Overview of Georgia Mortgages
With its college towns, iconic coastlines and historic streets beneath Spanish moss, Georgia is a wonderfully diverse southern state. For homebuyers here, mortgage rates are relatively stable and often right in line with the national average. Georgia’s conforming loan limits are uniform at the average national number, but FHA loan limits reflect the minor real estate price diversity of some of the state’s counties.
| Product | Today | Last Week | Change |
|---|---|---|---|
| 30 year fixed | 6.88% | 6.75% | +0.13 |
| 15 year fixed | 6.38% | 6.88% | -0.50 |
| 5/1 ARM | 7.38% | 5.13% | +2.25 |
| 30 yr fixed mtg refi | 6.99% | 6.75% | +0.24 |
| 15 yr fixed mtg refi | 6.38% | 6.38% | 0.00 |
| 7/1 ARM refi | 7.50% | 5.50% | +2.00 |
| 15 yr jumbo fixed mtg refi | 3.02% | 3.05% | -0.03 |
National Mortgage Rates
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Historical Mortgage Rates in Georgia
Georgia Mortgage Rates Quick Facts
- Median Home Value: $249,700 (U.S. Census Bureau)
- Loan Funding Rate: 53.79% (CFPB)
- Homeownership Rate: 64% (St. Louis Fed)
- Median Monthly Homeownership Costs: $1,514 (U.S. Census Bureau)
Georgia rates have historically followed closely to national averages. Homeownership costs are also fairly low on a national scale, as Georgia's median is almost $200 below the U.S. mark.
A financial advisor in Georgia can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.
*The FHFA stopped reporting new data in 2018.
Georgia Mortgages Overview
Compared to the rest of the nation, the typical Georgia home is relatively inexpensive. The state's median home value is $249,700, while the national median is considerably higher at $281,400.
The conforming loan limits across Georgia hold steady at $726,200. The FHA loan limits have a much wider variety throughout the state, and range from the baseline of $472,030 and top out at $592,250.
Georgia is a deed of trust state which means when you take out a mortgage in the Peach State you’ll most likely get a deed of trust loan document in lieu of an actual mortgage loan document. Lenders who issue deeds of trust usually do not have to go to court to foreclose on the home that the loan applies to. The lender can initiate a “power of sale” foreclosure by hiring a third party to auction the home it wants to foreclose.
Georgia sellers are not required to fill out disclosure forms about their property, but many do anyway. Under Georgia law, a seller is required to fill the buyer in on any important facts or problems having to do with the physical condition of the home. Because of that, most sellers find it easier to complete a written disclosure statement. While that law protects buyers, it’s still important to invest in a thorough home inspection to avoid any surprises before closing day.
30-Year Fixed Mortgage Rates in Georgia
A 30-year fixed-rate mortgage is the most popular type of home mortgage. The mortgage term lasts for 30 years and your interest rate stays the same unless you refinance in the future. Fixed-rate mortgages give you the benefit of a set principal and interest payment each month for the entirety of the loan term. That can help you with planning your budget. Most buyers who plan to stay in their home long term will choose this type of mortgage. You can also consider a fixed-rate mortgage with a 15-year term and pay a lower interest rate, but your monthly payments will be higher.
Georgia’s average 30-year fixed mortgage rate is 5.84% (Zillow, Jan. 2023).
Georgia Jumbo Loan Rates
A jumbo loan exceeds the conforming loan limit, which in the vast majority of Georgia’s counties is $726,200. That number also happens to be the most common in the United States. But if you're considering a jumbo loan for your mortgage, be aware that they come with higher interest rates.
The average 30-year fixed jumbo loan rate in Georgia is 6.36% (Zillow, Jan. 2023).
Georgia ARM Loan Rates
An adjustable-rate mortgage (ARM) typically offers a lower initial interest rate than a fixed-rate mortgage. The lower rate is available for an introductory period, generally one, three, five, seven or 10 years. When that period ends, the mortgage interest rate can rise.
On the plus side, an adjustable-rate mortgage’s interest can’t suddenly rise to a frighteningly high level. The interest rate is capped at a specific level in the loan’s terms, which means you will know upfront what the highest possible rate could be. That said, the loan rate may still adjust to a level that’s more than you can comfortably afford. It’s important to check that the maximum interest rate is one you can actually pay before choosing an ARM.
The average rate for a 5/1 ARM in Georgia is 5.64% (Zillow, Jan. 2023).
Georgia Mortgage Resources
Georgia first-time homebuyers and repeat homebuyers have the option to apply for home buying programs.
HomeSafe Georgia is a state-operated, federally funded mortgage assistance program that works to help homeowners avoid foreclosure. For qualifying homeowners, there is mortgage payment assistance, mortgage reinstatement assistance and mortgage payment reduction.
The Georgia Dream Homeownership Program also helps first-time homebuyers secure a mortgage. For eligible home buyers, they can provide homebuyer education, first mortgage loans and down payment assistance.
Eligible buyers in Atlanta can receive a $20,000 grant from the Atlanta Affordable Homeownership Program toward a down payment or closing costs. That money is forgiven (you don’t have to pay it back) after five years of living in the house.
Georgians who meet certain requirements can also apply for the United States Department of Agriculture Rural Development loan and grant programs. The USDA created these programs to help grow rural communities while offering safe, affordable housing for residents. Loans and grants are available for people looking to purchase a new home or repair their current home, who also meet the requirements set up by the program.
Georgia Mortgage Taxes
Georgia homeowners are allowed to deduct the mortgage interest they pay when they file their federal income taxes. Homeowners may be able double their deductions by including mortgage interest on state income taxes as well. That is the case in Georgia, where the rules follow the federal guides for itemized deductions closely.
Be aware that Georgia also charges taxes on real estate title transfers. The state real estate transfer tax for Georgia is $0.10 per $100, or 0.1%. In Georgia, the seller typically pays this fee.
Georgia Mortgage Refinance
Refinancing in Georgia? While the Home Affordable Refinance Program (HARP) doesn't exist anymore, there's an alternative: the High Loan-to-Value Refinance Option from Fannie Mae.
If neither of these options fit your situation, try working with the lender who issued you your original mortgage and also compare those rates with other lenders to find the solution that works best for you.
