Updated: November 12, 2024
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Today's 30-year average mortgage rate in Louisiana is 6.57%, which contrasts with the national rate of 7.15% for the same type. In Louisiana, homebuyers can benefit from programs such as the MRB Home and Assisted Programs and the Mortgage Credit Certificate Program, which may help lower mortgage costs.
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Louisiana. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in content are annual percentage rates (APRs).
This data was last updated in November 2024.
The November 2024 mortgage rate in Louisiana for a 30-year fixed mortgage climbed to 6.6%, up from 5.7% the previous month. With a loan of $250,000 and a 20% down payment, this increase translates to an extra cost of about $42,563 over the life of your loan, not accounting for additional expenses such as property taxes and HOA fees.
Our line chart displays the movement in rates for the recent months, highlighting the direct impact a slight change in percentage points can have on your wallet.
Understanding the current mortgage rate in Louisiana can help you budget since rates update regularly, swayed by economic events and the Federal Reserve. Our line chart illustrates the variations in rates to guide your financing plans.
Staying updated with today’s mortgage interest rates in Louisiana benefits a pair of borrower types, especially given shifts in the housing market:
First-time homebuyers
Knowing current mortgage rates aids first-time homebuyers in Louisiana by showing what rates to expect and gauging their competitiveness.
Homeowners with mortgages
Homeowners in Louisiana can assess if they should consider a mortgage refinance by comparing current rates to their own.
In Louisiana, if you're looking at getting a new home, the current mortgage rate for a 30-year fixed mortgage averages 6.57% — but if you're aiming to refinance, you're looking at an average of 6.58%. This slight variation can impact your monthly payments and the total interest you pay over the life of the loan.
A 30-year fixed-rate mortgage in Louisiana often has a higher interest rate than a 15-year fixed-rate mortgage. The longer loan term introduces more risk for the lender — there's a greater chance of interest rate fluctuations and possible default over a longer time frame. The rate you end up with depends on the type of loan you select.
When planning your budget, a mortgage calculator can help you understand how different mortgage loan types in Louisiana impact your monthly payments. This allows you to prepare for the financial commitment ahead.
| 5.34% | 5.57% |
An interest rate reflects the annual cost of borrowing money from a lender. In Louisiana, the average mortgage interest rate for a 30-year fixed loan is 6.48%.
An APR, or annual percentage rate, is broader, encompassing the interest rate and fees that come with your loan. Louisiana's average APR for a 30-year fixed mortgage is 6.57%, which gives you a real sense of the yearly expense tied to your mortgage.
If you're in Louisiana with a credit score of 740 or above and you're looking at a down payment between 5% and 20%, the average APR for a 30-year fixed mortgage is 7.32%. If your credit score falls below 680, the average APR for the same loan jumps to 7.80%.
Your credit score — and the down payment you make — directly impact the mortgage rates you might see in Louisiana. To see what rates could look like for you, check out the interactive table we've put together. It breaks down rates by credit score and down payment.
| 10-year Fixed | 5.56% |
| 15-year Fixed | 6.01% |
| 20-year Fixed | 6.83% |
| 30-year Fixed | 6.89% |
| 5-year ARM | 7.58% |
| 7-year ARM | 7.46% |
In November 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Louisiana at 6.50%. Knowing your options can help you find a loan that fits your financial situation.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Louisiana |
|---|---|---|---|
Conventional Loans | Government agencies do not insure conventional loans in Louisiana, but they are common among borrowers. | Your credit score and down payment affect rates for conventional loans, often resulting in competitive offers. | 6.57% |
FHA Loans | FHA loans in Louisiana are insured by the Federal Housing Administration and are popular for lower credit scores. | FHA loans typically offer lower rates for borrowers with less-than-perfect credit or smaller down payments. | currently unavailable |
VA Loans | VA loans in Louisiana are backed by the Department of Veterans Affairs and tailored for service members. | VA loans offer competitive rates due to government backing, benefiting veterans and active military members. | 6.50% |
USDA Loans | USDA loans in Louisiana are geared towards rural homebuyers and are backed by the U.S. Department of Agriculture. | USDA loans often provide lower rates thanks to government backing and are meant to boost rural areas. | currently unavailable |
Jumbo Loans | Jumbo loans in Louisiana exceed conforming loan limits and are meant for high-value property purchases. | Jumbo loans have higher rates due to the larger loan amounts and increased lender risk. | 7.22% |
In Louisiana, you'll find two kinds of mortgages: fixed and adjustable.
As of November 2024, the average 30-year fixed mortgage rate in Louisiana is 6.57%, while the seven-year adjustable-rate mortgage is 7.37%.
Lower, Truist and Better are solid options for securing a mortgage in Louisiana. These lenders make the cut based on their accessibility in Louisiana, Better Business Bureau accreditation and homeowner assistance programs. Although these lenders are commendable, numerous other lenders in Louisiana might align with your mortgage needs.
The mortgage rate you get in Louisiana can differ depending on the lender you choose. Since lenders have their own mortgage offerings, terms and rates, it's wise to compare multiple lenders in Louisiana to find the best deal for you.
If you're in Louisiana looking at mortgage rates, consider exploring what Lower offers. Exclusively available online, Lower provides mortgage solutions, including conventional and FHA loans. You need at least a 580 credit score to qualify for these mortgage types. While the minimum down payment isn’t explicitly detailed, directly engaging with Lower can give you those specifics. Customer service hours are Monday to Friday, 9 a.m. to 5 p.m. ET, through phone and text.
Lower also stands out with assistance programs like Buy Before You Sell and is recognized as the top HELOC lender for most states. Lower could be your starting point if you want to tap into your home’s equity or need a lending hand to step onto the property ladder.
Pros
Cons
If you're eyeing a new home in Louisiana and looking for mortgage rates, Better might be on your radar. Available fully online, it presents a smooth path to home financing without stepping into a physical branch. It offers fixed- and adjustable-rate mortgages to suit different financial situations. FHA loans are also part of its portfolio, catering to those who need a more flexible credit score requirement — it's 620 for conventional loans and drops to 580 for FHA loans.
The down payment ranges from 3% to 5% for non-FHA loans, but if your credit score falls below 580, you'd be expected to contribute 10%.
Better’s customer service team is available by phone or email between 8 a.m. and 9 p.m. ET on weekdays and 9 a.m. and 9 p.m. ET on weekends. Additionally, Better offers a Real Estate discount, a form of homeowner assistance, that could make the journey to homeownership less daunting.
Pros
Cons
Truist is a lender you can consider if you want to buy a home in Louisiana. It offers a variety of options, including conventional and VA loans. Its specific minimum credit score and down payment requirements are not openly disclosed, which means you would need to contact Truist directly to get that information. Truist provides customer service from 8 a.m. to 8 p.m. ET on weekdays and 8 a.m. to 5 p.m. ET on Saturdays across different platforms such as phone, social media and in-person meetings.
In addition to standard mortgage products, it offers specialized homeowners assistance programs such as Doctor Loan and Construction to Permanent Loans programs, as well as affordable lending options designed to fit unique borrower needs.
Pros
Cons
Owning a home is more than just covering the monthly mortgage — with hidden costs to consider, it pays to be aware. You have support in Louisiana through the Louisiana Housing Corporation, which provides mortgage programs tailored to assist homebuyers like you.
Program | Content |
|---|---|
MRB Home and Assisted Programs | Designed for first-time homebuyers in Louisiana with earnings at or below 80% of the Area Median Income, the MRB Home and Assisted Programs offer below-average interest rates and provide assistance for down payments and closing costs ranging from 5% to 9% of the loan. A minimum credit score of 640 is required, and properties must be within state lines. |
Delta 100 Program | The Delta 100 Program aids first-time homebuyers with 100% financing and up to 3% assistance with closing costs, diminishing the burden of upfront expenses. Applicants must complete a Homebuyer Education Course and contribute a minimum investment. This program primarily serves residents of the Delta Parishes. |
Mortgage Credit Certificate Program | First-time homebuyers and veterans can benefit from the Mortgage Credit Certificate Program, reducing their federal tax bill by up to 40% of their mortgage interest payments annually. With a maximum credit of $2,000 yearly, buyers can combine this with other LHC down payment initiatives. A credit score of 640 is required. |
Resilience Soft Second Program | The Resilience Soft Second Program offers a Soft Second Loan covering 20% of the purchase price, up to $55,000, plus a potential $5,000 in closing costs. Eligibility is based on income at or below 80% of the Area Median Income, with a necessity to remain in the residence for 10 years for loan forgiveness. |
Understanding today’s mortgage rates in Louisiana is important for anyone buying a home. We've addressed common questions borrowers may have about current rates and the impact on monthly payments.
Current average APRs in Louisiana vary depending on loan type and other factors. As of November 2024, a 30-year fixed conforming loan has an average APR of 6.57%, while a 30-year fixed-rate jumbo loan has an average APR of 7.22%.
Mortgage rates in Louisiana can differ from the national averages. In November 2024, the average APR for a 30-year fixed-rate mortgage in Louisiana is 6.57%, compared to 7.15% for the national average.
Your credit score significantly influences the mortgage rates you qualify for. A higher score can help secure low mortgage rates because it indicates lower risk to lenders.
Yes, Louisiana offers various mortgage programs to assist homebuyers, such as the MRB Home and Assisted Programs, the Delta 100 Program and the Mortgage Credit Certificate Program.
To secure the best mortgage rate in Louisiana, consider improving your credit score, choosing the right mortgage term for your situation and making a larger down payment. Shopping around and comparing offers from multiple lenders can also be beneficial.
Today's refinance rates in Louisiana feature an average APR of 6.02% for a 15-year fixed loan and 6.58% for a 30-year fixed loan as of November 2024.
To calculate your mortgage payments, you can use a mortgage calculator for Louisiana. This tool helps estimate your monthly payments based on the loan amount, term and interest rate.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
