Louisiana
Mortgage Rates;
The Louisiana housing market has been is a state of flux since Hurricane Katrina and the sub prime lending mess has hit the state hard. The tightening of lending standards is also making it more difficult for potential buyers to secure a mortgage. The New Orleans market has stalled and needs a lot of government help to get it going again. But investors are active in New Orleans, buying fixer uppers and selling them to fill the housing gap. So prices are appreciating and the median price is approximately $152,000.
In other parts of the state like Lafayette, Monroe and Shreveport, builders are constructing new homes and prices are expected to appreciate by 4%. There is no shortage of supply but there is a demand issue. Many people left the state after the hurricane and may have decided to move for good. Below are examples of current rates:
For loans up to $417,000
30 Yr Fixed: rates from 6.5% to 6.75%
15 Yr Fixed : rates from 6.125% to 6.5%
1 yr ARM : rates from 5.5%
3/1 ARM : rates from 5.625%
5/1 ARM : rates from 5.75% to 5.875%
For loans above $417,000
30 Yr Fixed Jumbo : rates from 6.5% to 6.625%
15 Yr Fixed Jumbo : rates from 6% to 6.375%
1 Yr ARM Jumbo : rates from 5.875%
3/1 ARM Jumbo : rates from 6%
5/1 ARM Jumbo : rates from 6%
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Looking for a mortgage in one of Louisiana's major cities? Click any of the cities below for more mortgage information.
Major Louisiana
Cities;
Baton Rouge
Lafayette
Morgan City
New Orleans
Tallulah
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