Today's Mortgage Rates in Louisiana (August 2024)

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Updated: September 4, 2024

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Today's 30-year mortgage rate in Louisiana averages at 5.92%, which contrasts with the national average rate of 6.42% for the same type of mortgage. In Louisiana, homebuyers can benefit from programs such as the MRB Home and Assisted Programs and the Delta 100 Program, which may help lower mortgage costs.

We’ll help you navigate today's 30-year mortgage rate in Louisiana with confidence. We'll explain the rates by loan type, how your credit score affects your rates and the difference between interest rates and APR. With insights on various mortgage types, rate structures, lenders, and assistance programs in Louisiana, you'll be equipped to make savvy choices when financing your home.

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).

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This data was last updated on August 2, 2024.

Current Mortgage Rates in Louisiana

The current mortgage rate in Louisiana for a 30-year fixed mortgage is 5.92% in August 2024 — down from 6.75% in the previous month. With a loan of $250,000 and a 20% down payment, this rate decrease translates to a saving of about $46,561 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.

Current Mortgage Rates in Louisiana (Jan to May)

\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.

Who Needs to Know Today's Mortgage Rates in Louisiana?

Staying updated with today’s mortgage interest rates in Louisiana benefits a pair of borrower types, especially given shifts in the housing market:

    coupleG icon

    First-time homebuyers

    Knowing current mortgage rates aids first-time homebuyers in Louisiana by showing what rates to expect and gauging their competitiveness.

    homeowner icon

    Homeowners with mortgages

    Homeowners in Louisiana can assess if they should consider a mortgage refinance by comparing current rates to their own.

Purchase rates and refinance rates often differ for a mortgage. In Louisiana, if you're looking at getting a new home, the current mortgage rate for a 30-year fixed mortgage averages at 5.92% — 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.

Current Mortgage Rates in Louisiana by Loan Type

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 be a useful tool to understand how different mortgage loan types in Louisiana impact your monthly payments — allowing you to prepare for the financial commitment ahead.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.16%APR5.37%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

An interest rate reflects the annual cost to borrow money from a lender. In Louisiana, the average mortgage interest rate for a 30-year fixed mortgage is 5.84%.

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 5.92%, which gives you a real sense of the yearly expense tied to your mortgage.

Current Mortgage Rates in Louisiana by Credit Score

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 6.31%. If your credit score falls below 680, the average APR for the same loan jumps to 7.58%.

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:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR5.95%
15-year FixedAPR5.22%
20-year FixedAPR5.89%
30-year FixedAPR6.17%
5-year ARMAPR7.42%
7-year ARMAPR7.11%

Mortgage Types in Louisiana

In August 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Louisiana at 5.83%. Knowing your options can help you find a loan that fits your financial situation. The mortgage loan types you can find in Louisiana are:

Mortgage Type
Definition
Impact on Rates
30-Year Rates in Louisiana

Conventional Loans

A conventional loan in Louisiana is not insured or guaranteed by the government.

Conventional loans may offer competitive rates based on credit score and down payment.

5.92%

FHA Loans

FHA loans in Louisiana are backed by the Federal Housing Administration, making them more accessible.

FHA loans typically have lower minimum credit score requirements which can influence rates.

6.93%

VA Loans

VA loans in Louisiana are guaranteed by the Veterans Affairs for eligible military service members.

VA loans offer competitive rates due to government backing which reduces lender risk.

5.83%

USDA Loans

USDA loans in Louisiana are focused on rural development and are backed by the United States Department of Agriculture.

USDA loans offer low rates and no down payment, aiming to promote rural area development.

currently unavailable

Jumbo Loans

Jumbo loans in Louisiana exceed the conforming loan limits set by the Federal Housing Finance Agency.

Jumbo loans have higher rates due to the greater risk involved with larger loan amounts.

6.85%

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MORTGAGE RATE STRUCTURES IN LOUISIANA

In Louisiana, you'll find two kinds of mortgages: fixed and adjustable.

  • Fixed-rate mortgages lock in your interest, ensuring your monthly mortgage payments never change. This stability makes budgeting easier.
  • Adjustable-rate mortgages begin with a lower interest that adjusts over time, potentially lowering your payments when rates drop.

As of August 2024, the average 30-year fixed mortgage rate in Louisiana is 5.92%, while the seven-year adjustable rate mortgage is 7.56%.

Mortgage Lenders in Louisiana

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 based on the lender you choose. Given that lenders have their own mortgage offerings and terms, including rates, a broad comparison across multiple lenders in Louisiana is a smart move to nail down the best deal for you.


  • Lower.com
    • 5Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 9 am to 5 pm ETCustomer Service Hours

    If you're in Louisiana looking at mortgage rates, you might want to explore 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, engaging with Lower directly can give you those specifics. Customer service hours are Monday to Friday, 9 am to 5 pm ET, through both 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. Should you want to tap into your home’s equity or need a lending hand to step onto the property ladder, Lower could be your starting point.

    Pros

    • Enables online prequalification
    • Accredited by BBB with A+ grade
    • Extensive FAQ section available

    Cons

    • Limited mortgage variety
    • Must complete application by phone
    • No physical branches for support
    Lower.com

  • 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

    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 the need to step 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 may need a more flexible credit score requirement — it's 620 for conventional loans and drops to 580 for FHA loans.

    When you start thinking about your down payment, remember that it ranges from as low as 3% to 5% for non-FHA loans, but if your credit score slips below that 580 mark, you'd be expected to bring 10% to the table.

    Better’s customer service team is available between 8 am and 9 pm ET on weekdays and from 9 am to 9 pm ET on weekends through phone or email. Additionally, Better offers a Real Estate discount, a form of homeowners assistance, that could make the journey to homeownership less daunting.

    Pros

    • Loan officers earn no commissions
    • Provides Commitment Letter quickly
    • Sunday customer support available

    Cons

    • No VA or USDA loan options
    • Fully online, no local offices
    • B+ BBB accreditation only
    Better

  • 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 is a lender you might consider if you're looking 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 am to 8 pm ET on weekdays and 8 am to 5 pm ET on Saturdays across different platforms such as phone, social media and in-person meetings.

    In addition to the 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

    • 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
    Truist

Mortgage Programs in Louisiana

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, offering 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.

FAQ: Mortgage Rates in Louisiana

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.

What are the current mortgage rates in Louisiana?

Current average APRs in Louisiana for August 2024 vary by loan type, such as 7.56% for a seven-year ARM and 5.92% for a 30-year fixed conforming loan. Rates can also be affected by other factors, including credit score and down payment size.

How do mortgage rates in Louisiana compare to national rates?

Comparing Louisiana's rates to national averages in August 2024, the state's current average APRs for a five-year adjustable rate mortgage and a 30-year fixed rate mortgage are 7.39% and 5.92% respectively, whereas the national averages are 7.77% for an ARM and 6.42% for a fixed rate mortgage.

How does my credit score impact the mortgage rates I get in Louisiana?

Your credit score significantly influences the mortgage rates you qualify for in Louisiana. Higher scores generally lead to low mortgage rates, while lower scores might result in higher rates.

Are there any special mortgage programs in Louisiana to help homebuyers?

Louisiana offers special mortgage programs like the MRB Home and Assisted Programs, Delta 100 Program, and Mortgage Credit Certificate Program to assist homebuyers.

How can I get the best possible mortgage rate in Louisiana?

To secure the best mortgage rate in Louisiana, consider a larger down payment, improve your credit score, and shop around with multiple lenders to compare offers.

What are today's mortgage refinance rates in Louisiana?

For August 2024, refinance rates in Louisiana offer an average APR of 6.35% for a 15-year fixed and 6.58% for a 30-year fixed refinance loan.

How do I calculate my mortgage payments?

To calculate your mortgage payments, utilize a mortgage calculator for Louisiana, which will allow you to estimate monthly payments, including interest and principal.

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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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