Interest Rate
Average home price

Buying a home in Georgia should include getting the best mortgage rate that you can. Your lender will assign your final mortgage rate only after a complete evaluation of factors that will include your credit score, your down payment, your income, and your debt-to-income ratio.

If you’re serious about getting the best mortgage rate in Georgia, you should do some prep work. Get all of your documentation together before you apply, do a credit check on yourself to see where you stand, and then get preapproved by a respectable lender to ensure your loan is ready to go when you find your dream home.

Here’s a quick look at current Georgia mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.555% 6.621% +0.18%
Conventional 20 year fixed 6.216% 6.288% +0.01%
Conventional 15 year fixed 5.721% 5.81% -0.03%
Conventional 10 year fixed 6.043% 6.19% Unchanged
Conventional 5 year ARM 6.587% 7.634% +0.08%
FHA 30 year fixed 5.95% 6.696% Unchanged
VA 30 year fixed 5.883% 6.189% -0.08%
VA 15 year fixed 5.225% 5.799% -0.08%
VA 5 year ARM 6.031% 6.943% -0.06%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Georgia

Do your future dreams hinge on buying a beautiful home in Georgia? This might be the year you get to move to the Peach State. Here’s what you need to know:

Georgia has everything, from virtually unspoiled islands along the state’s snippet of coastline to the stunning views from Blue Ridge on the fringe of Appalachia. Almost 10 million people live in georgia, with more than one in ten dwelling in the state’s five biggest cities:

  • Atlanta (state capital)
  • Columbus
  • Augusta
  • Macon
  • Savannah

The cost of a Georgia home can range widely. Georgia ranks 26th in US homes for sale at average price, and 8th for homes over $1,000,000. Always plan on getting preapproved so you have a solid budget before venture into the market.

First-time Homebuyers

Are you a first-time home buyer? You might be able to qualify for assistance through a program administered by the Georgia Department of Community Affairs (GDCA.)

Georgia Dream includes down payment assistance up to $5,000 for most buyers and up to $7,500 in certain cases, which is supplied in the form of a no-payments, zero-interest, second loan to be paid off when you refinance your mortgage or sell your home.

Qualifications for Georgia Dream include:

  • A minimum credit score of 640
  • Maximum DTI scores tied to credit scores
  • Maximum income limits based on area
  • A $1,000 contribution requirement
  • The greater of less than $20,000 in liquid assets or less than 20% of the home price
  • Completion of an individual housing counseling session or homebuyer education workshop

Refinancing in Georgia

Consider your options when refinancing a home in Georgia, and make a move to secure lower Georgia mortgage rates. You can do any of the following:

  • Refinance simply to drop your interest rate (if the savings pay for the refinance)
  • Lower your monthly payment by extending your loan term
  • Cash-out equity by refinancing with a bigger loan
  • Refinance and ditch your private mortgage insurance (PMI) payments

You could have the right kind of loan to get help with a streamlined refinance. Ask your lender for more information.


Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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