Mortgage Rates in New Orleans, Louisiana — March 2026
Updated March 2026 | Based on New Orleans market data and regional lending conditions
New Orleans is a mid-sized city in Louisiana with a population of 383,997. The current 30-year fixed mortgage rate in New Orleans is 6.73%, which is 0.08% above the national average. With a median home price of $255,000 and a 20% down payment of $51,000, homebuyers can expect a monthly principal and interest payment of approximately $1,320.
Current Mortgage Rates in New Orleans, LA
Below are the current average mortgage rates available in the New Orleans area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.73% | 6.65% | +0.08% |
| 15-Year Fixed | 5.97% | 5.89% | +0.08% |
| 5/1 ARM | 6.23% | 6.15% | +0.08% |
| FHA | 6.33% | 6.25% | +0.08% |
| VA | 6.13% | 6.05% | +0.08% |
| Jumbo | 6.93% | 6.85% | +0.08% |
New Orleans Housing Market Overview
The New Orleans housing market offers relatively affordable housing compared to many major cities. The median household income in New Orleans is $45,615, and the cost of living index is 95.2 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $61,586 to comfortably afford the median-priced home in New Orleans, which exceeds the current median household income.
Monthly Payment Breakdown for New Orleans
Based on the median home price of $255,000 with 20% down ($51,000), here is what you can expect to pay monthly in New Orleans:
15-Year vs. 30-Year Mortgage in New Orleans
Choosing a 15-year mortgage in New Orleans at 5.97% instead of a 30-year at 6.73% would save you $165,960 in total interest over the life of the loan. However, your monthly payment would be $1,718 instead of $1,320 — an increase of $398 per month.
Calculate Your New Orleans Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in New Orleans
What are the current mortgage rates in New Orleans, LA?
As of March 2026, the average 30-year fixed mortgage rate in New Orleans, Louisiana is 6.73%, while the 15-year fixed rate is 5.97%. FHA loans average 6.33% and VA loans 6.13%. These rates are 0.08% above the national average of 6.65%.
How much is a monthly mortgage payment in New Orleans?
Based on the median home price of $255,000 with 20% down, the estimated monthly mortgage payment in New Orleans is $1,320 for principal and interest. Including property taxes of $117/month, the total monthly housing cost is approximately $1,437.
What income do I need to buy a home in New Orleans?
Using the 28% rule, you would need an annual income of approximately $61,586 to afford the median-priced home in New Orleans at $255,000. The median household income in New Orleans is $45,615. This means most households would need to either earn above the median or consider homes below $255,000.
Is New Orleans a good place to buy a home in 2026?
New Orleans offers a below-average cost of living with a cost of living index of 95.2 (national average = 100). The property tax rate in Louisiana is 0.55%, which is below the national average. New Orleans has a population of 383,997 and offers a balanced lifestyle.
Mortgage Rates in Other Louisiana Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the New Orleans, Louisiana area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.