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Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner-occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the borrower's creditworthiness and other differences between an individual loan and the loan criteria used for the HSH quotes. The annual percentage rate in ARM products may increase after the loan is closed. More Info: These quotes are from banks, thrifts, and brokers who have paid for a link to their website in the listings above, and you can find additional information about their loan programs on their websites.

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Louisiana Mortgage Rates

Comparing Louisiana Mortgage Rates with National Rates

In order to help you see how Louisiana mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Louisiana

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Louisiana

In order to qualify for the best mortgage rates in Louisiana it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for Louisiana

Louisiana is the twenty fifth first most populous US state. According to the US census, as of 2017, there is an estimated population of over 4.6 million residents, which represents 1.4% of the US population.

According to Wikipedia, “Louisiana is rich in petroleum and natural gas. ... In addition, vast petroleum and natural gas reserves are found offshore from Louisiana in the federally administered Outer Continental Shelf (OCS) in the Gulf of Mexico.” Louisiana’s agricultural products include “seafood, cotton, soybeans, cattle, sugarcane, poultry and eggs, dairy products, and rice. Louisiana boasts The Port of South Louisiana, which is “the largest volume shipping port,is the largest volume shipping port in the Western Hemisphere and 4th largest in the world, as well as the largest bulk cargo port in the world”. Tourism is an important element in the economy, especially in the New Orleans area.

However, Louisiana is one of the poorer states. Information from the 2015 American Community Surveys (ACS) shows that Louisiana (vs national averages) had the 45th lowest median income ($45,727 vs $55,775), 3rd highest percent of below below poverty level (19.6% vs 14.7%), 2nd highest percent of households with income below $10,000. (10.3% vs 6.9%) and the 11th highest rate of unemployed (7.1% vs 6.3%). (Note: According to the Bureau of Labor Statistics, Louisiana had the third highest unemployment rate (seasonally adjusted) at 5.3% vs 4.3% nationally).

Based on 2015 HMDA data, Louisiana compared to National loan program distribution, had a slightly lower percentage of conventional loans (65% vs 69% nationally). FSA/RHS loans were significantly higher at 5.7% vs 1.9% for the US.

Here are some outside resources that can help you understand the Louisiana mortgage environment:

  1. FHA loan amounts in Louisiana: (note:set the table to Louisiana). There are 64 counties in the state of Louisiana of which none of the single family units meet the Highest loan limit, currently at $636,150.  All  of the counties are at the Standard loan limit, currently at $275,665. 
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Louisiana and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, all of the counties meet this limit. 
  3. Louisiana Mortgage Programs: The Louisiana Housing Corporation (LHC) aims "to ensure that every Louisiana resident is granted an opportunity to obtain safe, affordable, energy efficient housing." The LHC offers a Mortgage Credit Certificate Program , and three mortgage and down payment assistance programs: Market Rate GNMA (FHA, VA or USDA Rural Development), LHC Preferred Conventional Program and the LHC Choice Conventional Program. The programs offer down payment assistance between 3-4% for down payment, closing costs and/or prepaid items. They publish a daily rate sheet for Louisiana Mortgage Rate programs. There are credit, income and property requirements for the various loan programs.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for Louisiana

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between Louisiana and the US:

  • Mortgage Rates for Conventional Loans in Louisiana
  • Mortgage Fees for Conventional Loans in Louisiana
  • Loan Amount for Conventional Loans in Louisiana

 

Mortgage Rates for Conventional Loans in Louisiana vs USA

 

Mortgage Fees for Conventional Loans in Louisiana

 

Purchase Price for Conventional Loans in Louisiana vs USA

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