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.
September 20, 2020
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%
Below we provide helpful information on the real estate market, home prices and housing affordability in New Orleans. Understand how much you need to earn to afford a home in New Orleans, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in New Orleans 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 New Orleans is right for you.
The median home value for New Orleans, LA (Orleans County) is $250,430
Based on current mortgage rates and a 10% down payment, you need to make $45,071 per year to buy the median priced home in New Orleans
With this income, you could qualify for a $225,387 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 New Orleans is $1,044
The median household income for New Orleans, LA (Orleans County) is $40,837
Based on this income, you can afford a home valued at approximately $226,904
The home price you can afford to buy based on household income in New Orleans is 91% of the median home value which means housing prices are expensive. New Orleans (Orleans County) ranks 64 out of 64 counties in Louisiana and 3,038 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