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Compare Current Mortgage Rates in Georgia

Here’s everything Georgia homebuyers need to know, from how to get the best rates to all the loan options.

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    WEEKLY TRENDS AND INSIGHTS

    How are mortgage rates determined in Georgia?

    Mortgage rates in Georgia are set by lenders and can vary based on your borrower profile, economic conditions, and each lender’s risk tolerance. This means that you’ll find different rates from each lender, which is a great reason to compare several offers before choosing how to finance your home purchase. 

    To determine its rates, Georgia mortgage lenders turn to economic factors and market activity, such as:

    • The prime rate: The prime rate is referenced by your lender when determining the interest rate for your loan. It’s an average of the interest rates set by banks, and it’s often used as a reference point when lenders set their rates for mortgages, credit cards, or other loan types. 
    • The bond market: The demand for mortgage-backed bonds can impact mortgage rates. Typically, rates increase when these bonds are low and decrease when the cost is high.
    • The state of the economy: Current economic conditions impact mortgage rates. Rates tend to rise during times of economic difficulty and decrease when the economy is thriving. 
    • Inflation: The Federal Reserve controls the federal funds rate, which is the rate banks charge each other for overnight loans. The Federal Reserve uses this interest rate to manage inflation and keep the economy growing — it lowers the rate to encourage growth and raises the rate to prevent runaway inflation. Banks and financial institutions often reference the federal funds rate when they set interest rates. 

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    Does Georgia have a first-time homebuyer program?

    Georgia offers a first-time homebuyer program for eligible residents called the Georgia Dream Homeownership Program. This program helps first-time homebuyers with low to moderate income realize their dream of homeownership by offering affordable financing, down payment assistance, and homebuyer education. 

    To qualify for the Georgia Dream Homeownership Program, you must meet the following criteria: 

    • Homebuyer status: You must be a first-time homebuyer, a homebuyer who hasn’t owned a home in at least three years, or a buyer purchasing in a predetermined targeted area to qualify. 
    • Credit score: You must have a credit score of at least 640. 
    • Income limits: Georgia sets income limits for qualifying borrowers that are different depending on the price of the home and where it is. For instance, to be eligible for a $325,000 home loan in Jackson County, a two-person household can’t make over $76,000. You can find out what income limits apply to you by visiting the Georgia Department of Community Affairs website
    • Assets: You must not have more than 20% of the home’s purchase price in liquid assets or $20,000 in liquid assets, whichever is greater. 

    First-time homebuyers can also qualify for down payment assistance through the Georgia Dream Standard Down Payment Loan. The assistance is offered as a second mortgage worth 5% of the home’s price or up to $10,000. You’ll need to contribute at least $1,000 of your own money to be eligible for the assistance.

    COMPARE

    National mortgage rates by loan term

    Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.

    ProductInterest rateAPR

    Last updated on Jun 17, 2024. These rates are based on the assumptions shown here. Actual rates may vary.

    How do I get the best mortgage rate in Georgia?

    To get the best mortgage rate in Georgia, you’ll want to show borrowers that you are financially reliable. To do so, consider the following tips:

    • Improve your credit score: Your credit score gives lenders insight into your borrowing history and habits. If your credit score is low, you risk not being approved for a mortgage loan or not getting the most competitive rate. Try to improve your score by paying off accounts in collections, lowering your credit utilization, and disputing any errors that may show up on your credit report. 
    • Lower your debt-to-income ratio (DTI): Your DTI measures your debt against your income. Lenders review your DTI to better understand how you manage your debt and whether you can repay a mortgage loan. To lower your DTI, consider making large payments toward your debt and, if possible, increase your income.
    • Compare lenders: By comparing different lenders, you can ensure that you’re getting the best rate and not missing out on a better offer from another lender. To get started, consider using online comparison tools
    • Take advantage of rate locks: Rate locks are commonly offered at the time of prequalification or pre-approval. These work by locking in the current rate so you can ensure that you don’t pay more should the rate go up before you close on your loan.
    • Increase your down payment: When buying a home, you can often lower your interest rate by increasing your down payment, which improves your loan-to-value ratio. 

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    What type of mortgage can I get in Georgia?

    Georgia residents are eligible for a variety of mortgage loans, each with different borrower requirements and limitations. Some of the most popular mortgages in Georgia include:

    Georgia Dream Homeownership Program

    • Best for first-time buyers
    • 640 Min. credit requirement
    • Up to $350,000 loan limit, varies by county
    • If you use the program’s down payment assistance, you must contribute at least $1,000 to a down payment; lenders may have their own down payment minimum

    FHA loan

    • Best for first-time buyers
    • 500 Min. credit requirement with a 10% down payment or 580 with a 3.5% down payment
    • Loan limits vary, county-specific limits
    • 3.5% min. down payment requirement

    Conventional loan

    • Best for homebuyers with good to excellent credit
    • Min. credit requirement varies by lender
    • $766,550 loan limit in most counties
    • 3% min. down payment requirement

    VA loan

    • Best for Military service members and veterans
    • Min. credit requirement varies by lender
    • No loan limit set by the Department of Veterans Affairs
    • No min. down payment requirement

    USDA loan

    • Best for buying a home in a rural area
    • No minimum score, but you must demonstrate that you’re able to repay the debt
    • Loan limits based on property location and area limits
    • No min. down payment requirement

    Jumbo loan

    • Best for buyers purchasing homes above the Federal Housing Finance Agency (FHFA) limit
    • Min. credit requirement varies by lender
    • Loan limits vary by location, but generally more than $766,550
    • 10% min. down payment requirement

    FINANCIAL EDUCATION

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