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New Orleans

Current Mortgage Rates in New Orleans, Louisiana

Compare mortgage rates and fees for leading lenders in New Orleans, 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 New Orleans.

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

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Mortgage Rates in New Orleans, LA as of August 19, 2019
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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.

How Do Today's New Orleans, LA Mortgage Rates Compare?

August 19, 2019

The current average rate for a 30 year fixed rate mortgage in New Orleans 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
New Orleans, LA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in New Orleans, Louisiana?

The median home value for New Orleans, LA (Orleans County) is $238,051

The median household income for New Orleans, LA (Orleans County) is $39,905

Based on current mortgage rates and a 10% down payment, you need to make $44,166 per year to buy the median priced home in New Orleans

The home price you can afford to by based on household income in New Orleans is 90% of the median home value which means housing prices are expensive

New Orleans (Orleans County) ranks 64 out of 64 counties in Louisiana and 3,046 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in New Orleans, LA is expensive

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Loan Limits for New Orleans, Louisiana

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

Conforming loan limits for New Orleans, LA

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for New Orleans, LA

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for New Orleans, LA

1 unit: $484,350

Additional Mortgage Resources for New Orleans, LA Residents

Mortgage Rates for Louisiana Cities

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Lafayette Mortgage Rates

Lake Charles Mortgage Rates

Livingston Mortgage Rates

Metairie Mortgage Rates

Monroe Mortgage Rates

New Orleans Mortgage Rates

Shreveport Mortgage Rates

St. Tammany Mortgage Rates

Thibodaux Mortgage Rates

Sources

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