Current Louisiana Mortgage and Refinance Rates

Compare offers to find the best rates for your home loan

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Privacy Secured  |  Advertising Disclosures
 

Current 30-year fixed mortgage rates are averaging: 7.52%

Current 15-year fixed mortgage rates are averaging: 6.83%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare LA mortgage rates today

loading image

 Refinance rates in Louisiana

  • Rate-and-term refinances give homeowners a chance to change either their interest rate or loan term (or both). Lengthening your loan term or lowering your interest rate can help make your monthly mortgage payment more affordable.
  • Cash-out refinances offer a way to convert some of your home equity into cash while simultaneously refinancing your home loan. They usually come with higher rates than rate-and-term refinances.
  • Conventional refinances aren’t a part of a government loan program. They almost always come with higher rates than government-backed refinances.
  • FHA refinances are insured by the Federal Housing Administration (FHA) and typically come with lower rates than conventional refinances.
  • VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and offer competitive rates as well as great perks to qualified military borrowers. Those with full VA entitlement can purchase a home with no money down and no mortgage insurance.

Current 30-year fixed mortgage refinance rates are averaging: 7.76%

The current average rate for a 15-year fixed mortgage refinance is: 6.99%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
 See whether refinancing makes sense for you using our mortgage refinance calculator.

 What is the current mortgage rates forecast for 2024?

The current mortgage interest rates forecast is for rates to hold relatively steady and remain below 7%. Senior economist Jacob Channel says he wouldn’t be surprised if rates end the year closer to — or even below — 6%. That’s high compared to pre-pandemic levels, but it’s still a significant improvement over some of the spikes we saw last year, when 30-year mortgage rates rose to nearly 8%.

How do I get the best mortgage rate for my Louisiana home loan?

Among the many factors determining mortgage rates, there are several that you can control. Here are some actions you can take today to get the best mortgage rate:

  1. Boost your credit. Your credit score is generally accepted to be the biggest factor influencing your mortgage rate offers. The higher your score, the better your rate, so it can really pay to take action on lifting or repairing your credit.
  2. Lower your debt-to-income (DTI) ratio. Your DTI ratio signals to lenders how heavy of a debt load you carry. You can unlock lower rates by lowering your DTI, for example by increasing your income, paying off some debts or getting a cosigner.
  3. Buy a single-family, site-built home. The lowest interest rates go to those who avoid buying a manufactured home, a property with more than one unit, a vacation home or an investment property.
  4. Pay for mortgage points. Mortgage points are an option if you want to reduce your interest rate by paying an upfront fee. Doing so can save you money in the long run, but it’s not always a no-brainer. Crunch the numbers on alternative strategies — like using the extra funds to reduce your principal balance — before committing.
  5. Compare offers from multiple lenders. Saving money doesn’t always have to involve complex strategizing — one of the best ways to save money on a mortgage is by simply shopping for the best rate. Reach out to three to five lenders and compare the loan terms they offer you. This uncomplicated strategy can save you thousands over the life of your loan, according to LendingTree data.
  Read more about our picks for the best mortgage lenders.
loading image

 When should I lock in my mortgage rate?

Mortgage rate locks are tied to an address, so your best bet is to request one as soon as you’ve been approved for a mortgage on a specific property. The rate lock will safeguard the interest rate you were quoted in your loan estimate, ensuring that it’s still there waiting for you on your closing day.

2024 Louisiana home loan programs

The Louisiana Housing Corporation (LHC) offers a robust array of programs for first-time homebuyers, low- and moderate-income buyers and even repeat buyers. Below is a quick rundown of some of these programs — visit LHC’s website for more details and to see all available programs.

"Home" MRB Down Payment Assistance Program

LHC offers two mortgage revenue bond (MRB) programs designed to help first-time homebuyers. The first, known as the “Home” MRB program, is for moderate-income buyers who may be struggling to meet the minimum down payment requirement needed to get into a home loan.

The program provides a purchase loan with a below-market interest rate, as well as up to 9% of the loan amount in funds for closing costs or a down payment. Plus, you won’t have to repay the latter funds as long as you occupy the home for a minimum period of time, which ranges from five to 15 years (depending on your loan amount). And if you take out a conventional purchase loan, you’ll also receive a discount on your private mortgage insurance (PMI) premiums.

 Who qualifies?

Borrowers must:

 Be a first-time homebuyer
 Earn within the program’s income limits, which vary by parish and household size
 Purchase a home within the program’s price limits
 Have a minimum 640 credit score
 Have a maximum 41% DTI ratio
 Complete a homebuyer education course

 Who qualifies as a first-time homebuyer?

 People who have never owned a home
 People who haven’t owned real estate in the last three years
 Displaced homemakers and single parents who owned a home with a spouse in the last three years

MRB "Assisted" Program

This program is a better option for borrowers who earn too much income to qualify for the Home program, or who aren’t first-time homebuyers. You can access a purchase loan at market rates and, to ease the burden of a down payment and closing costs, a second mortgage for up to 4% of the first mortgage amount. Plus, you won’t have to repay the second mortgage as long as you stay in the home for five years.

 Who qualifies?

Borrowers must:

 Be a first-time homebuyer or purchase in a targeted area
 Earn within the program’s income limits, which vary between conventional loans and government-backed loans and are higher for those purchasing in a targeted area
 Purchase a home within the program’s price limits, which are higher if you’re purchasing in a targeted area
 Have a minimum 640 credit score

Delta 100

If you’re looking to purchase your first home but have bad credit (or even no credit), the Delta 100 program may be right for you. The “100” in the name refers to the fact that you can access 100% financing, which means there’s no minimum down payment. You may also qualify for up to 3% of the mortgage loan amount in funds to help cover closing costs and prepaids, like homeowners insurance and property taxes. However, the program can only be used in Delta parishes.

 Who qualifies?

Borrowers must:

 Be a first-time homebuyer
 Purchase in one of the following parishes: Caldwell, Catahoula, Concordia, East Carroll, Franklin, Madison, Morehouse, Pointe Coupee, Richland, Tensas, West Carroll and Ouachita (excluding Monroe)
 Purchase a home for no more than $392,268
 Earn within the program’s income limits
 Complete a homebuyer education course
 Contribute at least $1,500 or 1% of the home price (whichever is less) from your own funds

loading image

Learn about different types of LA mortgage loans

 Louisiana conventional loans. Conventional loans are the standard choice when it comes to mortgages, but they’re only accessible to borrowers who can meet the minimum requirements set by Fannie Mae and Freddie Mac.

 Louisiana FHA loans. FHA loan requirements are more flexible than conventional loan requirements. You can qualify with a credit score as low as 500 if you make a 10% down payment. But if you’d rather make a smaller down payment, you can put down as little as 3.5% — though only if you have at least a 580 score.

  Louisiana VA loans. VA loan requirements are generally the most accessible and flexible, especially for those with imperfect credit. You can shop around for a new lender if you don’t like the minimum credit score requirement any given lender is enforcing. In most cases, you can also purchase or refinance without making a down payment or paying for mortgage insurance.

  Louisiana streamline refinances encompass two loan types: FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs). They’re called “streamline” because, compared to a typical refinance, they require less time and paperwork. However, you’ll have to refinance from an FHA loan into an FHA loan, or from a VA loan into another VA loan, to take advantage of these programs.

  Ready to compare top mortgage lenders with LendingTree?Get Custom Mortgage Rates and Offers Today