Louisiana Mortgage Rates

Compare Louisiana mortgage rates and choose the best option for your needs.

By Myfin Team
Updated May 18, 2024
Loan Type
State
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Purchase Price
$
Down payment
$
%
Loan term
  • 10-Year Fixed
  • 15-Year Fixed
  • 20-Year Fixed
  • 30-Year Fixed
  • 40-Year Fixed
  • 1-Year ARM
  • 3-Year ARM
  • 5-Year ARM
  • 7-Year ARM
  • 10-Year ARM
  • 3-Year ARM I/O
  • 5-Year ARM I/O
  • 7-Year ARM I/O
  • I/O = Interest only
Credit score
  • 740-850
  • 720-739
  • 700-719
  • 680-699
  • 660-679
  • 640-659
  • 620-639
  • 350-620
EMPTY
More options
Points
  • Up to 3
  • 0
  • 0-1
  • 1-2
Property type
  • Single Family
  • Condo (Less than 4 stores)
  • Condo (More than 4 stores)
  • 41 - 2 units
  • 42 - 3 units
  • 43 - 4 units
Property use type
  • Primary Residence
  • Second Home
  • Investment
EMPTY
EMPTY
Showing 7 mortgages
NMLS#401822
APR
6.506%
Payment
$1,997/mo
Rate
6.375%
Fees
$4,400
Includes 0.375 Points ($1,200)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#1025894
APR
7.490%
Payment
$2,236/mo
Rate
7.490%
Fees
($94)
Includes 0.248 Points (($794))
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#1907
APR
7.520%
Payment
$2,211/mo
Rate
7.375%
Fees
$4,602
Includes 0.438 Points ($1,402)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#491986
  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
  • 97% of borrowers would recommend to friends or family
On partner's site
Get details
NMLS#Not a Lender
  • 2024 FHA Loan tools and resources
  • Find answers to your mortgage questions
  • Easy to qualify, no obligation
On partner's site
Get details
NMLS#1907
  • 0% Down VA Loans for Veterans & Military
  • Secure preapproval quickly with 24/7 access
  • Competitively low VA rates, no PMI required
  • Over 300,000 verified 5-star reviews
On partner's site
Get details
NMLS#Not a Lender
  • Premier resource for one-stop lender shopping
  • Get personalized purchase & refinance options
  • Find out what you're eligible for fast
On partner's site
Get details
Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. More information on rates and product details.
For example, if you apply for a 15-year $400,000 mortgage with an interest rate of 6.15% and a down payment of 10% you would receive $360,000 and make 180 payments of $3,067.14. The total amount paid would be $552,084.

Today's Mortgage Rates Trends in Louisiana

Mortgage in Louisiana: Top Lenders in 2024

Interested in a property in Louisiana State? The easiest way to do so is to use a mortgage loan, which is effective irrespective of what type of property you are searching for – a residential estate or an apartment. However, the home loan terms offered by different mortgage lenders can vary greatly (use our mortgage calculator to estimate your future expenses). In this guide, we'll delve into some of the highest-rated lenders and assess which ones merit your consideration.

LA Mortgage Lenders Comparison

Each of the lenders under review are reputable firms known for their reasonable rates and established track records. To provide comprehensive information, we will evaluate them based on various key criteria such as APR, minimum down payment, minimal requirements, and more. This comparison will offer you detailed insights to make an informed decision.

Advanced Mortgage and Investment Co

Advanced Mortgage & Investment Company (AMIC) is a reputable mortgage lender headquartered in Alabama. Since 2003, it has established a strong online presence. Currently, AMIC operates in several states including Alabama, California, Colorado, Florida, Louisiana, Mississippi, and Tennessee. As of 2022, its website proudly states over $8 billion in total closed loans.

AMIC offers a range of options for both purchase and refinancing, encompassing conventional fixed-rate mortgages for terms of 10, 15, 20, 25, or 30 years, as well as adjustable-rate mortgages. Additionally, they provide government-insured FHA, VA, and USDA programs. For conventional loans, a minimum credit score of 620 is required.

Pros: Cons:
A wide range of loan options available. No rate information on their website.
The trustworthiness of the company is confirmed by its membership in the National Association of Mortgage Brokers. Only works in 7 states.

Change Home Mortgage

Change Home Mortgage was established in 1994. This mortgage broker primarily targets non-traditional, low-income borrowers, including immigrants and individuals employed on a temporary basis, as evidenced by their CDFI certification. In addition to conventional options and all major types of government-backed loans such as FHA, VA, and USDA, the broker promotes an alternative to the FHA plan - a conventional loan that demands only a 3% down payment. They also offer jumbo and reverse mortgages, along with refinancing options. However, specifics regarding interest rates, fee structures, and borrower eligibility criteria are not publicly disclosed.

Pros: Cons:
Perfect for low- to moderate-income borrowers. Not licensed in Massachusetts, Missouri and New York.
A good choice of government-backed plans available. Doesn't disclose the exact terms and requirements.
A close-to-nationwide coverage.

Paddio®

Paddio® is a prominent mortgage lender based in Springfield, Missouri, specializing in a variety of financing options including purchase, refinance, FHA, VA, and USDA loans. With Paddio, down payments can be as low as 3.5% for Home Ready, Home Possible, or FHA loans, offering accessible financing solutions for prospective homeowners. Additionally, conventional loans, a popular choice, typically require down payments ranging from 3 to 20%. It's important to note that Paddio's mortgage services are unavailable in New York (NY), Nevada (NV), New Jersey (NJ), and Utah (UT).

Pros: Cons:
Low down payment options. Not available nationwide.
Variety of loan types offered.

Average Mortgage Rate in Louisiana from 1978 to 2018

The chart shows average conventional mortgage 30-Year Fixed Rates in Louisiana.

Source: Federal Housing Finance Agency Monthly Interest Rate Survey

Information about the Housing Market and Real Estate Prices in Louisiana

Criteria Amount, $
The median home value in Louisiana $195,621
The income required to buy the median priced home in Louisiana $32,052
The monthly mortgage payment required to buy the median priced home in Louisiana $742
The median household income for Louisiana $55,653

Factors to Keep in Mind When Choosing a Mortgage Lender

Acquiring a mortgage loan entails a substantial commitment spanning 15 to 30 years, necessitating careful consideration before entering into an agreement with any particular lender. Several key aspects merit attention when evaluating potential lending entities.

  • Type of Lender. The market typically offers two primary options: traditional banks and online mortgage lenders. While banks often provide enticing rates, they typically impose stringent credit checks, resulting in longer approval times and demanding eligibility criteria. Conversely, online lenders offer expedited processes and more lenient requirements for prospective homebuyers.
  • APR and Fees. Beyond the interest rate, the overall cost of a mortgage encompasses additional fees such as origination fees, mortgage insurance fees, and closing costs. As of the current writing, the average mortgage rate for a fixed-rate 30-year loan in Louisiana stands at 6.58%.
  • Terms and Conditions. Essential considerations include the minimum down payment size, which ranges from 0% to 20% depending on the loan type and the borrower's profile (e.g., military, employed, self-employed). Additionally, the loan's lifespan, denoting its total duration, is a critical parameter with common options being 15 and 30 years.

What Mortgage Lender is the Number One in Louisiana?

The list of reliable LA mortgage lenders is extensive, so it's hard to give an unambiguous answer to this question. Everything depends. For example, one of the industry leaders is Rocket Mortgage with a loan volume of $11.5 billion for the year 2021. To take your pick wisely, check our list of recommended lenders.

First-Time Homebuyer Programs in Louisiana

Buying a home for the first time is quite challenging. Happily, residents of Louisiana can take advantage of some governmental programs aimed at raising mortgage affordability.

  • Federal Housing Administration loan program. In its framework, a buyer gets insurance from the federal government. The fee for this insurance is included in the total cost of the future loan. In return for this, the homebuyer gets some serious benefits: a low interest rate and minimal credit requirements. Thus, his FICO score can be as low as 500, and the debt to income ratio – just 50%.
  • USDA loan program. It is oriented toward those living in rural areas. The participants of this program can get a mortgage loan with a zero down payment. However, their annual income must not exceed 115% of the average income in this region.
  • VA loan programs. They are insured by the Veteran Affairs Department. This mortgage option is available to former militaries or their spouses.

Pre-Approval: What Does It Mean?

Preliminary approval serves as a validation of a potential homebuyer's financial credibility, signaling to home sellers that lenders are prepared to greenlight a mortgage loan for the buyer. To secure pre-approval, individuals must furnish documentary evidence of their financial capacity. This typically entails providing earning statements, account statements, a W2 form, or alternative proof of income spanning at least two years. Moreover, completion of the Uniform Residential Loan Application form is a requisite step in the pre-approval process.

FAQ

Whether I Qualify for a Mortgage in Louisiana or Not?

Qualification requirements for mortgage borrowers can slightly vary in different lending entities, but in most cases, they include a credit score of 620 and higher, and a debt-to-income ratio of at least 50%. Also, you need to provide evidence of your paying capacity and credibility: tax and account statements, employment status, credit reports, etc. Finally, you must be able to make the required down payment.

What is the maximum mortgage duration in LA?

The maximum length of a mortgage loan in the US is 30 years. There can be some exceptions with unqualified mortgages where the term can reach 40 years. However, these cases are very rare, and the terms of such loans are far from being favorable.

What is the mortgage rate right now in Louisiana?

There is no simple answer to this question, as the final APR is defined individually for each borrower. However, there are average values for every US state. In Louisiana, the current average mortgage rate for a 30-year period is 6.58%. For the term of 15 years, it is 5.98%.