Today's Mortgage Rates in Georgia (December 2024)

Today's 30-year mortgage rate in Georgia is 6.46%, lower than the national average of 6.83%. Georgia homebuyers can access programs like Georgia Dream and Peach Plus to reduce mortgage costs.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Georgia. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Rates in Georgia

In December 2024, the average APR in Georgia for a 30-year fixed mortgage decreased to 6.46%, down from 6.62% in November. For a $250,000 loan with a 20% down payment, the total interest cost is now approximately $317,520, reflecting the change in APR, excluding property taxes or HOA fees.

Rates frequently change with market conditions and economic events. The line chart below indicates a slight rate decrease over the last month.

Current Mortgage Rates in Georgia (Jan to Sept)

Even small changes in mortgage rates can significantly impact your finances. Understanding the current mortgage rate in Georgia can help you budget for a future home purchase.

Who Needs to Know Current Mortgage Rates in Georgia?

Knowing today's mortgage interest rates in Georgia is crucial for two types of borrowers:

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    First-time homebuyers

    First-time Georgia homebuyers can use current mortgage rates to understand what rates to expect and compare lender offers.

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    Homeowners with mortgages

    Existing homeowners can check Georgia's mortgage rates to decide if a mortgage refinance could offer savings.

Georgia's current mortgage rate for a 30-year fixed loan is 6.46%, while its average APR for refinancing is 6.70%. This difference highlights market influences on home buying versus refinancing.

Current Mortgage Rates in Georgia by Loan Type

Mortgage types in Georgia have various rates. A 30-year fixed-rate mortgage typically has a higher interest rate than a 15-year one. The longer loan term means more uncertainty and risk for lenders, including potential default and fluctuating rates. Use a mortgage calculator to understand potential monthly payments for different loan terms.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.68%5.87%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

The interest rate represents the yearly cost of borrowing money. Georgia's average interest rate for a 30-year fixed-rate mortgage is 6.39%.

The APR (annual percentage rate) includes the interest rate, mortgage points and other loan fees. Georgia's average APR for a 30-year fixed-rate mortgage is 6.46%, which shows the total yearly expense.

Current Mortgage Rates in Georgia by Credit Score

In Georgia, a credit score of 740 or higher with a 5% to 20% down payment typically results in a 6.88% APR for a 30-year fixed-rate mortgage. For scores below 680, the APR rises to 7.75%.

Your credit score impacts what mortgage rates you may qualify for. Explore the rates below based on your credit score and down payment:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year Fixed6.10%
15-year Fixed5.85%
20-year Fixed6.49%
30-year Fixed6.66%
5-year ARM7.29%
7-year ARM7.33%

Mortgage Types in Georgia

In December 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Georgia at 6.15%. Knowing your mortgage options can save you money and match you with the right fit for your financial situation. Here's a look at the different mortgage loan types available in Georgia:

Mortgage Type
Definition
Impact on Rates
30-Year Rates in Georgia

Conventional Loans

A conventional loan in Georgia is not insured by government entities.

Rates for conventional loans can vary based on credit score and down payment.

6.46%

FHA Loans

An FHA loan in Georgia is insured by the Federal Housing Administration.

FHA loans typically offer lower rates for borrowers with less cash or lower credit scores.

7.84%

VA Loans

A VA loan in Georgia is backed by the Department of Veterans Affairs.

VA loans often provide competitive rates due to government backing.

6.15%

USDA Loans

USDA loans in Georgia are backed by the United States Department of Agriculture.

USDA loans can offer lower rates and are designed to help rural homebuyers.

currently unavailable

Jumbo Loans

A jumbo loan in Georgia exceeds conforming loan limits set by Fannie Mae and Freddie Mac.

Jumbo loan rates are often higher due to the greater risk associated with larger loan amounts.

6.40%

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MORTGAGE RATE STRUCTURES IN GEORGIA

Mortgage rates in Georgia are either fixed or adjustable.

  • Fixed mortgage rates lock in the interest rate for steady monthly payments and easier budgeting.
  • Adjustable mortgage rates often start lower and adjust periodically, potentially lowering your payments when rates fall.

As of December 2024, Georgia's average APR for a 30-year fixed mortgage is 6.46% and 7.16% for a seven-year ARM.

Mortgage Lenders in Georgia

LoanDepot, U.S. Bank and Truist are solid mortgage options in Georgia. They meet these criteria: state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. You may find other lenders that fit your needs.

Mortgage rates in Georgia vary by lender, as each offers different mortgage options and terms. Compare options to secure the best deal.


  • Loan Depot

    • 3Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 10 am to 9 pm ETCustomer Service Hours

    LoanDepot provides flexible mortgage options, including fixed-rate, adjustable-rate, FHA and VA loans, both online and in person. FHA loans require a minimum credit score of 580 and a 3.5% down payment, which increases to 10% for scores below 580. Conventional loans need a 5% down payment, while VA and USDA loans require none.

    Customer service is available via phone and email Monday through Friday from 10 a.m. to 9 p.m. ET. LoanDepot supports Georgia borrowers facing financial challenges through Loss Mitigation Assistance.

    Pros

    • Online prequalification
    • Interactive mortgage calculator
    • A+ BBB accreditation

    Cons

    • Limited mortgage product innovation
    • No weekend customer support
    Loan Depot

  • U.S. Bank

    • 6Number of Mortgage Options
    • YesOnline Application
    • NRBBB Rating
    • Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours

    U.S. Bank offers various mortgage options, including conventional, FHA and VA loans. It accommodates borrowers with credit scores starting at 660 for adjustable-rate and jumbo loans and 640 for FHA loans. Down payments are affordable, with 3% for conventional, 3.5% for FHA and zero for VA loans.

    The lender provides support through video calls, phone calls, in-person services and homeowner assistance programs like forbearance, repayment plans, loan modification and payment deferral. Customer service is available Monday through Friday from 7 a.m. to 8 p.m. CT and Saturday from 8 a.m. to 2 p.m. CT.

    Pros

    • Online prequalification
    • Unique loan offerings
    • Mortgage payment breakdown tool

    Cons

    • BBB rating not provided
    • Limited physical branches in 27 states
    U.S. Bank

  • Truist

    • 4Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours

    Truist offers various mortgage products, including conventional and VA loans, plus flexible options like Construction to Permanent Loan and Doctor Loan.

    Customer support is available Monday through Friday, 8 a.m. to 8 p.m. ET, and Saturday, 8 a.m. to 5 p.m. ET, via phone, social media or in person. Truist supports homeownership through various assistance programs, including Affordable Lending Options.

    Pros

    • Unique mortgage options like Doctor Loan
    • Online mortgage calculator with amortization
    • Affordable loan options for payment assistance

    Cons

    • In-person discussion required for mortgage details
    • Mortgage payment relief options unavailable
    Truist

Mortgage Programs in Georgia

Buying a home comes with hidden costs that can affect your finances. Get support from the Georgia Department of Community Affairs, which offers mortgage programs that make homeownership accessible and affordable.

Program
Description

Georgia Dream

Assists first-time Georgia homebuyers with home price limits of $400,000. Eligible income caps are $107,796 for individuals or couples and $123,966 for larger households. Market rates determine the interest rate, and down payment assistance is available.

Peach Plus

Supports home purchases of up to $500,000 for single and duo households earning up to $161,694 and $185,949 for larger families. It offers market-based interest rates and down payment assistance without requiring first-time buyer status.

Peach Select Veteran Assistance

Aids veterans with homes up to $400,000 and income limits of $107,796 for single or duo households and $123,966 for larger families. Interest rates start at 5%.

FAQ: Mortgage Rates in Georgia

Understanding today's mortgage rates in Georgia is crucial for homebuyers. We've addressed common questions so you know what to expect when securing a mortgage.

What are the current mortgage rates in Georgia?

How do mortgage rates in Georgia compare to national rates?

How does my credit score impact the mortgage rates I get in Georgia?

Are there any special mortgage programs in Georgia to help homebuyers?

How can I get the best possible mortgage rate in Georgia?

What are today's mortgage refinance rates in Georgia?

How do I calculate my mortgage payments?

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


sources
  • Georgia Department of Community Affairs. "Georgia Dream." Accessed December 6, 2024.