Current Mortgage Refinance Rates in Georgia (December 2024)

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Updated: January 10, 2025

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The current mortgage refinance rates in Georgia are 6.26% for a 15-year fixed loan and 6.70% for a 30-year fixed loan. In comparison, the national average refinance rates are 5.38% for a 15-year fixed loan and 6.45% for a 30-year fixed loan.

We provide you with the latest insights on today's refinance mortgage rates in Georgia, trends and practical steps for refinancing your mortgage. Our tips on timing and understanding rates by credit score and loan type will empower you to make informed decisions about refinancing in Georgia.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Georgia

The current 30-year refinance rate in Georgia is 6.70%. According to Experian, the average mortgage debt in Georgia was $217,383 as of September 2023. Refinancing your mortgage can be a practical way to manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.

For instance, if your current mortgage rate is higher than 6.70%, refinancing could lead to substantial savings. Below are the current refinance rates in Georgia, which will help you explore your options.

15-Year Fixed6.14%6.26%
30-Year Fixed6.63%6.70%

Mortgage Refinance Rate Trends in Georgia

In November, refinance rate trends in Georgia showed an upward movement for both 15-year refinance rates and 30-year refinance rates. The 15-year fixed rates increased from 5.86% in October to 6.04%, while the 30-year fixed rates rose from 6.52% to 6.76%. Keeping an eye on these trends can help you stay informed about potential costs when considering refinancing options.

Georgia Mortgage Refinance Rate Trends 2024

Data from 2024

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WHY DO INTEREST RATES GO UP?

Interest rates rise for various reasons, including US Federal Reserve policies, inflation and global events. These factors also influence refinance rate trends in Georgia, impacting homeowners. Understanding these elements provides clarity on why borrowing costs fluctuate.

How to Refinance a Mortgage in Georgia

Refinancing your mortgage in Georgia can be a smart move to lower payments or secure a better rate. With a few straightforward steps, you can navigate the process with ease. Below are steps to make the most of your refinancing journey.

  1. 1

    Check Your Credit Score

    Credit scores affect the rates you qualify for; higher scores often mean better rates. If your score is below Georgia's average of 695, consider improving it by paying down debt or disputing errors.

  2. 2

    Determine When to Refinance a Mortgage

    Evaluate your current mortgage terms vs. current rates: 5.27% for 15-year and 5.94% for 30-year loans in Georgia. Refinancing makes sense if rates are lower and you plan to stay in your home long enough to recoup the costs.

  3. 3

    Gather Necessary Documents

    Collect documents like pay stubs, tax returns and bank statements to streamline the process. These are essential for verifying your financial status with lenders and comparing it to your current mortgage.

  4. 4

    Shop Around for Lenders

    Compare lenders to find the best terms. Look for competitive interest rates, low fees and excellent customer service. This can help you secure a better deal and save money over time.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs like appraisal and origination fees. According to the National Association of Realtors, these average $3,218 in Georgia.

  6. 6

    Apply for the Loan

    Submit your application with all the required documents to your chosen lender. Pre-fill forms online to expedite the process and reduce errors, making it smoother and faster to complete.

  7. 7

    Lock in Your Interest Rate

    Secure your rate with a mortgage rate lock to protect against fluctuations. For added protection, choose a lock period that aligns with your closing timeline.

  8. 8

    Close on Your New Loan

    Finalize the refinancing by signing documents and paying any remaining fees. Review all terms thoroughly to ensure they match your expectations and avoid surprises later.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments as scheduled to maintain good standing. Set up automatic payments to ensure timely payments and avoid late fees, simplifying your financial management.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Regularly assess your mortgage terms against market rates and your financial goals. Monitor economic trends and consider refinancing again if conditions become favorable.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Georgia, how soon you can refinance a mortgage depends on the type of loan you have. For conventional loans, refinancing can be done immediately, but a cash-out refinance typically requires a six-month seasoning period. On the other hand, USDA loans require a 12-month wait before refinancing, ensuring the property still meets USDA guidelines.

The October average refinance rate in Georgia was 5.94%, a marked decrease from previous months; it's a prime example of when refinancing might be beneficial. However, remember that refinancing comes with additional closing costs, which could take years to recover. So, although you could refinance within a year, it's generally not worth it unless there's a substantial drop in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Georgia can reduce your monthly payments by lowering interest rates. Yet, closing costs may offset these savings. Knowing when to refinance a mortgage in Georgia ensures you benefit financially. Explore these situations where refinancing makes sense:

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    Lower Interest Rates

    Refinancing when interest rates drop can lower monthly payments. Visiting local banks and credit unions to discuss current offers can help find the best rate. This strategy ensures you capitalize on favorable market conditions, reducing overall loan costs.

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    Increased Home Value

    Refinancing when your home's value rises can boost home equity. Enhancing curb appeal can increase value. With Georgia's average home value at $333,862, leveraging this can lead to better loan terms.

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    Improved Credit Score

    A better credit score can unlock favorable refinancing terms. Paying bills on time and reducing debt are practical steps to improving your score, which can lead to lower interest rates and better loan conditions.

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    Shorter Loan Term

    Refinancing to a shorter loan term can reduce the total interest paid and accelerate debt freedom. This strategy can lead to significant long-term savings, making it an attractive option for those looking to pay off their mortgage faster.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can stabilize monthly payments. This change offers predictability, shielding you from potential rate hikes.

Mortgage Refinancing in Georgia: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Georgia by Credit Score

Your credit score affects the rates you qualify for in Georgia. For example, the current average refinance rate in Georgia for a 30-year fixed-rate loan with a loan-to-value ratio of 80% or lower equates to 6.95% for scores between 680 and 740, compared to 6.70% for scores above 740. Explore the table below for more details.

Data filtered by:Results filtered by:
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Loan Type:15-year Fixed
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Credit Score Range:680 - 740
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Loan-to-Value Ratio:80% - 95%
6.18%6.33%

Mortgage Refinance Rates in Georgia by Loan Type

The loan type you choose can affect the rates you qualify for in Georgia. For example, the current average refinance rates in Georgia are 6.70% for a 30-year fixed-rate loan and 7.94% for a 30-year FHA fixed-rate loan. Explore the interactive table below to see the average APRs for different loan types in Georgia.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
5.72%5.90%

FAQ: Today's Mortgage Refinance Rates in Georgia

Understanding today's refinance rates is a pressing concern for many homeowners in Georgia. With fluctuating rates and economic changes, it's natural to have questions about how these numbers affect your finances. In this section, we answer the most commonly asked questions about refinance rates in Georgia, offering clear and concise answers to help you stay informed and confident in your financial decisions.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Atlanta?

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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