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Mortgage rates in Georgia
Interest rates on a 30-year $300,000 conventional mortgage start at around 3.125%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.250% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Georgia home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on October 6 and are from the Consumer Financial Protection Bureau (CFPB) website.
Your credit score affects the rate you’ll get
People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Georgia by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).
| Credit score | $200,000 mortgage | $300,000 mortgage | $400,000 mortgage | $500,000 mortgage |
|---|---|---|---|---|
| 620-639 | 3.875% | 3.875% | 3.750% | 3.750% |
| 640-659 | 3.750% | 3.750% | 3.625% | 3.625% |
| 660-679 | 3.563% | 3.563% | 3.500% | 3.500% |
| 680-699 | 3.313% | 3.250% | 3.250% | 3.250% |
| 700-719 | 3.250% | 3.250% | 3.250% | 3.250% |
| 720-739 | 3.125% | 3.125% | 3.125% | 3.125% |
| 740-759 | 3.125% | 3.125% | 3.063% | 3.063% |
| 760-779 | 3.125% | 3.125% | 3.063% | 3.063% |
| 780-799 | 3.125% | 3.125% | 3.063% | 3.063% |
| 800+ | 3.125% | 3.125% | 3.063% | 3.063% |
*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage
Interest rates vary by lender
Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.
Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.
Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your Georgia home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.
| Loan type | $200,000 mortgage | $300,000 mortgage | $400,000 mortgage | $500,000 mortgage |
|---|---|---|---|---|
| 15-year conventional | 2.500% | 2.438% | 2.375% | 2.375% |
| 30-year conventional | 3.250% | 3.250% | 3.250% | 3.250% |
| 15-year FHA | 2.625% | 2.375% | Not eligible | Not eligible |
| 30-year FHA | 3.125% | 3.125% | Not eligible | Not eligible |
| 15-year VA | 2.875% | 2.625% | 2.500% | 2.563% |
| 30-year VA | 3.125% | 3.125% | 3.125% | 3.125% |
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
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.
Home prices in Georgia are trending upward
2021 has seen home prices in Georgia going up. The price of a typical home in Georgia increased by 15.3% in the 12 months prior to June 2021, with an average home price of $245,778, according to Zillow.
In the state capital, Atlanta, prices have jumped even more, increasing 24.3% in the previous 12 months from June 2021. The average home price in Atlanta now stands at $406,400 and is predicted to increase another 15.4% by next June.
Historically low interest rates are driving greater home sales. But even as prices rise across Georgia and the nation, lower interest rates means greater buying power — enabling you to own a home with a potentially lower monthly payment than in years past.
5 fast facts about Georgia’s housing market
If you’re looking to buy a home in Georgia, there are five things to know:
- The three most popular cities with homebuyers are Alpharetta, Atlanta and Marietta.
- The number of homes sold in Atlanta increased 19.6% year-over-year in 2021, with a median 21 days on the market.
- The average monthly cost of owning a home in Georgia is $1,417 with a mortgage, which is 11.16% less than the US average of $1,595.
- The Georgia Dream Home program allows eligible first-time homebuyers to purchase a home with as little as $7,500 down.
- Buyers in Georgia pay an average of 1.41% in closing costs with taxes, ranking 29 out of all states in the US.
Bottom line
Mortgage rates in Georgia vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.
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