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.
October 22, 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%
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 buy 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
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
FHA loan limits for New Orleans, LA
VA loan limits for New Orleans, 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