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Hammond

Current Mortgage Rates in Hammond, Louisiana

Compare mortgage rates and fees for leading lenders in Hammond, LA. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Hammond.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Hammond. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Hammond, LA as of July 2, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Hammond, LA Mortgage Rates Compare?

July 2, 2020

The current average rate for a 30 year fixed rate mortgage in Hammond is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Hammond, LA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Hammond, Louisiana?

Below we provide helpful information on the real estate market, home prices and housing affordability in Hammond. Understand how much you need to earn to afford a home in Hammond, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Hammond fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Hammond is right for you.

The median home value for Hammond, LA (Tangipahoa County) is $161,826

Based on current mortgage rates and a 10% down payment, you need to make $29,124 per year to buy the median priced home in Hammond

With this income, you could qualify for a $145,643 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Hammond is $674

The median household income for Hammond, LA (Tangipahoa County) is $48,409

Based on this income, you can afford a home valued at approximately $268,978

The home price you can afford to buy based on household income in Hammond is 166% of the median home value which means housing prices are average. Hammond (Tangipahoa County) ranks 52 out of 64 counties in Louisiana and 2,242 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Hammond, LA is average

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Loan Limits for Hammond, Louisiana

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Hammond (Tangipahoa County) below.

Conforming loan limits for Hammond, LA

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Hammond, LA

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Hammond, LA

1 unit: $510,400

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