Louisiana Mortgage Rates
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LOUISIANA CONFORMING 30 YEAR FIXED RATESToday's Average: 4.90% What does this mean?
About Mortgage Rates in Louisiana
Mortgage rates and availability in Louisiana benefit from the traditional heritage and high proportion of residents with deep roots in the state, in many cases extending back several generations. This stability is one of the reasons Louisiana’s home ownership rate is higher than the national average despite the state’s low ranking in personal income. Almost 70% of the nearly 2 million housing units in Louisiana are owner occupied. Louisiana banks offer the same mortgage products as found in other states, but are generally more conservative when considering qualifying borrowers for adjustable rate notes, second mortgages, or refinancing. In times of economic decline, the result is a lower foreclosure rate than the national average.
Mortgage 101 is here to help. We offer access to the best mortgages with the lowest interest rates, lowest closing costs and best possible features. You can use the online tools to calculate your mortgage payment, determine tax benefits and more.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Fixed Rate Mortgages in Louisiana
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
Other Mortgage Terms
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.