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Compare Current New Orleans, Louisiana Mortgage Rates
Compare New Orleans, 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 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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New Orleans, LA Mortgage Rates as of December 1, 2023
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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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.
Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's New Orleans, LA Mortgage Rates
December 1, 2023
Current mortgage rates in New Orleans, 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 New Orleans, LA Rates
National Average
Comparison
30 Year Fixed Rate
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7.440%
15 Year Fixed Rate
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6.760%
5/1 Adjustable Rate Mortgage
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6.750%
How Affordable is Housing in New Orleans, Louisiana?
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 $303,382
Based on current mortgage rates and a 10% down payment, you need to make $63,290 per year to buy the median priced home in New Orleans
With this income, you could qualify for a $273,044 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 $1,466
The median household income for New Orleans, LA (Orleans County) is $47,627
Based on this income, you can afford a home valued at approximately $228,301
The home price you can afford to buy based on household income in New Orleans is 75% of the median home value which means housing prices are very expensive.
New Orleans (Orleans County) ranks 64 out of 64 counties in Louisiana and 3,044 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 very expensive
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:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for New Orleans, LA
1 unit:$472,030
2 units:$604,400
3 units:$730,525
4 units:$907,900
VA loan limits for New Orleans, LA
1 unit:$726,200
Additional Mortgage Resources for New Orleans, LA Residents