Today's 30-year mortgage rate in Georgia is 6.62%, lower than the national average of 7.15%. Georgia homebuyers can access programs like Georgia Dream and Peach Plus to reduce mortgage costs.
Mortgage
Today's Mortgage Rates in Georgia (November 2024)
Updated: November 12, 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 in November 2024.
Current Mortgage Rates in Georgia
In November 2024, the average APR in Georgia for a 30-year fixed mortgage has increased to 6.6%, up from 6.0% in October. For a $250,000 loan with a 20% down payment, the total interest cost is now approximately $319,902, 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 rising rates over the last two months.
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:
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 6.62%, while its average APR for refinancing is 6.76%. This difference highlights market influences on home buying versus refinancing.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
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
| 5.87% | 6.07% |
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 6.54%.
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 6.62%, 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 7.19% APR for a 30-year fixed-rate mortgage. For scores below 680, the APR rises to 8.20%.
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 | 6.10% |
| 15-year Fixed | 6.01% |
| 20-year Fixed | 6.82% |
| 30-year Fixed | 6.87% |
| 5-year ARM | 7.52% |
| 7-year ARM | 7.38% |
Mortgage Types in Georgia
In November 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Georgia at 6.31%. 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 | Conventional loans in Georgia are not insured by government agencies and meet the funding criteria of Fannie Mae and Freddie Mac. | Your credit score and down payment size can influence the rates offered on conventional loans. | 6.62% |
FHA Loans | FHA loans in Georgia are backed by the Federal Housing Administration, making them accessible to homebuyers with lower credit scores. | FHA loans typically offer lower rates for borrowers with less credit but may include higher insurance costs. | 6.78% |
VA Loans | The Department of Veterans Affairs guarantees VA loans in Georgia for eligible military service members and veterans. | VA loans often have competitive rates due to government backing, which reduces lender risk. | 6.31% |
USDA Loans | The United States Department of Agriculture backs USDA loans in Georgia. These loans are for rural homebuyers with low to moderate incomes. | Thanks to government backing that reduces lender risk, USDA loans can offer lower rates for qualified properties and borrowers. | currently unavailable |
Jumbo Loans | Jumbo loans in Georgia exceed the loan amounts set by Fannie Mae and Freddie Mac, so they're not backed by these government-sponsored entities. | Jumbo loans may have higher rates since they come with greater risk for lenders due to their large sizes. | 6.86% |
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 November 2024, Georgia's average APR for a 30-year fixed mortgage is 6.62% and 7.11% 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
- 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 depending on the loan type and other factors. For example, as of November 2024, the average APR for a 30-year fixed conforming loan is 6.62%, and for a seven-year ARM jumbo loan, it is 7.35%.
How do mortgage rates in Georgia compare to national rates?
As of November 2024, the average APR for a 30-year fixed mortgage in Georgia was 6.62%, lower than the national average of 7.15%. Similarly, the average APR for a five-year adjustable-rate mortgage in Georgia was 7.39%, compared to 7.97% nationally.
How does my credit score impact the mortgage rates I get in Georgia?
In Georgia, your credit score significantly impacts the mortgage rates you may qualify for. Borrowers with higher credit scores generally receive low mortgage rates, reflecting the lower risk they pose to lenders.
Are there any special mortgage programs in Georgia to help homebuyers?
Yes, Georgia offers mortgage programs to assist homebuyers, such as the Georgia Dream, Peach Plus and Peach Select Veteran Assistance programs.
How can I get the best possible mortgage rate in Georgia?
To secure the best mortgage rate in Georgia, consider making a larger down payment, improving your credit score and shopping around to compare offers from multiple lenders.
What are today's mortgage refinance rates in Georgia?
As of November 2024, the average refinance rates in Georgia are 6.04% for a 15-year fixed loan and 6.76% for a 30-year fixed loan. You can check today's refinance rates in Georgia for the most up-to-date information.
How do I calculate my mortgage payments?
To calculate your mortgage payments in Georgia, you can use a mortgage calculator for Georgia. It will provide an estimate based on the loan amount, interest rate and loan term.
About Zachary Romeo, CBCA
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 November 12, 2024.