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Mortgage rates in Georgia
Mortgage rates in the Peach State generally dance around the national average.
Mortgage rates during the coronavirus
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
In Georgia, 30-year fixed-rate mortgages average 4.732%, and will probably stay under 4% in the upcoming year.
What's in this guide?
How much do Georgia rates vary?
Average mortgage rates in Georgia ranged between 4.615% and 4.833% for 30-year loans. Different characteristics, such as the loan program and loan term, can influence your interest rate.
2018 average rates in Georgia by loan type
| Loan type | 15-year average rate | 30-year average rate |
|---|---|---|
| Conventional | 4.223% | 4.764% |
| FHA | 4.188% | 4.833% |
| VA | 3.937% | 4.615% |
| USDA | Not available | 4.714% |
Based on data from ffiec.cfpb.gov.
For example, a $175,000 mortgage with a 30-year term might have a monthly payment of $862, not including taxes, fees and other charges specific to your loan. On the other hand, the same mortgage with a 15-year term might have a monthly payment of $1,239.
Although the 15-year mortgage may have a higher monthly cost, it also may save $87,188 in interest payments over the course of the loan, compared to the 30-year mortgage.
Which way are rates trending in Georgia?
Georgia mortgage rates will likely stay below 4% in 2020.
Mortgage rates in Georgia are generally right in line with the national average. As nationwide housing agencies are calling for 30-year US mortgage rates to average about 3.70% in 2020, Georgia will likely follow suit.
Compare mortgage rates throughout Georgia
Mortgage rates and home values vary slightly, depending on where the property is located. That means that homebuyers in one geographic area may have a higher — or lower — monthly payment than their neighbors.
We crunched numbers from the Home Mortgage Disclosure Act to give you a look at the average 30-year fixed-rate mortgage across metropolitan areas in Georgia. Rates and estimates may vary depending on taxes and other charges specific to your mortgage.
| Metropolitan statistical area (MSA) | Average mortgage rate | Median loan amount | Estimated monthly cost |
|---|---|---|---|
| Albany | 4.738% | $145,000 | $760 |
| Athens-Clarke County | 4.763% | $185,000 | $970 |
| Atlanta-Sandy Springs-Alpharetta | 4.781% | $215,000 | $1,130 |
| Augusta MSA (Burke, Columbia, Lincoln, McDuffie and Richmond Counties, GA) | 4.537% | $185,000 | $940 |
| Brunswick | 4.713% | $195,000 | $1,010 |
| Chattanooga MSA (Catoosa, Dade and Walker Counties, GA) | 4.804% | $145,000 | $760 |
| Columbus MSA (Chattahoochee, Harris, Marion, Muscogee, Stewart and Talbot Counties, GA) | 4.735% | $175,000 | $910 |
| Dalton | 4.826% | $135,000 | $710 |
| Gainesville | 4.810% | $195,000 | $1,020 |
| Hinesville | 4.764% | $165,000 | $860 |
| Macon-Bibb County | 4.795% | $145,000 | $760 |
| Rome | 4.793% | $135,000 | $700 |
| Savannah | 4.671% | $195,000 | $1,000 |
| Valdosta | 4.682% | $155,000 | $800 |
| Warner Robins | 4.682% | $165,000 | $850 |
Based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Georgia
Here are a few things you can do to get the best rate possible on your next home loan.
- Consider types of loans. Lenders offer specific interest rates for certain loan programs. Find out what loan products and interest rates you qualify for.
- Compare interest rates. Mortgage rates also vary by lender. Get a few quotes from several lenders to find the most competitive rate.
- Examine the closing costs. These upfront fees due at closing can raise the cost of your home loan. Some lenders may charge a higher interest rate, but be careful of closing costs. Closing costs in Georgia are about 1.19% to 1.78% of the final purchase price. Weigh the closing costs against the interest rate to make sure you’re getting the best deal.
Historical mortgage interest rates in Georgia
Bottom line
Georgia mortgage rates usually closely resemble the national average. Since mortgage rates are expected to stay at current low levels, it might be a good time to consider a home loan. Compare mortgage programs and lenders to find the right loan for you.
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