Interest Rate
4.828%
APR*
4.91%
Average home price
$166.565

If you find yourself musing about buying a home in Louisiana, think about things from a lender’s perspective. They’ll expect to review your credit score, your income and monthly expenses, your debt-to-income ratio, and what you expect your down payment to be.

Applying for the best mortgage rate in Louisiana starts with getting your finances straight before you seek preapproval from a professional lender. Gather copies of your tax returns, pay stubs, and bank statements and check your credit as a first step towards home ownership.

Here’s a quick look at current Louisiana mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 4.828% 4.91% -0.03%
Conventional 20 year fixed 4.641% 4.737% -0.05%
Conventional 15 year fixed 3.962% 4.126% -0.23%
Conventional 10 year fixed 3.82% 4.046% Unchanged
Conventional 5 year ARM 4.365% 4.074% +0.24%
FHA 30 year fixed 3.947% 4.745% +0.01%
VA 30 year fixed 4.201% 4.463% -0.19%
VA 15 year fixed 3.5% 4.117% -0.5%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Louisiana

Louisiana brings to mind Mardi Gras and gumbo, twin fiddles and the steel guitar. There’s plenty of fantastic culture and wildlife in the Pelican State!

The population of Louisiana hovers around 4.6 million people, and nearly one in four live in the state’s top five cities:

  • New Orleans
  • Baton Rouge (state capital)
  • Shreveport
  • Metairie
  • Lafayette

Looking for a home to buy in Louisiana? It’s not too expensive of a state overall. Louisiana ranks 43rd in US homes for sale at average price, and 38th for homes over $1,000,000. Get preapproved first so you can attend open houses with a good idea of your budget if you find the perfect spot.

First-time Homebuyers

First-time home buyers looking for a little help can find assistance from a program administered by the Louisiana Housing Corporation (LHC.)

LHC Mortgage Revenue Bond programs help first-time homebuyers with financing and down payment and closing cost assistance.

  • Mortgage Revenue Bond Home: Includes 5%-9% grant with no interest or repayment
  • Mortgage Revenue Bond Assisted: Includes 4% no-interest, no-payment second mortgage, forgiven after your live in the home for three years

You’ll have to meet a few basic parameters for these programs:

  • Have a credit score of at least 640
  • Complete a homebuyers education course
  • Be at or below 80% of the area median income (AMI) rate

Refinancing in Louisiana

Competitive Louisiana mortgage rates may prompt you to make the decision to refinance your home. You can do any of the following:

  • Slash your total interest paid over time
  • Cut your monthly payment by lengthening your loan
  • Cash-out equity you’ve built up in your house
  • Drop off a private mortgage insurance (PMI) mandate

Wondering if you could qualify for a streamlined refinance? Find out if you have the right type of loan first. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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