Today's 30-year mortgage rate in Georgia is 6.75%, lower than the national average of 6.9%. Georgia homebuyers can access programs like Georgia Dream and Peach Plus to reduce mortgage costs.
Mortgage
Today's Mortgage Rates in Georgia
Updated: July 17, 2024
Advertising & Editorial Disclosure
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).
This data was last updated on July 2, 2024.
Current Mortgage Rates in Georgia
In July 2024, the average APR in Georgia for a 30-year fixed mortgage is 6.75%, a slight uptick of 15 basis points from 6.6% in June. Considering a $250,000 loan with a 20% down payment, even such a small movement could add $7,156 over the life of the loan, excluding property taxes or HOA fees.
Rates frequently change with market conditions and economic events. The line chart below illustrates how mortgage rates in Georgia have shifted over the recent months.
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:
First-time homebuyers
First-time Georgia homebuyers can use current mortgage rates to understand what rates to expect and compare lender offers.
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 6.75%, while its average APR for refinancing is 8.15%. This difference highlights market influences on home buying versus refinancing.
Current Mortgage Rates in Georgia by Loan Type
Mortgage loan types in Georgia come at 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
| 5.81% | APR5.95% |
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 6.68%.
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 6.75%, 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 6.99% APR for a 30-year fixed-rate mortgage. For scores below 680, the APR rises to 7.49%.
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 Fixed | APR5.90% |
| 15-year Fixed | APR6.32% |
| 20-year Fixed | APR6.91% |
| 30-year Fixed | APR6.98% |
| 5-year ARM | APR7.83% |
| 7-year ARM | APR7.63% |
Mortgage Types in Georgia
In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Georgia at 6.45%. Knowing your mortgage options can lead to better financial decisions. Here are the mortgage loan types in Georgia:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Georgia |
|---|---|---|---|
Conventional Loans | A conventional loan is not insured or guaranteed by the federal government. | Market conditions and creditworthiness influence rates for conventional loans. | 6.75% |
FHA Loans | FHA loans are backed by the Federal Housing Administration, helping borrowers with low down payments. | FHA loans have lower credit requirements but potentially higher rates and mortgage insurance costs. | 6.93% |
VA Loans | VA loans are guaranteed by the Department of Veterans Affairs for eligible service members. | VA loans usually offer competitive rates due to government backing and no down payment requirement. | 6.45% |
USDA Loans | USDA loans cater to rural homebuyers and are guaranteed by the United States Department of Agriculture. | USDA loans offer low rates due to government backing, targeting low-income borrowers in eligible rural areas. | currently unavailable |
Jumbo Loans | Jumbo loans exceed conforming loan limits and are ideal for buying higher-priced properties. | Jumbo loans carry higher rates due to larger loan amounts and increased lender risk. | 6.84% |
MORTGAGE RATE STRUCTURES IN GEORGIA
Mortgage rates in Georgia are either fixed or adjustable.
- Fixed mortgages lock in the interest rate for steady monthly payments and easier budgeting.
- Adjustable-rate mortgages (ARM) often start lower and adjust periodically, potentially lowering your payments when rates fall.
As of July 2024, Georgia's average APR for a 30-year fixed mortgage is 6.75% and 7.41% for a 7-year ARM.
Mortgage Lenders in Georgia
LoanDepot, U.S. Bank and Truist are solid mortgage options in Georgia. They meet criteria including state availability, Better Business Bureau 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. Loan Depot 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
- 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 and in-person services, along with 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
- 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
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?
Current average APRs in Georgia vary based on loan type, credit score and down payment. In July 2024, the average APR for a 7-year ARM is 7.41%, while a 30-year fixed loan has an APR of 6.75%.
How do mortgage rates in Georgia compare to national rates?
Georgia's average APR for a 5-year ARM is 7.68%, slightly below the national average of 7.69%. The state average APR for a 15-year fixed-rate mortgage matches the national average of 6.27%.
How does my credit score impact the mortgage rates I get in Georgia?
Your credit score significantly affects the mortgage rates you qualify for. Higher scores generally lead to lower mortgage rates.
Are there any special mortgage programs in Georgia to help homebuyers?
Georgia offers mortgage programs such as Georgia Dream, Peach Plus and Peach Select Veteran Assistance to support homebuyers.
How can I get the best possible mortgage rate in Georgia?
Make a larger down payment, improve your credit score and compare multiple loans to secure the best rates.
What are today's mortgage refinance rates in Georgia?
As of July 2024, today's refinance rates in Georgia average 7.34% for a 15-year fixed loan and 8.15% for a 30-year fixed one.
How do I calculate my mortgage payments?
Use a mortgage calculator for Georgia to calculate your monthly payments. The calculator considers loan amount, interest rate and term length.
Mortgage
About Zachary Romeo
Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.
sources
- Georgia Department of Community Affairs. "Georgia Dream." Accessed July 16, 2024.