.5% effective tax rate on a $200,000 Indianapolis home, the homestead exemption can save homeowners approximately $1,500 or more per year compared to paying taxes on the full assessed value. Hamilton County homeowners on a $350,000 home can typically save over $1,300 annually. Contact your county assessor’s office or use the Indiana DLGF property tax calculator for a precise estimate.

Who Qualifies for the Indiana Homestead Exemption?

• Primary residence only: The property must be your principal place of residence — where you live the majority of the year, are registered to vote, and file your taxes.
• Owner-occupied: You must own the property. Renters are not eligible.
• Only one property: You can only claim the exemption on one property if you own multiple homes.
• Individuals and trusts: Available to individuals and certain living trusts where the beneficiary occupies the property as their primary residence.

The Indiana Supplemental Homestead Deduction

On top of the standard deduction, Indiana automatically applies a Supplemental Homestead Deduction to properties already receiving the standard deduction. It is calculated as 35% of the assessed value remaining after the standard deduction (on the portion up to $600,000), and 25% of any assessed value above $600,000. You do not need to file a separate application — it is applied automatically when you receive the standard deduction.

How to File for the Indiana Homestead Exemption

Step 1: Get Form HC10

Download or pick up Indiana State Form HC10 (Application for Homestead Standard Deduction and Supplemental Homestead Deduction) from your county assessor’s website or office, or from the Indiana DLGF website at in.gov/dlgf.

Step 2: Complete the Form

The form asks for your name, property address, parcel number, confirmation that the property is your primary residence, and your Social Security number (used to ensure the exemption is only claimed on one property statewide).

Step 3: Submit to Your County Assessor by December 31

Submit the completed form to your county assessor’s office — in person, by mail, or online. The deadline is December 31 of the year you want the deduction to apply. If you close on a home in 2025 and file by December 31, 2025, the deduction will appear on your 2025 pay-2026 property tax bill.

Step 4: Verify on Your Tax Bill

Once approved, the deduction appears on your county property tax statement. Most Indiana counties have online property search tools where you can verify your exemptions.

Where to File by Indiana County

• Marion County (Indianapolis): Marion County Assessor — assessor.marionco.net — (317) 327-4907
• Hamilton County (Carmel, Fishers, Noblesville): hamiltoncounty.in.gov — (317) 776-9617
• Hendricks County (Avon, Plainfield): (317) 745-9207
• Johnson County (Greenwood, Franklin): (317) 346-4701
• Boone County (Zionsville, Lebanon): (765) 482-3510
• Allen County (Fort Wayne): (260) 449-7123

Other Indiana Property Tax Deductions to Know About

• Over-65 Deduction: Homeowners 65+ with assessed value under $240,000 and income under $30,000 can receive an additional deduction of up to $14,000.
• Disabled Veterans Deduction: Veterans with service-connected disabilities may qualify for deductions up to $24,960 — or a full property tax exemption for 100% disabled veterans.
• Blind or Disabled Deduction: Homeowners who are blind or disabled with income under $17,000 can receive a deduction of up to $12,480.
• Mortgage Deduction: Homeowners with a mortgage on their primary residence can deduct up to $3,000 from assessed value, separate from the homestead deduction.

Homestead Exemption and Your Mortgage Payment

If you have an escrow account, your lender collects property taxes as part of your monthly mortgage payment. When your homestead exemption is approved and your property tax bill decreases, your lender will perform an annual escrow analysis and reduce your monthly payment accordingly. There is typically a 1-2 year lag as the escrow account is analyzed and adjusted.

Frequently Asked Questions: Indiana Homestead Exemption

Do I have to file the Indiana homestead exemption every year?

No — you only need to file once as long as you continue to own and occupy the property as your primary residence. The exemption renews automatically each year. However, if you move, sell, or stop using the property as your primary residence, you are required by law to notify your county assessor.

What happens if I don’t file the homestead exemption in Indiana?

You simply don’t receive the tax savings — there’s no penalty for not filing. But you’ll pay significantly more in property taxes each year than you have to. You cannot recoup prior-year savings, so it’s worth filing as soon as possible.

Can I claim the homestead exemption on a home I rent out?

No — the homestead exemption is strictly limited to your primary residence. Investment and rental properties are not eligible. Falsely claiming the exemption is considered tax fraud in Indiana and can result in penalties, back taxes, and legal consequences.

Does the homestead exemption affect my home’s value or my ability to sell?

No — the homestead exemption has no effect on your home’s market value or your ability to sell. It simply reduces the assessed value used to calculate your property tax bill. When you sell, the exemption is removed and the new owner must file their own application.

I just bought a home in Indiana. When should I file?

File as soon as possible after closing — don’t wait until December. While the December 31 deadline is the cutoff for that year’s deduction, filing early ensures you don’t miss it. Most county assessor offices accept walk-in or online applications shortly after your deed is recorded.

Just Bought a Home? Let Greg Rank Help With Your Mortgage

Filing your homestead exemption is just one item on the post-closing checklist for Indiana homeowners. If you’re in the process of buying — or thinking about it — Greg Rank can help you understand all the financial aspects of homeownership in Indiana, from mortgage pre-approval to explaining your closing costs and tax obligations.

📞 Call or text Greg Rank: (317) 603-0912
Independent Mortgage Broker | Indianapolis, IN | Serving all of Indiana

Good news for buyers and homeowners: mortgage rates have continued their slow climb down. According to Freddie Mac’s Primary Mortgage Market Survey for the week ending June 4, 2026, the average 30-year fixed-rate mortgage now sits at 6.48% — down from 6.53% the week before, and a meaningful improvement from 6.85% a year ago. The 15-year fixed averaged 5.79%.

What a Difference a Year Makes

On a $350,000 loan, the drop from 6.85% to 6.48% saves roughly $85 per month — over $1,000 a year. If you bought in the last couple of years when rates were higher, it’s worth a quick conversation about whether a refinance makes sense yet. And if you’ve been waiting on the sidelines to buy, improving rates plus normal summer inventory can be a real window of opportunity in Central Indiana.

Three Ways to Take Advantage

1. Get pre-approved now. In competitive Hamilton County markets like Fishers and Carmel, a strong pre-approval lets you move the moment the right house hits the market.
2. Ask about a rate buydown. A temporary buydown — often paid by the seller — can lower your payment for the first years of the loan while rates continue to settle.
3. Review your current mortgage. A quick annual review costs nothing and tells you exactly what rate would make refinancing worthwhile.

Questions about your situation? Call me at (317) 603-0912 or send me a message — I’m always happy to run the numbers with you.

Source: Freddie Mac Primary Mortgage Market Survey, June 4, 2026. National averages; not a rate quote or offer of credit. Greg Rank, Channelwood Mortgage, NMLS# 138276. Equal Housing Opportunity.