Georgia Mortgage Rates for July 2019

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In Georgia, the current average rate on a 30-year fixed-rate mortgage is 4.17%. Meanwhile, 15-year fixed-rate mortgages have an average rate of 3.67%, and 5/1 adjustable-rate mortgages (ARM) average at 3.78%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.17%+0.00%–0.24%
15-year fixed3.67%–0.01%–0.26%
5/1 ARM3.78%+0.02%–0.21%
Rates for a $200,000 loan with 20% down payment

Buying a house requires more money than most people will ever spend on any other purchase, so it makes sense to pay attention to the interest rate you pay when borrowing that money. We analyze and keep track of home loan rates in Georgia to give you an idea of what to expect in your search for a good mortgage.

Best Mortgage Rates in Georgia

In Georgia, the lowest rate on a 30-year mortgage rate is currently 3.50%. 15-year mortgages come with lower rates that go down to 2.88%, while the lowest available 5/1 ARM rate is 2.67%.

Because so many factors can change the mortgage rate quotes you see, it's important to gather multiple lender quotes that you can choose from. For a typical 30-year mortgage in Georgia, possible rates cover a range of 200 basis points. Depending on the value of your home, that can mean a difference of thousands spent on home loan interest.

Current Mortgage Rate Forecast for Georgia

For 2019, mortgage rates across Georgia and the rest of the country may not rise as much as previously anticipated. The Federal Reserve's Open Market Committee (FOMC) recently announced that it would adopt a data-dependent "wait-and-see" approach when it came to future rate hikes, which may indicate a reduction in the pace of rate hikes we saw in 2018.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

Currently set at a range of 2.25%-2.50%, the target federal funds rate represents the overnight rate that banks pay to borrow money to fund their operations. Due to the correlation of the federal funds rate to the interest rates offered on both consumer loans and deposits, the FOMC's periodic announcements are viewed as indicators of future rate trends. Partially tied to this trend are long-term mortgage rates, although slight deviations exist between fed funds and mortgage rates due to changes in consumer demand, credit considerations and costs incurred during the loan origination process.

For homebuyers in Georgia, the news of a possible stabilization in rates creates some breathing room in the borrowing process. In times of rising rates, homebuyers often rush to secure financing before interest rates rise too high, which can result in borrowers buying something other than their dream home, or paying too much in the process. With the FOMC announcing its intent to closely monitor market conditions prior to implementing more rate hikes, buyers can take comfort in the knowledge that their borrowing costs are less likely to spike while they're looking for the right home.

Rates at Georgia's Most Popular Mortgage Lenders

Banks are the first place most borrowers think to check for a mortgage, but these days online lenders like Quicken are picking up a greater share of the market. We conducted a quick survey of rates from some of the biggest banks in Georgia to see how they measure up.

Column graph comparing 30-year mortgage rates at major Georgia banks

Based on this one-time sample of rates, we found that Georgians have a good chance of finding better mortgage rates by looking at multiple banks. The difference between the lowest and highest rates in the state was about 37 basis points, a significant margin compared to what we've reported on in other parts of the country. This is one more reason to be proactive about researching a variety of lenders when you look for a home loan.

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Comparing Home Loan Rates by City

While your choice of lender may have some impact on your mortgage rate, our data show that rates aren't nearly as affected by the location of your home. This was true not only for cities in Georgia but also Georgia's mortgage rates compared to other states.

MSAAverage mortgage rateMedian home value
Atlanta-Sandy Springs-Roswell4.51%$204,908
Augusta-Richmond4.52%$143,890
Savannah4.49%$167,487
Columbus4.52%$146,608
Average rate is for a 30-year mortgage with a 20% down payment.

Among the four major metro areas we looked at in Georgia, all of them reported an average rate fairly similar to the others. The real difference appeared in property values, with the Atlanta area proving to be more expensive than each of the other three cities. So while mortgage rates may be consistent from place to place, the cost of your loan may still vary according to the price tag on your property.

Evaluating Your Mortgage Options: An Example in Georgia

While most people think of mortgages as a 30-year agreement, there are many other loan types you can choose from when purchasing or refinancing. These options can help you adjust your costs in a way that best fits your situation. To illustrate how this happens, we can use the example of a $200,000 home purchase in Atlanta.

In the usual 30-year scenario, a homebuyer might bring a 20% down payment to buy a $200,000 home, starting the loan term with a balance of $160,000. At Georgia's current average rate, a 30-year mortgage will cost at least $780 per month. In the end, the interest spent on the loan would come out to $120,667.

From here, your choice of loan comes into play. If you know you'll be selling the home long before 30 years are up, it would make sense to get a lower rate through an adjustable rate mortgage like the 5/1 ARM. These mortgages offer a low fixed rate for five years and then begin using a variable rate that can inflate your payments—which doesn't matter if you're definitely selling before the fixed-rate period ends.

ARMs aren't completely without risk, especially if you find it difficult to find a buyer in time to leave the mortgage. But the savings can be substantial. In Georgia, the average rate for a 5/1 ARM is 3.78%. That's a minimum cost of $744 per month during the five year fixed-rate period.

If you're thinking of staying for the long haul, a 15-year mortgage can be a great way to reduce your overall spending on mortgage debt. The lower rates and faster repayment schedule lead to obvious savings, but the chief drawback is a much higher monthly payment during the loan term. A typical 15-year fixed rate in Georgia currently costs at least $744 every month, but the final bill for interest is just $107,737.

In Georgia, the current average rate on a 30-year fixed-rate mortgage is 4.17%. Meanwhile, 15-year fixed-rate mortgages have an average rate of 3.67%, and 5/1 adjustable-rate mortgages (ARM) average at 3.78%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.17%+0.00%–0.24%
15-year fixed3.67%–0.01%–0.26%
5/1 ARM3.78%+0.02%–0.21%
Rates for a $200,000 loan with 20% down payment

Buying a house requires more money than most people will ever spend on any other purchase, so it makes sense to pay attention to the interest rate you pay when borrowing that money. We analyze and keep track of home loan rates in Georgia to give you an idea of what to expect in your search for a good mortgage.

In Georgia, the lowest rate on a 30-year mortgage rate is currently 3.50%. 15-year mortgages come with lower rates that go down to 2.88%, while the lowest available 5/1 ARM rate is 2.67%.

Because so many factors can change the mortgage rate quotes you see, it's important to gather multiple lender quotes that you can choose from. For a typical 30-year mortgage in Georgia, possible rates cover a range of 200 basis points. Depending on the value of your home, that can mean a difference of thousands spent on home loan interest.

For 2019, mortgage rates across Georgia and the rest of the country may not rise as much as previously anticipated. The Federal Reserve's Open Market Committee (FOMC) recently announced that it would adopt a data-dependent "wait-and-see" approach when it came to future rate hikes, which may indicate a reduction in the pace of rate hikes we saw in 2018.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

Currently set at a range of 2.25%-2.50%, the target federal funds rate represents the overnight rate that banks pay to borrow money to fund their operations. Due to the correlation of the federal funds rate to the interest rates offered on both consumer loans and deposits, the FOMC's periodic announcements are viewed as indicators of future rate trends. Partially tied to this trend are long-term mortgage rates, although slight deviations exist between fed funds and mortgage rates due to changes in consumer demand, credit considerations and costs incurred during the loan origination process.

For homebuyers in Georgia, the news of a possible stabilization in rates creates some breathing room in the borrowing process. In times of rising rates, homebuyers often rush to secure financing before interest rates rise too high, which can result in borrowers buying something other than their dream home, or paying too much in the process. With the FOMC announcing its intent to closely monitor market conditions prior to implementing more rate hikes, buyers can take comfort in the knowledge that their borrowing costs are less likely to spike while they're looking for the right home.

Banks are the first place most borrowers think to check for a mortgage, but these days online lenders like Quicken are picking up a greater share of the market. We conducted a quick survey of rates from some of the biggest banks in Georgia to see how they measure up.

Column graph comparing 30-year mortgage rates at major Georgia banks

Based on this one-time sample of rates, we found that Georgians have a good chance of finding better mortgage rates by looking at multiple banks. The difference between the lowest and highest rates in the state was about 37 basis points, a significant margin compared to what we've reported on in other parts of the country. This is one more reason to be proactive about researching a variety of lenders when you look for a home loan.

Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

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LendingTree is our ultimate parent company

While your choice of lender may have some impact on your mortgage rate, our data show that rates aren't nearly as affected by the location of your home. This was true not only for cities in Georgia but also Georgia's mortgage rates compared to other states.

MSAAverage mortgage rateMedian home value
Atlanta-Sandy Springs-Roswell4.51%$204,908
Augusta-Richmond4.52%$143,890
Savannah4.49%$167,487
Columbus4.52%$146,608
Average rate is for a 30-year mortgage with a 20% down payment.

Among the four major metro areas we looked at in Georgia, all of them reported an average rate fairly similar to the others. The real difference appeared in property values, with the Atlanta area proving to be more expensive than each of the other three cities. So while mortgage rates may be consistent from place to place, the cost of your loan may still vary according to the price tag on your property.

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Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company
Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company