Today's 30-year average mortgage rate in Louisiana is 6.33%, below the national rate of 6.83%. Homebuyers can lower mortgage costs through programs such as the MRB Home and Assisted Programs and the Mortgage Credit Certificate Program.
Mortgage
Today's Mortgage Rates in Louisiana (December 2024)
Updated: December 6, 2024
Advertising & Editorial Disclosure
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 the content are annual percentage rates (APRs).
This data was last updated in December 2024.
Current Mortgage Rates in Louisiana
In December 2024, the average APR for a 30-year fixed mortgage in Louisiana is 6.33%, down from 6.57% the previous month. For a $250,000 loan with a 20% down payment, this rate drop could save about $3,317 over the life of the loan, excluding property taxes and HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve actions. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Understanding the current mortgage rate in Louisiana can help you calculate your potential monthly payments and budget effectively.
Who Needs to Know Current Mortgage Rates in Louisiana?
Staying updated with today’s mortgage interest rates in Louisiana benefits certain borrower types, especially given the shifts in the housing market:
First-time homebuyers
Knowing current mortgage rates helps 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.
Louisiana's average mortgage rate for a 30-year fixed loan is 6.33%. If you refinance, the rate averages 6.70%. This difference affects your monthly payments and total interest over the loan term.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in Louisiana by Loan Type
In Louisiana, 30-year fixed-rate mortgages typically have higher interest rates than 15-year fixed-rate loans. Lenders charge more for longer terms due to higher risks, like interest rate changes and potential default. Your rate depends on the loan type you choose.
A mortgage calculator can help you see how different mortgage types in Louisiana affect your monthly payments, making it easier to plan your budget.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:15-Year Fixed
| 5.74% | 5.86% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
An interest rate reflects the annual borrowing cost. Louisiana's average mortgage interest rate for a 30-year fixed loan is 6.25%.
An APR (annual percentage rate) is broader, encompassing the interest rate and loan fees. Louisiana's average APR for a 30-year fixed mortgage is 6.33%, which gives you a real sense of the yearly expense tied to your mortgage.
Current Mortgage Rates in Louisiana by Credit Score
In Louisiana, if your credit score is 740 or above and you're putting down 5% to 20%, the average APR for a 30-year fixed mortgage is 6.73%. If your score falls below 680, the average APR jumps to 8.23%.
Your credit score directly affects the mortgage rates you might qualify for in Louisiana. Check out the table to see how different credit scores and down payments can influence your rate options:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:740 or higher
Down Payment:
Down Payment:5% to 20%
| 10-year Fixed | 5.64% |
| 15-year Fixed | 6.34% |
| 20-year Fixed | 6.19% |
| 30-year Fixed | 6.73% |
| 5-year ARM | 7.97% |
| 7-year ARM | 7.85% |
Mortgage Types in Louisiana
In December 2024, conventional loans have the lowest average APR for 30-year fixed-rate mortgages in Louisiana at 6.33%. 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 | Conventional loans aren't insured by government agencies. | Rates vary based on credit score and down payment. | 6.33% |
FHA loans | FHA loans are backed by the Federal Housing Administration and help low to moderate-income borrowers. | Rates are lower for those with lower credit scores or smaller down payments. | 8.23% |
VA loans | VA loans are guaranteed by the Department of Veterans Affairs, catering to veterans and active military. | Rates are competitive due to government backing, reducing lender risk. | 6.34% |
USDA loans | USDA loans support rural development by offering homebuyers affordable financing. | USDA loans offer low rates and sometimes no down payment, but geographic eligibility applies. | currently unavailable |
Jumbo loans | Jumbo loans exceed conforming loan limits set by Fannie Mae and Freddie Mac. | Rates are often higher due to the large loan amounts and increased lender risk. | 7.03% |
MORTGAGE RATE STRUCTURES IN LOUISIANA
In Louisiana, you'll find two types of mortgages: fixed and adjustable.
- Fixed-rate mortgages lock in your interest, ensuring your monthly payments never change. This stability makes budgeting easier.
- Adjustable-rate mortgages (ARM) begin with a lower interest rate that adjusts over time, potentially lowering your payments when rates drop.
As of December 2024, the average 30-year fixed mortgage rate in Louisiana is 6.33%, while a seven-year ARM is 7.40%.
Mortgage Lenders in Louisiana
Lower, Better and Truist are strong choices for mortgages in Louisiana, offering accessibility, Better Business Bureau (BBB) accreditation and homeowner assistance programs. However, other lenders may also meet your needs.
Mortgage rates in Louisiana vary by lender. Since each lender offers different terms and rates, comparing options can help you find the best deal.
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Lower operates exclusively online, offering mortgage options like conventional and FHA loans. A minimum credit score of 580 is required, though details on down payments aren't specified. Contacting Lower directly can provide more information. Customer service is available via phone and text Monday through Friday, 9 a.m. to 5 p.m. ET.
Lower offers programs like Buy Before You Sell and ranks as a top HELOC lender in most states. It’s a solid choice for accessing home equity or starting your journey to homeownership.
Pros
- Enables online prequalification
- BBB-accredited with A+ rating
- Extensive FAQ section
Cons
- Limited mortgage variety
- Must complete application by phone
- No physical branches for support
- Better
- 4Number of Mortgage Options
- YesOnline Application
- B+BBB Rating
- Monday to Friday, 8 am to 9 pm ET Saturday and Sunday, 9 am to 9 pm ETCustomer Service Hours
Better, available fully online, provides fixed and adjustable-rate mortgages, including FHA loans. Conventional loans require a 620 credit score, while FHA loans need a score of 580 or higher. Down payments range from 3% to 5% for non-FHA loans, but scores below 580 require a 10% down payment.
Customer service is available by phone or email Monday to Friday, 8 a.m. to 9 p.m. ET, and weekends from 9 a.m. to 9 p.m. ET. Better also offers a discount to help ease the path to homeownership.
Pros
- No commissions for loan officers
- Provides Commitment Letter quickly
- Sunday customer support available
Cons
- No VA or USDA loan options
- Fully online; no local offices
- B+ BBB accreditation only
- Truist
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours
Truist offers a range of mortgage options, including conventional and VA loans. While it doesn’t disclose minimum credit score or down payment requirements, you can contact Truist directly for details. Customer service is available Monday to Friday, 8 a.m. to 8 p.m. ET, and Saturdays, 8 a.m. to 5 p.m. ET, via phone, social media or in person.
Truist also provides specialized programs like Doctor Loan and Construction-to-Permanent Loans, along with affordable lending options tailored to different borrower needs.
Pros
- Unique mortgage options like doctor loans
- Online amortization calculator available
- Affordable payment assistance options
Cons
- No mortgage payment relief options
- Must consult a professional for details
Mortgage Programs in Louisiana
Owning a home involves more than just monthly mortgage payments — it includes hidden costs. The Louisiana Housing Corporation offers mortgage programs to help homebuyers manage these expenses.
Program | Description |
|---|---|
Helps first-time homebuyers earning up to 80% of the area median income (AMI). These programs offer below-average interest rates and assistance for down payments and closing costs, covering 5% to 9% of the loan. Buyers need a minimum credit score of 640, and the property must be in Louisiana. | |
Supports first-time homebuyers in Delta Parishes with 100% financing and up to 3% assistance for closing costs, reducing upfront expenses. Applicants must complete a homebuyer education course and make a minimum investment. | |
Helps first-time homebuyers and veterans reduce their federal tax bill by up to 40% of their annual mortgage interest payments. Buyers can receive a maximum credit of $2,000 annually and combine this with other LHC down payment programs. A credit score of 640 is required. | |
Provides a Soft Second Loan covering 20% of the purchase price, up to $55,000, plus up to $5,000 for closing costs. To qualify, your income must be at or below 80% of the AMI, and you must live in the home for 10 years to receive loan forgiveness. |
FAQ: Mortgage Rates in Louisiana
Understanding today’s mortgage rates in Louisiana is important for anyone buying a home. We addressed common questions about current rates and their impact on monthly payments.
What are the current mortgage rates in Louisiana?
Current average APRs in Louisiana vary based on loan type. As of December 2024, the average APRs are 6.33% for a 30-year fixed conforming loan and 8.23% for a 30-year fixed FHA loan.
How do mortgage rates in Louisiana compare to national rates?
Mortgage rates in Louisiana, including the average APR of 7.31% for a five-year adjustable-rate mortgage, are similar to or slightly lower than the national average of 7.79%.
How does my credit score impact the mortgage rates I get in Louisiana?
Your credit score significantly affects the rates you receive, with lower mortgage rates typically offered to those with higher credit scores.
Are there any special mortgage programs in Louisiana to help homebuyers?
Several mortgage programs in Louisiana, such as the MRB Home and Assisted Programs, Delta 100 Program, and Mortgage Credit Certificate Program, assist homebuyers.
How can I get the best possible mortgage rate in Louisiana?
To get the best mortgage rates in Louisiana, maintain a strong credit score, compare rates from multiple lenders and consider a larger down payment to lower your loan-to-value ratio.
What are today's mortgage refinance rates in Louisiana?
As of December 2024, today's refinance rates in Louisiana average 6.70% for a 30-year fixed loan and 5.83% for a 15-year fixed loan.
How do I calculate my mortgage payments?
Estimate your monthly payments using a mortgage calculator for Louisiana, which takes into account the home price, down payment, loan 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.
sources
- Louisiana Housing Corporation. "Delta 100 Program." Accessed December 6, 2024.
- Louisiana Housing Corporation. "Mortgage Credit Certificate Program." Accessed December 6, 2024.
- Louisiana Housing Corporation. "MRB Home and Assisted Programs." Accessed December 6, 2024.
- Louisiana Housing Corporation. "Resilience Soft Second Program." Accessed December 6, 2024.