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Local Rates In Louisiana

Find Local Rates in Louisiana

Home of the Big Easy and the New Orleans Saints football team, Louisiana gets a lot of fame and reputation for its coastal city, New Orleans. However, the state is far bigger than just the harbor and bayou area. Louisiana is really a land of two topographies. The southern area is built on communities that have developed and been surrounded by waterways and bayou. Louisiana depends on tourism for a major component of its economy but natural resources and shipping also contribute significantly. The state has large reserves of natural gas as well as oil reserves, both of which are produced with in-state mining and production. Louisiana also provides one of the major shipping entry points into the U.S., with cargo and materials moving in and out of Louisiana every day. With the rebuilding having cleaned up much of the southern area and the damage that was left from Hurricane Katrina, Louisiana is now getting back to a bit of normal.

Today, the state is home to just over 4.6 million Americans, placing it right near the middle in terms of population. The Louisiana economy produces over $200 billion per year, driven by the seafood industry, farming, and tourism. The Port of South LA is the fourth largest in the world.

Real Estate Basics

In 2013, the average home value in Louisiana was a bit north of $150,000, a 10%+ increase from 2012, making LA one of the more expensive southern states. This is not surprising given its relatively large urban population. According to the median sales price, Covington and Mandeville are the most expensive cities in the state, and Bastrop and Marrero are among the most affordable. If you're looking for a place to raise a family, the website NerdWallet.com named Leesville and Walker the two most attractive cities in LA.

New Orleans

Population: 354,850

Perhaps better known as the Big Easy or NOLA, New Orleans is one of the American south's marquee destinations. The city is indeed very unique, with popular nightlife spots such as Bourbon Street and antique shops on Magazine Street. Major employers include Ochsner Health System, Tulane University, and Acme Truck Line; as you might expect, NOLA's economy is also heavily reliant on tourism. Here's an interesting page about what it's like to live in New Orleans.

Baton Rouge

Population: 225,388

Baton Rogue is the capital of Louisiana and one of the economic centers of the south. In the past 10-15 years, the city has experienced a population boom due to growth in the petrochemical industry. Indeed, a 2010 survey placed Baton Rogue in the top 10 for young adults due to an abundance of well paying jobs.

Shreveport

Population: 199,163

Shreveport, also called the Port City, is another economic hub, this time of the overlap between Louisiana, Arkansas, and Texas (sometimes called the Ark-La-Tex region). Once known for the local oil industry, today Shreveport is a service economy and home to numerous casinos. The top employers are mostly in the public sector - the state, the military - though Caesars casino also employs well over 1,000 people.

Banking Options

Whether you're considering a move or a current Louisiana residence looking for more convenience and better interest rates, it's important to compare all of your options when considering financial institutions. The big, national banks will offer you the best technology and the ability to access your money if you're a frequent traveler across the United States. A community bank or credit union will have a tighter focus on where you live and can offer personalized service that the big guys typically can't match. Below, you'll find some of your choices with links to our reviews when relevant.

Local & community banks:

  1. American Bank & Trust
  2. Bank of New Orleans
  3. Caldwell Bank & Trust Company
  4. Cross Keys Bank
  5. Exchange Bank and Trust Company
  6. Fidelity Homestead Association
  7. Gulf Coast Bank
  8. Homestead Bank
  9. Iberia Bank
  10. Landmark Bank
  11. Mutual Savings & Loan
  12. Progressive Bank
  13. Richland State Bank
  14. Synergy Bank
  15. Whitney National Bank

Local credit unions:

  1. Barksdale FCU
  2. Neighbors FCU
  3. Campus FCU
  4. La Capitol Federal Credit Union
  5. Jefferson FCU
  6. ASI FCU
  7. E Federal Credit Union
  8. CSE FCU
  9. Baton Rouge Telco FCU

National banks with local branches:

  1. Capital One Bank
  2. Chase
  3. Regions Bank

Of course, comparing offers is easy with RateZip's free financial search engine, relevant for CDs, traditional deposit accounts, auto loans, and more.

Louisiana Home Loans

Buyers looking to move into the state can gain an even better advantage using RateZip.com to find some of the best mortgage rates available in the area as well. Of course the rates are just part of the deal. It's equally important to pick the right product, and consumers in LA have many options to consider. We'll briefly break down fixed rate loans, adjustable rate mortgages (ARMs), jumbo home loans, and FHA & VA mortgages and let you know when you should and should not consider each one.

  1. Fixed Rate Mortgage: The most popular type of home loan in the country and in the state. The rate and monthly payment stays the same for the entire life of the loan, most often 30 years. These mortgages are unique to the United States and offer great stability for homeowners who plan on sticking around for the long haul.
  2. ARMs: With today's record low rates, fewer homeowners are choosing ARMs, which begin with a low teaser rate and then adjust annually for the life of the loan. We expect this to change as interest rates rise again. You'll see options like 3/1 or 5/1 ARM. This simply means that the teaser rate lasts for 3 or 5 years and then adjusts each year afterward. ARMs are usually best for those who plan on moving in a relatively short amount of time.
  3. Jumbo Loans: Bigger loans require a jumbo mortgage, designed for loan amounts above Freddie Mac's and Fannie Mae's conforming limits. Traditionally, jumbo interest rates have run a bit higher than conventional home loans, but this gap has closed considerably over the past few years, and many big banks like Wells Fargo and Bank of America are offering great deals on these loans.
  4. Government Mortgages: Though there are other "government loans" other there, we're referring to mortgages backed by the Federal Housing Administration (FHA) and Veterans Administration (VA). These loans require smaller down payments and have more flexible underwriting standards, meaning those with less than perfect credit can qualify. FHA loans in particularly have grown in popularity tremendously since the end of the private subprime market.
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