Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Mortgage rates in Louisiana
Rates that historically follow the national average.
With a full selection of mortgage products to choose from and 30-year loans averaging 4.762%, Louisiana borrowers can expect rates to follow the national average into 2020.
Compare mortgage lenders and brokersCompare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
How much do Louisiana rates vary?
Average 30-year mortgage rates in Louisiana ranged from 4.651% to 4.853% in 2018. Many factors contribute to determining your interest rate. For example, if you choose a conventional loan, it typically has a higher interest rate than a government-insured VA loan, but fewer borrower and property constraints.
2018 average rates in Louisiana by loan type
Loan type15-year average rate30-year average rate
Based on data from ffiec.cfpb.gov.
A slight difference in interest can mean a savings over the life of the loan. For instance, let’s say you borrow $175,000 for a conventional mortgage with a 30-year term. At a 4.816% rate, you could pay about $919 a month, excluding taxes, fees and other costs specific to your loan.
But if you qualify for a VA loan at the average 4.651% rate, your monthly payment could be slightly lower at $902. Just $17.39 each month could save you $6,259 over the life of the loan.
Which way are rates trending in Louisiana?
Louisiana mortgage rates should hold steady, slightly below the 4% mark.
Bankrate’s chief financial analyst, Greg McBride, predicts national rates to average around 4% in 2020. Nationwide housing agencies expect rates to average about 3.7%. Since Louisiana mortgage rates have historically followed the national average, borrowers can expect to see rates at or just below the 4% mark.
Compare mortgage rates throughout Louisiana
Average Louisiana mortgage rates tend to follow the rest of the country. But there can be slight differences in rates depending on where the home is located. Home prices can also fluctuate depending on the neighborhood.
Even if you have the same loan balance as someone in the next city or neighborhood, the difference in the interest rate can significantly increase how much you pay monthly. Finding out the average mortgage rates for the area you want to live in can help you decide how much home you can afford.
We sifted through the data from the Home Mortgage Disclosure Act to provide a general picture of what you might pay on the average 30-year fixed-rate mortgage in metropolitan areas of Louisiana. Rates and amounts don’t account for taxes or other mortgage-specific charges.
Metropolitan statistical areaAverage mortgage rateMedian loan amountEstimated monthly cost
Based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Louisiana
Do some research and build your credit to ensure you get the best rate possible.
- Look at different loan products. Lenders often offer several different kinds of loans, all with various features. Look at all options to identify the best choice for your needs.
- Nail down your credit. Lenders love borrowers with good credit. If you can, work toward paying off existing debt and increasing your credit score.
- Calculate closing costs. Closing costs in Louisiana average 3.41% of the home purchase price, which can add to the total cost. Compare closing costs when selecting your lender.
Historical mortgage interest rates in Louisiana
Lenders set their own rates. Even though Louisiana rates tend to follow the national average, you should look at each lender individually. Give yourself the best shot of getting a competitive rate by comparing mortgages and lenders.
More guides on Finder
TD Bank home equity review
Choose from several options, but beware of this lender’s fees and poor reviews.
Upgrade Bitcoin Rewards review
A new crypto card from the unique Upgrade bank.
Small business loan interest rates are low — but will it last?
Business loan interest rates dropped in 2020 and are likely to stay low. Here’s why.
Third Federal Savings & Loan home equity review
Get a low rate guarantee, but you won’t know if you’re eligible until you apply.
PenFed Credit Union home equity review
Get a line of credit with low closing costs — but you can’t apply online.
Sofi vs. Robinhood
Two trading platforms for beginners with no commission fees or bells and whistles. But which one comes out on top?
How to start a photography business
From your marketing strategy to financing and insurance, we’ll walk you through how to start a career behind the lens.
BECU home equity review
Get fixed- and variable-rate options in a HELOC, if you qualify for membership.
Certificates of deposit methodology
We weigh minimum deposits and APYs relative to term length when rating CDs and share certificates.
Methodology: Kids’ checking accounts and prepaid debit cards
We look for the following features when rating kids debit cards: monthly fees, features, availability, customer service, interest rate and more.
Ask an Expert