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Lake Charles

Current Mortgage Rates in Lake Charles, Louisiana

Compare mortgage rates and fees for leading lenders in Lake Charles, 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 Lake Charles.

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

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Mortgage Rates in Lake Charles, LA as of July 11, 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 Lake Charles, LA Mortgage Rates Compare?

July 11, 2020

The current average rate for a 30 year fixed rate mortgage in Lake Charles 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
Lake Charles, 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 Lake Charles, Louisiana?

Below we provide helpful information on the real estate market, home prices and housing affordability in Lake Charles. Understand how much you need to earn to afford a home in Lake Charles, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Lake Charles 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 Lake Charles is right for you.

The median home value for Lake Charles, LA (Calcasieu County) is $178,384

Based on current mortgage rates and a 10% down payment, you need to make $32,104 per year to buy the median priced home in Lake Charles

With this income, you could qualify for a $160,545 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 Lake Charles is $743

The median household income for Lake Charles, LA (Calcasieu County) is $50,854

Based on this income, you can afford a home valued at approximately $282,562

The home price you can afford to buy based on household income in Lake Charles is 158% of the median home value which means housing prices are average. Lake Charles (Calcasieu County) ranks 56 out of 64 counties in Louisiana and 2,389 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Lake Charles, Louisiana

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

Conforming loan limits for Lake Charles, LA

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

FHA loan limits for Lake Charles, LA

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

VA loan limits for Lake Charles, LA

1 unit: $510,400

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