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Mortgage Rates in Lousiana

January 16, 2021

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

If you're gearing up to buy a new home in Louisiana, you'll want to keep your housing costs manageable, and scoring the best mortgage rate is a good way to do so. It pays to shop around with mortgage lenders to see what offers you qualify for, so make sure you keep up with today’s mortgage rates in Louisiana. Bear in mind that borrowing requirements can vary from one lender to the next. Here are some of the best deals you might snag today, depending on your credit score.

Current Mortgage and Refinance Rates in Lousiana

Rates As of Jan 15, 2021
Product Interest Rate Average Points/Credits
Fixed 30 Year 2.840% -0.128
Fixed 15 Year 2.224% -0.676
Fixed 30 Year - FHA 3.071% 0.419
Fixed 30 Year - VA 2.689% -0.358
Fixed 30 Year 2.915% -0.028
Fixed 20 Year 2.827% 0.402
Fixed 15 Year 2.386% -0.146
Fixed 30 Year - FHA 2.746% 0.602
Fixed 30 Year - VA 2.558% -0.174
Fixed 30 Year - Jumbo 3.153% 0.122
The Ascent's Mortgage Rates Tracking Methodology

5 affordable places to live in Louisiana

Living in Louisiana may be more affordable than you think. Here are a few cities that offer great bang for your buck.

1. Lafayette

About two hours west of New Orleans, Lafayette is a thriving city along the Vermilion River that attracts young professionals and families alike with its parks system and abundance of eateries. The median home value in Lafayette is $190,800, according to Niche. That’s a bit above the median statewide -- $170,388, as reported by Zillow. Meanwhile, the average property tax rate in Lafayette Parish according to Tax-rates.org is 0.38% of a home's assessed value. (Louisiana is divided into parishes, whereas most states are divided into counties.) Keep in mind that property taxes in Louisiana are generally a steal. The average property tax rate statewide is 0.18% of a home's assessed value. The national average property tax rate is 1.08%.

2. Shreveport

In the northwestern corner of Louisiana, Shreveport is a huge college town whose downtown has seen its share of revitalization in recent years. The median home value in Shreveport is $144,800, while the average property tax rate in Caddo Parish is 0.49% of a home's value. That's a bit high for Louisiana, but low on a national level.

3. Metairie

Just minutes from New Orleans, Metairie offers its own share of restaurants, coffee shops, and parks. Its median home value is $228,400, a little high for Louisiana, but proximity to New Orleans explains that price tag. The average property tax rate for Jefferson Parish is 0.43% of a home's assessed value -- high on a state level, but low on a national one.

4. Baton Rouge

Louisiana's capital is known for its walkability and thriving economy. The city is home to an exciting arts scene, and attracts a large number of young professionals. The median home value in Baton Rouge is $169,200, while the average property tax rate in East Baton Rouge Parish, where Baton Route is located, is 0.44% of a home's assessed value.

5. New Orleans

New Orleans just screams nightlife, with its abundance of restaurants, cafes, and bars that host live music year-round. The median home value in New Orleans is $219,600, while the average property tax rate in Orleans Parish is 0.61% of a home's assessed value. You'll notice that's pretty high for Louisiana, but chalk it up to the premium you pay for all that culture and entertainment.

There are plenty of good reasons to call Louisiana home. But to buy a home, you'll need a strong credit score, a relatively low debt-to-income ratio, and a reliable source of income. Make sure you can check these items off your list before applying for a home loan. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.

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