Current 30 year-fixed mortgage refinance rates are averaging: 7.26% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
The current average rate for a 15-year fixed mortgage refinance is: 6.65% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.The current mortgage interest rates forecast is for rates to hold relatively steady and remain below 7%. Senior economist Jacob Channel says he wouldn’t be surprised if rates end the year closer to — or even below — 6%. That’s high compared to pre-pandemic levels, but it’s still a significant improvement over some of the spikes we saw last year, when 30-year mortgage rates rose to nearly 8%.
Among the many factors determining mortgage rates, there are several that you can control. Here are some actions you can take today to get the best mortgage rate:
When should I lock in my mortgage rate?Mortgage rate locks are tied to an address, so your best bet is to request one as soon as you’ve been approved for a mortgage on a specific property. The rate lock will safeguard the interest rate you were quoted in your loan estimate, ensuring that it’s still there waiting for you on your closing day.
The Louisiana Housing Corporation (LHC) offers a robust array of programs for first-time homebuyers, low- and moderate-income buyers and even repeat buyers. Below is a quick rundown of some of these programs — visit LHC’s website for more details and to see all available programs.
LHC offers two mortgage revenue bond (MRB) programs designed to help first-time homebuyers. The first, known as the “Home” MRB program, is for moderate-income buyers who may be struggling to meet the minimum down payment requirement needed to get into a home loan.
The program provides a purchase loan with a below-market interest rate, as well as up to 9% of the loan amount in funds for closing costs or a down payment. Plus, you won’t have to repay the latter funds as long as you occupy the home for a minimum period of time, which ranges from five to 15 years (depending on your loan amount). And if you take out a conventional purchase loan, you’ll also receive a discount on your private mortgage insurance (PMI) premiums.
Borrowers must:
Be a first-time homebuyer
Earn within the program’s income limits, which vary by parish and household size
Purchase a home within the program’s price limits
Have a minimum 640 credit score
Have a maximum 41% DTI ratio
Complete a homebuyer education course
People who have never owned a home
People who haven’t owned real estate in the last three years
Displaced homemakers and single parents who owned a home with a spouse in the last three years
This program is a better option for borrowers who earn too much income to qualify for the Home program, or who aren’t first-time homebuyers. You can access a purchase loan at market rates and, to ease the burden of a down payment and closing costs, a second mortgage for up to 4% of the first mortgage amount. Plus, you won’t have to repay the second mortgage as long as you stay in the home for five years.
Borrowers must:
Be a first-time homebuyer or purchase in a targeted area
Earn within the program’s income limits, which vary between conventional loans and government-backed loans and are higher for those purchasing in a targeted area
Purchase a home within the program’s price limits, which are higher if you’re purchasing in a targeted area
Have a minimum 640 credit score
If you’re looking to purchase your first home but have bad credit (or even no credit), the Delta 100 program may be right for you. The “100” in the name refers to the fact that you can access 100% financing, which means there’s no minimum down payment. You may also qualify for up to 3% of the mortgage loan amount in funds to help cover closing costs and prepaids, like homeowners insurance and property taxes. However, the program can only be used in Delta parishes.
Borrowers must:
Be a first-time homebuyer
Purchase in one of the following parishes: Caldwell, Catahoula, Concordia, East Carroll, Franklin, Madison, Morehouse, Pointe Coupee, Richland, Tensas, West Carroll and Ouachita (excluding Monroe)
Purchase a home for no more than $392,268
Earn within the program’s income limits
Complete a homebuyer education course
Contribute at least $1,500 or 1% of the home price (whichever is less) from your own funds
→ Louisiana conventional loans. Conventional loans are the standard choice when it comes to mortgages, but they’re only accessible to borrowers who can meet the minimum requirements set by Fannie Mae and Freddie Mac.
→ Louisiana FHA loans. FHA loan requirements are more flexible than conventional loan requirements. You can qualify with a credit score as low as 500 if you make a 10% down payment. But if you’d rather make a smaller down payment, you can put down as little as 3.5% — though only if you have at least a 580 score.
→ Louisiana VA loans. VA loan requirements are generally the most accessible and flexible, especially for those with imperfect credit. You can shop around for a new lender if you don’t like the minimum credit score requirement any given lender is enforcing. In most cases, you can also purchase or refinance without making a down payment or paying for mortgage insurance.
→ Louisiana streamline refinances encompass two loan types: FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs). They’re called “streamline” because, compared to a typical refinance, they require less time and paperwork. However, you’ll have to refinance from an FHA loan into an FHA loan, or from a VA loan into another VA loan, to take advantage of these programs.
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