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Georgia Mortgage and Refinance Rates

On Wednesday, February 28, 2024, the national average 30-year fixed mortgage APR is 7.20%. The national average 30-year fixed refinance APR is 7.21%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Georgia

As of Wednesday, February 28, 2024, current mortgage interest rates in Georgia are 6.94% for a 30-year fixed mortgage and 6.58% for a 15-year fixed mortgage. 

Elevated mortgage rates continue to make housing affordability a challenge for Georgia homebuyers, and refinances far less desirable for homeowners. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future.

Refinance rates in Georgia

While mortgage refinance rates are much higher than the lows of 2020 and 2021, Georgia borrowers who saw their home equity rise during the pandemic might still be interested in refinancing as a way to tap those funds. Check out Bankrate’s guide to cash-out refinancing to learn more.

Georgia mortgage rate trends

As of September 2023, mortgage rates nationally and in Georgia were at their highest levels since 2000, according to Bankrate’s national survey of lenders.

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 7.15% 7.20%
15-Year Fixed Rate 6.71% 6.78%
5-1 ARM 6.48% 7.82%
30-Year Fixed Rate FHA 6.67% 6.72%
30-Year Fixed Rate VA 6.79% 6.84%
30-Year Fixed Rate Jumbo 7.13% 7.18%

Rates as of Wednesday, February 28, 2024 at 6:30 AM

 

 

Mortgage statistics for Georgia

Georgia’s housing market has experienced appreciation, in part thanks to strong population growth. Here are some statistics about mortgages and the housing market in The Peach State:

  • Average home value (as of Sept. 2023): $319,271 (Zillow)
  • Homeownership rate (as of Dec. 2022): 64.7% (U.S. Census Bureau)
  • Average mortgage loan size in 2022: $412,830 (Home Mortgage Disclosure Act)

Mortgage options in Georgia

If you’re looking to get a mortgage in Georgia, there are several options:

  • Georgia conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
  • Georgia FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
  • Georgia VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent.

First-time homebuyer programs in Georgia

The Georgia Department of Community Affairs (DCA) helps connect first-time homebuyers with more affordable loans, as well as down payment assistance, through the Georgia Dream program.

  • Georgia Dream mortgages: Available through participating lenders, these mortgages require a credit score of at least 640 and for the borrower’s income to fall within certain limits. There are also purchase price limits. You can get a conventional, FHA, VA or USDA loan through this program, provided you qualify.
  • Georgia Dream Standard Down Payment Assistance: This program offers eligible borrowers a zero-interest loan up to $10,000.
  • Georgia Dream PEN Down Payment Assistance: This program offers a zero-interest loan up to $12,500 to those employed in protection (police, highway patrol, correctional, fire and EMS), active military, education or healthcare fields.
  • Georgia Dream Choice Down Payment Assistance: This program offers a zero-interest loan up to $12,500 for borrowers housing an individual living with a disability.

How to find the best mortgage rate in Georgia for you

  • Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
  • Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
  • Step 3: Know your mortgage options - There are a few different types of mortgages.
  • Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more about how to get a mortgage.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1059reviews

Additional Georgia mortgage resources