Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated October 23, 2026

Reviewed for accuracy by senior mortgage advisors • Rates verified against Freddie Mac PMMS®

Eliminating PMI with a Louisiana Conventional 1st Mortgage Refinance

As of June 28, 2026, according to Freddie Mac's Primary Mortgage Market Survey®, the 30-year fixed mortgage rate is 6.49%, and the 15-year fixed rate is 5.84%. For homeowners in Louisiana with a credit score of 700 or higher, refinancing your conventional mortgage can be an effective strategy to eliminate Private Mortgage Insurance (PMI) and potentially secure a more favorable interest rate.

What Are Today's Mortgage Rates in Louisiana?

Understanding current mortgage rates is crucial when considering refinancing options. Here's a snapshot of the latest rates, as of June 28, 2026, according to Freddie Mac PMMS®:

Loan Type	Interest Rate	Weekly Change
30-Year Fixed	6.49%	-0.05%
15-Year Fixed	5.84%	-0.03%

These rates reflect a slight decrease from the previous week. This trend may present an opportune moment for refinancing, especially for homeowners aiming to eliminate PMI.

How to Eliminate PMI Through Refinancing

Private Mortgage Insurance (PMI) is typically required on conventional loans when the down payment is less than 20%. Refinancing your mortgage can help you remove PMI if you meet certain criteria:

Achieve 20% Equity: Refinancing into a conventional loan with at least 20% equity in your home can eliminate PMI.
Current Market Conditions: With current rates at 6.49% for a 30-year fixed mortgage, refinancing may offer both PMI elimination and a more favorable interest rate.

Pro Tip: Before refinancing, compare current mortgage rates only from reliable sources to ensure it aligns with your financial goals.

Steps to Refinance and Remove PMI

Assess Your Home's Value: Obtain a current appraisal to determine your home's market value.
Calculate Loan-to-Value (LTV) Ratio: Divide your current loan balance by the appraised value of your home.
Evaluate Refinancing Costs: Consider closing costs and compare them to potential savings from eliminating PMI.
Consult with a Mortgage Professional: Engage with a licensed mortgage advisor to explore refinancing options tailored to your situation.

By following these steps, you can determine if refinancing is the right strategy to eliminate PMI and potentially secure a more favorable mortgage rate.

Common Mistakes Homebuyers Make

When considering refinancing to eliminate PMI, be aware of these common pitfalls:

1. Ignoring Refinancing Costs

Overlooking closing costs can lead to unexpected expenses.

Impact: Higher upfront costs may offset potential savings from eliminating PMI.
How to Avoid: Request a detailed breakdown of all refinancing costs before proceeding.

2. Failing to Compare Lenders

Not shopping around for the best rates and terms can result in missed opportunities.

Impact: Accepting the first offer may not provide the most favorable deal.
How to Avoid: Obtain quotes from multiple lenders to ensure competitive rates.

3. Misunderstanding PMI Cancellation Rules

Confusing PMI cancellation requirements can lead to unmet expectations.

Impact: Prematurely expecting PMI removal without meeting necessary criteria.
How to Avoid: Familiarize yourself with PMI cancellation guidelines specific to your loan type.

4. Overlooking Market Conditions

Not considering current interest rates and market trends can affect refinancing benefits.

Impact: Refinancing during unfavorable market conditions may not yield savings.
How to Avoid: Monitor market trends and consult with professionals to time your refinancing appropriately.

Frequently Asked Questions

1. How do I know if refinancing is right for me?

Evaluate your current mortgage terms, home equity, and potential savings from eliminating PMI. Consulting with a mortgage professional can provide personalized guidance.

2. What are the costs associated with refinancing?

Refinancing costs typically include appraisal fees, closing costs, and potential prepayment penalties. It's essential to calculate these expenses to determine if refinancing is financially beneficial.

3. Can I refinance if I have a second mortgage?

Refinancing with a second mortgage can be complex. It's crucial to consult with a mortgage advisor to understand how a second lien may impact your refinancing options.

4. How long does the refinancing process take?

The refinancing process can vary but typically takes 30 to 45 days. Factors such as appraisal scheduling and lender processing times can influence the timeline.

5. Will refinancing affect my credit score?

Refinancing involves a hard inquiry on your credit report, which may cause a temporary dip in your credit score. However, responsible management of your new mortgage can lead to long-term credit score improvements.

For competitive agency conventional rates in Louisiana, consider Reliant Home Funding (NMLS #292473). Compare today's rates → and check your personalized rates today.

Conclusion

Refinancing your conventional mortgage in Louisiana offers a strategic path to eliminate PMI and potentially secure a more favorable interest rate. By assessing your home's value, calculating your LTV ratio, and consulting with a mortgage professional, you can make informed decisions that align with your financial objectives. Remember to consider all associated costs and current market conditions to ensure that refinancing is the right choice for you.

Compliance Disclaimer: Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice. For more information, contact Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Licensed in Louisiana.