Compare mortgage rates and fees for leading lenders in Lafayette, 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 Lafayette.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Lafayette. Plus, shopping lenders is free and there is no obligation.
August 18, 2019
The current average rate for a 30 year fixed rate mortgage in Lafayette 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%
The median home value for Lafayette, LA is $189,128
The median household income for Lafayette, LA is $55,599
Based on current mortgage rates and a 10% down payment, you need to make $35,089 per year to buy the median priced home in Lafayette
The home price you can afford to by based on household income in Lafayette is 158% of the median home value which means housing prices are average
Lafayette ranks 55 out of 64 counties in Louisiana and 2,408 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Lafayette, LA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lafayette below.
Conforming loan limits for Lafayette, LA
FHA loan limits for Lafayette, LA
VA loan limits for Lafayette, LA
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index