If you find yourself musing about buying a home in Louisiana, think about things from a lender’s perspective. They’ll expect to review your credit score, your income and monthly expenses, your debt-to-income ratio, and what you expect your down payment to be.
Applying for the best mortgage rate in Louisiana starts with getting your finances straight before you seek preapproval from a professional lender. Gather copies of your tax returns, pay stubs, and bank statements and check your credit as a first step towards home ownership.
Here’s a quick look at current Louisiana mortgage rates:
| Loan Program | Mortgage Rate | APR* | 1 Day Change |
|---|---|---|---|
| Conventional 30 year fixed | 6.654% | 6.737% | -0.13% |
| Conventional 15 year fixed | 6.044% | 6.191% | +0.11% |
| Conventional 5 year ARM | 6.682% | 7.453% | +0.02% |
| VA 30 year fixed | 5.999% | 6.279% | Unchanged |
| VA 15 year fixed | 5.602% | 6.104% | Unchanged |
| VA 5 year ARM | 6.125% | 6.615% | Unchanged |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
Louisiana brings to mind Mardi Gras and gumbo, twin fiddles and the steel guitar. There’s plenty of fantastic culture and wildlife in the Pelican State!
The population of Louisiana hovers around 4.6 million people, and nearly one in four live in the state’s top five cities:
Looking for a home to buy in Louisiana? It’s not too expensive of a state overall. Louisiana ranks 43rd in US homes for sale at average price, and 38th for homes over $1,000,000. Get preapproved first so you can attend open houses with a good idea of your budget if you find the perfect spot.
First-time home buyers looking for a little help can find assistance from a program administered by the Louisiana Housing Corporation (LHC.)
LHC Mortgage Revenue Bond programs help first-time homebuyers with financing and down payment and closing cost assistance.
You’ll have to meet a few basic parameters for these programs:
Competitive Louisiana mortgage rates may prompt you to make the decision to refinance your home. You can do any of the following:
Wondering if you could qualify for a streamlined refinance? Find out if you have the right type of loan first. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.