The current refinance rates in Georgia are shown in the table below. Find out which loan option is best for you by reviewing the state’s average rates for different mortgage types.
Today’s Refinance Rates in Georgia
Georgia homeowners have a $175,086 average outstanding mortgage balance and pay around $1,100 per month. Peach State homeowners may refinance their mortgage to lower monthly mortgage payments or shorten it.
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Morgan Hull
Freelance Editor
Morgan Hull is an environmental engineer and editor, with five years of experience covering topics ranging from environment and education to health and finance. She is a personal finance editor at MoneyGeek. Hull holds a Bachelor of Science in Environmental Engineering from the University of Florida. She enjoys breaking down complex financial topics to help people make sound financial decisions.
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Morgan Hull
Freelance Editor
Morgan Hull is an environmental engineer and editor, with five years of experience covering topics ranging from environment and education to health and finance. She is a personal finance editor at MoneyGeek. Hull holds a Bachelor of Science in Environmental Engineering from the University of Florida. She enjoys breaking down complex financial topics to help people make sound financial decisions.
Updated: January 18, 2024
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Current Refinance Rates in Georgia
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Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in Georgia?
Data from the Federal Reserve Bank of St. Louis shows that Georgia’s refinance rate for a 30-year FRM of 5.13% is less than the national average rate of 5.30%. However, Georgia’s average refinance rates for a 15-year FRM of 4.46% and 5/1 ARM of 4.13% are above the national averages of 4.45% and 4.19%, respectively.
It’s important to remember that a “good” rate is relative to various factors like loan amount, loan terms, credit score and debt-to-income ratio. Thus, it’s essential to shop around and compare quotes from multiple lenders to get the best deal for your situation.
Since interest rates fluctuate daily, you may be quoted a higher rate on a different day. Once you find the best rate, be sure to lock it in with your lender.
Estimate Your New Monthly Mortgage Payment
Use MoneyGeek’s mortgage calculator below by inputting your mortgage information and Georgia’s refinance rates included in this guide to estimate your monthly mortgage payment. Keep in mind, your actual rate will vary depending on certain factors like your credit score and debt-to-income ratio.
By Mandy Sleight, Licensed Insurance Agent
Frequently Asked Questions About Refinance Rates in Georgia
MoneyGeek answered some frequently asked questions about mortgage refinance rates in Georgia to help you make an informed decision.
A good refinance rate will be relative to your particular situation and current economic conditions.
Refinancing your home might not be ideal if you receive a rate that’s higher than your current mortgage rate.
Currently, the average refinance rate in Georgia for a 30-year FRM is 5.13%. Rates slightly below or equal to this may be considered “good.”
To get the best deal, you should look for a rate that’s similar to the state’s average 15-year FRM of 4.46%.
A rate less than or equal to Georgia’s current refinance rate for a 5/1 ARM of 4.31% may be your best option.
Read More on Mortgages
sources
- Federal Reserve Bank of St. Louis. "Mortgage Rates." Accessed July 12, 2022.