Louisiana Mortgage Rates
Since hurricanes Katrina and Rita, substantial funding has been allocated to the rebuilding of affected areas of Louisiana. This coupled with a strong economy and continued low mortgage rates in the state are working to keep a steady flow of buyers coming. Home loan demand in this region is projected to be strong. Owing to new construction and renovations, property value in New Orleans has appreciated. In fact, strong sales are being reported for all areas of New Orleans except those that experienced heavy flooding, and yet even in some of those impacted zones; individuals are moving back in and engaging in reconstruction. Prospective buyers and investors will find this to be the perfect time to purchase a hurricane-damaged home in a premium location for a bargain price. In Monroe, a significant number of homes have been built to supply the demand resulting from Katrina. Some of the New Orleans towns recording a high number of sales include Jefferson, West Bank, and St. Tammany. In Lafayette, home sales continue to be at record levels. Among the numerous Louisiana markets where prices are appreciating are Lafayette, Baton Rouge, and Alexandria. Another housing market that is posting strong sales and is not showing any signs of a slow-down is Acadiana, which is expected to stay healthy and robust.