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.
