Current Mortgage Refinance Rates in Louisiana (December 2024)

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Updated: January 13, 2025

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The current mortgage refinance rates in Louisiana for a 15-year fixed loan stand at 5.83%, while the 30-year fixed option averages 6.70% to the national averages of 5.38% for a 15-year fixed and 6.45% for a 30-year fixed, Louisiana offers competitive rates that borrowers should consider when evaluating their refinancing options.

We provide you with the latest insights and strategies on refinancing your mortgage in Louisiana. From understanding today's rates and trends to knowing the best time to refinance based on your credit score, our comprehensive guide equips you with the knowledge to make informed refinancing decisions.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Florida. 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 noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Louisiana

The current 30-year refinance rate in Louisiana is 6.70%. According to Experian, the average mortgage debt in Louisiana is $175,694 as of September 2023. If your current mortgage rate is higher, refinancing your mortgage could be a smart way to manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.

Consider a scenario where refinancing would be beneficial: if you're paying a higher rate than the current refinance rates in Louisiana, refinancing could save you money. Below are the current refinance rates in Louisiana to explore your options.

15-Year Fixed5.69%5.83%
30-Year Fixed6.63%6.70%

Mortgage Refinance Rate Trends in Louisiana

In the latest month, refinance rate trends in Louisiana show a downward movement for both 15-year refinance rates and 30-year refinance rates. The 15-year fixed rates have decreased, reflecting a continued trend from the previous month. Conversely, the 30-year fixed rates in Louisiana have increased.

Louisiana Mortgage Refinance Rate Trends 2024
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WHY DO INTEREST RATES GO UP?

Interest rates rise for several reasons, including monetary policy from the US Federal Reserve, inflation, and local economic factors. These elements influence refinance rate trends in Louisiana, affecting your financial landscape. Understanding these factors helps you stay informed about potential changes in your financial environment.

How to Refinance a Mortgage in Louisiana

Considering refinancing your mortgage in Louisiana? You're in the right place. We'll guide you step-by-step through the process, ensuring you understand each part clearly. Whether you're aiming for lower rates or better terms, this guide will help you make informed decisions with ease.

  1. 1

    Check Your Credit Score

    Credit scores affect the rates you qualify for. If your score is less than ideal, consider paying down debt or disputing errors. The average credit score in Louisiana is 690, which impacts potential rates.

  2. 2

    Determine When to Refinance a Mortgage

    Evaluate your current mortgage terms against market rates. In Louisiana, 30-year fixed rates are 6.70%, and 15-year fixed rates are 5.83%. Consider refinancing if these are lower than your current rate and if you plan to stay in your home.

  3. 3

    Gather Necessary Documents

    Collecting documents like tax returns, pay stubs, and bank statements is crucial. These support your original mortgage application and streamline the process.

  4. 4

    Shop Around for Lenders

    Compare lenders for competitive rates, fees, and terms. This helps ensure you get the best deal for your refinancing needs.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs and other fees. In Louisiana, average closing costs are $3,346, according to the National Association of Realtors.

  6. 6

    Apply for the Loan

    Submit your application with all required documents to the lender. Keeping your financial information organized can speed up the process.

  7. 7

    Lock in Your Interest Rate

    Secure your rate with a mortgage rate lock to avoid fluctuations. Monitoring market trends can help you choose the best time to lock in your rate.

  8. 8

    Close on Your New Loan

    Finalize the refinance by signing the necessary paperwork. Reviewing all documents beforehand can ensure a smooth closing process.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments on your new loan according to the agreed schedule. Setting up automatic payments can help you stay on track.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Periodically assess your mortgage terms and market conditions. Staying informed about rate changes can help you decide if refinancing again is beneficial.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Louisiana, how soon you can refinance a mortgage depends on your loan type. For conventional loans, you can often refinance immediately, but a cash-out refinance typically requires a six-month seasoning period. USDA loans, on the other hand, generally necessitate a 12-month waiting period to ensure the property still meets USDA guidelines. 

The October refinance rate in Louisiana was lower than previous months, illustrating a good time to refinance when rates drop. However, refinancing comes with additional closing costs, which can take years to offset. So, while you could refinance a mortgage within a year, it's often not worthwhile unless there's a significant reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Louisiana can reduce your interest rate, lowering monthly payments. However, watch for closing costs that might offset savings. Knowing when to refinance a mortgage in Louisiana ensures you make financially sound decisions. Let's delve into situations where refinancing could be the right choice.

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    Lower Interest Rates

    Refinancing when interest rates are lower can reduce monthly payments. Consult local banks for competitive rates. This strategy helps save money over the loan's life.

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    Increased Home Value

    Higher home value boosts home equity, making refinancing attractive. Renovations can increase value. With Louisiana's average home value at $205,610, this can lead to better loan terms.

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    Improved Credit Score

    A better credit score can secure lower interest rates. Paying bills on time and reducing debt improves scores, making refinancing a smart move.

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    Shorter Loan Term

    Refinancing to a shorter term reduces interest paid over time and builds equity faster. This strategy can lead to significant long-term savings.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage provides stability. Fixed rates protect against market fluctuations, ensuring predictable payments.

Mortgage Refinancing in Louisiana: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Louisiana by Credit Score

Your credit score can influence the rates you qualify for in Louisiana. For example, the current average refinances rates in Louisiana for a 30-year fixed-rate loan with a loan-to-value ratio of 80% or lower equate to 6.87% for credit scores between 680 and 740, compared to 6.70% for scores above 740. Check the table below for more rate comparisons.

Data filtered by:Results filtered by:
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Loan Type:15-year Fixed
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Credit Score Range:680 - 740
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Loan-to-Value Ratio:80% - 95%
6.37%6.64%

Mortgage Refinance Rates in Louisiana by Loan Type

Loan type is another factor that can affect the rates you qualify for in Louisiana. For example, the current average refinance rates in Louisiana for a 30-year fixed rate loan are 6.70%, while a 30-year FHA fixed rate loan averages 8%. The table below shows average APRs for various loan types in Louisiana.

Data filtered by:Results filtered by:
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Loan Type:15-Year Fixed
5.69%5.83%

FAQ: Today's Mortgage Refinance Rates in Louisiana

In this section, we address some of the most commonly asked questions about refinance rates in Louisiana, providing clear and factual insights to help homeowners understand their refinancing choices.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in New Orleans?

About Zachary Romeo, CBCA

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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.

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