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Compare Monroe, LA mortgage rates and fees from top lenders. 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 lowest mortgage rates in Monroe.
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Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Compare Today's Monroe, LA Mortgage Rates
February 8, 2023
Current mortgage rates in Monroe, LA are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)
Mortgage Program
Today's Monroe, LA Rates
National Average
Comparison
30 Year Fixed Rate
%
6.090%
15 Year Fixed Rate
%
5.140%
5/1 Adjustable Rate Mortgage
%
5.125%
How Affordable is Housing in Monroe, Louisiana?
Below we provide helpful information on the real estate market, home prices and housing affordability in Monroe. Understand how much you need to earn to afford a home in Monroe, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Monroe 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 Monroe is right for you.
The median home value for Monroe, LA (Ouachita County) is $164,071
Based on current mortgage rates and a 10% down payment, you need to make $26,882 per year to buy the median priced home in Monroe
With this income, you could qualify for a $147,664 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 Monroe is $623
The median household income for Monroe, LA (Ouachita County) is $44,464
Based on this income, you can afford a home valued at approximately $271,376
The home price you can afford to buy based on household income in Monroe is 165% of the median home value which means housing prices are average.
Monroe (Ouachita County) ranks 57 out of 64 counties in Louisiana and 2,386 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Monroe, LA is average
Loan Limits for Monroe, Louisiana
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Monroe (Ouachita County) below.
Conforming loan limits for Monroe, LA
1 unit:$647,200
2 units:$828,700
3 units:$1,001,650
4 units:$1,244,850
FHA loan limits for Monroe, LA
1 unit:$420,680
2 units:$538,650
3 units:$651,050
4 units:$809,150
VA loan limits for Monroe, LA
1 unit:$647,200
Additional Mortgage Resources for Monroe, LA Residents