Georgia Mortgage and Refinance Rates

Current mortgage rates in Georgia

As of Sunday, August 25, 2024, current mortgage interest rates in Georgia are 6.52% for a 30-year fixed mortgage and 5.85% for a 15-year fixed mortgage. 

The median home sales price in the state increased 1.4 percent year-over-year (YOY) to $365,000 in July 2024, according to Georgia Realtors, the state’s Realtor group. Those gains, plus today’s mortgage rate environment, continue to make housing affordability a challenge.

Refinance rates in Georgia

Refinance rates have seen a sharp increase in the past two years, making deciding when to refinance hard for many Georgia homeowners. While mortgage refinance rates are starting to come down, they're still higher than they were at the start of 2022. But many Georgia homeowners have a lot more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Georgia mortgage rate trends

While mortgage rates are difficult to predict, the current consensus is that rates might decrease further, including in Georgia. The number of new listings in Georgia is up over 15 percent year-over-year as of July 2024, according to Georgia Realtors. Lower mortgage rates and more available homes for sale could see sidelined Georgia buyers and sellers back on the market. 

National mortgage rates by loan type

Mortgage statistics for Georgia

Georgia’s housing market has experienced appreciation, in part thanks to strong population growth. Here are some statistics about mortgages and the housing market in The Peach State:

• Most affordable counties, June 2024: Appling, Atkinson, Baker, Ben Hill, Calhoun, Clinch, Emanuel, Irwin, Johnson, Macon, Quitman, Randolph, Stewart, Taliaferro, Telfair, Terrell
• Median home sales price, July 2024: $365,000
• Housing inventory levels, July 2024: 48.5% increase YoY
• Days on market, July 2024: 39 days
• Homeownership rate, 2023: 65.5% 

Sources: ATTOM, Georgia Realtors, U.S. Census Bureau

Mortgage options in Georgia

Many buyers in the Peach State take out a mortgage — rather than paying cash — to finance their home purchase. In June 2024, borrowers took out over 8,000 purchase loans in Georgia — an increase of 7.5 percent from the year before, according to ATTOM Data. The number of refinance loans, however, decreased nearly 7 percent year-over-year, to 7,752.

If you’re looking to get a mortgage in Georgia, there are several options:

• Georgia conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment below 20 percent, you’ll need to pay private mortgage insurance (PMI), as well. This is the most popular mortgage option in the country. In 2023, 73 percent of single-family home buyers chose a conventional mortgage, according to the U.S. Census Bureau.
• Georgia FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
• Georgia VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent for the first use.
• Georgia USDA loans: If you’re buying a rural property in Georgia, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). These loans don’t require a down payment, but you’ll need to purchase in a designated rural area and meet the area’s income limits.

How to find the best mortgage rate in Georgia for you

• Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
• Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
• Step 3: Know your mortgage options - There are a few different types of mortgages.
• Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks, credit unions or mortgage companies or all three to get the best deal.
• Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Additional Georgia mortgage resources

• Georgia first-time homebuyer resources: Get more help becoming a homeowner.
• Georgia loan limits by county: Learn the conforming loan limit for your city or town in Georgia.
• Georgia mortgage lenders: Explore mortgage lenders in the state.
• How to buy a house in Georgia: Understand the process of buying a home in Georgia.
• Homeowners insurance in Georgia: Compare policies from a variety of providers.
• Mortgage calculator: Calculate possible mortgage payments to estimate what to expect.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Laurie Richards, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Richards