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Louisiana Mortgage Rates

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Use SmartAsset's mortgage comparison tool to compare mortgage rates from the top banks and find the one that best suits your needs.

Overview of Louisiana Mortgages

Louisiana is a multicultural state rich in history. In terms of population, Louisiana is right in the middle, coming in at 25th for the nation. In terms of mortgages, Louisiana rates have traditionally stuck close to the national average.

Today's Mortgage Rates in Louisiana

Product Today Last Week Change
30 year fixed 4.66% 4.68% -0.02
15 year fixed 4.27% 4.27% 0.00
5/1 ARM 4.44% 4.35% +0.08
30 yr fixed mtg refi 4.66% 4.68% -0.02
15 yr fixed mtg refi 4.27% 4.27% 0.00
7/1 ARM refi 4.56% 4.56% 0.00
15 yr jumbo fixed mtg refi 4.34% 4.25% +0.09

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Louisiana Mortgage Rates Quick Facts
  • Median Home Value: $144,800 (Zillow)
  • Loan Funding Rate: 55.9% (CFPB)
  • Average Mortgage Rate: 4.08% (Freddie Mac)
  • Homeownership Rate: 66.5% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,206 (U.S. Census Bureau)

Historical Mortgage Rates in Louisiana

Louisiana is renowned for its spicy cuisine, bayous and New Orleans’ French Quarter. For homeowners and prospective buyers in the Pelican State, mortgage rates are typically close to the national average.

Louisiana Historic Mortgage Rates

YearLouisiana RateU.S. Rate
198214.3614.73
198312.5112.26
198411.8611.99
198511.4111.17
198610.019.79
19879.518.95
19889.168.98
19899.789.81
19909.979.74
19919.379.07
19927.857.83
19937.086.93
19947.917.31
19957.997.69
19967.787.58
19977.657.52
19986.976.97
19997.137.14
20007.897.86
20016.866.94
20026.436.44
20035.655.67
20045.755.68
20055.915.85
20066.546.54
20076.516.42
20086.16.06
20094.995.05
20104.814.81
20114.464.56
20123.673.65
20133.843.84
20144.134.13
20153.893.88
20163.723.73

Louisiana Mortgages Overview

Whether you are looking to become a resident of New Orleans or settle down in the capital city of Baton Rouge, you should determine a budget based on how much house you can afford as you begin your real estate search. You may also want to look into getting mortgage preapproval from a lender as it will streamline the process of securing a home.

The conforming limit for every Louisiana county is at the standard $453,100. The FHA loan limits are also uniform at $294,515. This indicates that homes in the Bayou State are generally affordable.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Acadia$453,100$294,515
Allen$453,100$294,515
Ascension$453,100$294,515
Assumption$453,100$294,515
Avoyelles$453,100$294,515
Beauregard$453,100$294,515
Bienville$453,100$294,515
Bossier$453,100$294,515
Caddo$453,100$294,515
Calcasieu$453,100$294,515
Caldwell$453,100$294,515
Cameron$453,100$294,515
Catahoula$453,100$294,515
Claiborne$453,100$294,515
Concordia$453,100$294,515
De Soto$453,100$294,515
East Baton Roug$453,100$294,515
East Carroll$453,100$294,515
East Feliciana$453,100$294,515
Evangeline$453,100$294,515
Franklin$453,100$294,515
Grant$453,100$294,515
Iberia$453,100$294,515
Iberville$453,100$294,515
Jackson$453,100$294,515
Jefferson$453,100$294,515
Jefferson Davis$453,100$294,515
Lafayette$453,100$294,515
Lafourche$453,100$294,515
Lasalle$453,100$294,515
Lincoln$453,100$294,515
Livingston$453,100$294,515
Madison$453,100$294,515
Morehouse$453,100$294,515
Natchitoches$453,100$294,515
Orleans$453,100$294,515
Ouachita$453,100$294,515
Plaquemines$453,100$294,515
Pointe Coupee$453,100$294,515
Rapides$453,100$294,515
Red River$453,100$294,515
Richland$453,100$294,515
Sabine$453,100$294,515
St. Bernard$453,100$294,515
St. Charles$453,100$294,515
St. Helena$453,100$294,515
St. James$453,100$294,515
St. John The Ba$453,100$294,515
St. Landry$453,100$294,515
St. Martin$453,100$294,515
St. Mary$453,100$294,515
St. Tammany$453,100$294,515
Tangipahoa$453,100$294,515
Tensas$453,100$294,515
Terrebonne$453,100$294,515
Union$453,100$294,515
Vermilion$453,100$294,515
Vernon$453,100$294,515
Washington$453,100$294,515
Webster$453,100$294,515
West Baton Rouge$453,100$294,515
West Carroll$453,100$294,515
West Feliciana$453,100$294,515
Winn$453,100$294,515

Disclosure laws in Louisiana require that sellers disclose the physical condition of the home as well as any defects. A home inspection is still the best way to feel confident in a property purchase.

30-Year Fixed Mortgage Rates in Louisiana

If you are looking to become a homeowner in the Bayou State, one of your loan options is a 30-year fixed-rate mortgage. This reliable home loan option gives you three decades to pay off your mortgage. Because your interest rate will remain the same for the duration of the loan, you know exactly how much your monthly payments will be, which is helpful for budgeting. Another option is a 15-year fixed-rate mortgage which will allow you to pay off your loan faster and has a lower interest rate, but your monthly payments will be higher with this option.

The average Louisiana mortgage rate for fixed-rate 30-year mortgages is 4.7%.

Louisiana Jumbo Loan Rates

Every county in Louisiana has the standard conforming loan limit of $453,100. Conforming loans (those that are $453,100 or lower) can be re-sold on the secondary mortgage market and qualify for standard interest rates. If you need to take out a home loan in Louisiana that is bigger than $453,100, it will be considered a “jumbo loan.” You should be aware that jumbo loans are accompanied by higher interest rates.

Lenders consider jumbo loans to be riskier than conforming loans because more money is on the line. The higher interest rates are meant to compensate for that additional risk.

The average jumbo loan rate in Louisiana is 4.5%.

Louisiana ARM Loan Rates

An adjustable-rate mortgage (ARM) stands in contrast to a fixed-rate mortgage in the sense that the interest rate can change over the life of the loan. Usually an ARM will come with a lower interest rate for an introductory period that lasts somewhere between one and 10 years. After that initial period, the interest rate can go up or down, though it will generally increase.

If you are considering an ARM, you should know that the loan’s terms will spell out how many times the interest rate can change and the highest possible rate it can reach. It’s a wise idea to assess whether the maximum potential interest rate is one that you can afford.

The average rate for an ARM in Louisiana is 4.4%.

Louisiana Mortgage Resources

Do you need assistance purchasing a Louisiana home? There are resources out there to help you in your mortgage process.

Available Resources

Resource Problem or Issue Who Qualifies Website
Louisiana Housing Corporation Homebuyer education and counseling, down payment assistance, home loans, mortgage credit program Homebuyers who earn 115% or less of the area median income, certain targeted areas have more resources available than others http://lhc.louisiana.gov/page/buyers
State of Louisiana Division of Administration - Office of Community Development (Louisiana Recovery Act) Administers federal grants for units of general local government to further develop storm impacted communities inhabited low to moderate income families. Units of local government and nonprofit organizations in federally designated areas of the state. http://www.doa.la.gov/Pages/ocd/Index.aspx
USDA Rural Development - Single family loans Offers payment assistance to increase an applicant’s repayment ability. Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs. http://www.rd.usda.gov/programs-services/all-programs/single-family-housing-programs
Home Affordable Refinance Program Refinancing for eligible borrowers. Single-family homes and condos that fit within lending loan limits. http://www.harp.gov/

The United States Department of Agriculture Rural Development offers programs to develop rural communities in Louisiana by providing aid for affordable housing for residents. Loans and grants are available for people hoping to buy a home.

Louisiana Mortgage Taxes

Homeowners who itemize their deductions when they file federal income taxes are allowed to deduct the mortgage interest they pay from their taxable income. In Louisiana, homeowners can include that deduction on their state income taxes as well. Also note that unlike some other states, Louisiana does not charge real estate transfer taxes which is a nice bonus for homebuyers here.

Louisiana Mortgage Refinance

If you’ve decided it’s time for you to refinance, remember that you are not obligated to continue working with the lender who issued your current mortgage (though of course you can). Be aware that you are free to shop around with other refinance lenders and compare rates to find one that truly works for you.

You can also look into the Home Affordable Refinance Program of Louisiana, which provides access to interest and principal payment reductions and low closing costs. The Louisiana HARP accepts single-family homes and condos.

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2016 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset