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Compare mortgage refinance rates in Georgia.
Key Points
• Mortgage refinance rates in Georgia are influenced by the 10-year U.S. Treasury Note and housing inventory levels, among other factors.
• Mortgage refinancing can help you lower your monthly payments, pay off your loan faster, or get some cash out.
• A 1% drop in your mortgage interest rate could put $175 back in your pocket every month on a $300,000 loan.
• The shorter your loan term, the higher your monthly payments will be, but the less total interest you’ll pay over the life of the loan.
• Keep in mind that closing costs for refinancing generally fall between 2% and 5% of the loan amount.
Introduction to Mortgage Refinance Rates
Mortgage refinancing is the process of replacing your existing mortgage with a new one, often with more favorable terms and a lower interest rate. Whether your goal is to lower your monthly payment, pay off your loan faster, or get some cash out, the type of mortgage refinance you choose will play a big role in the interest rate you get. In this guide, we’ll explain how mortgage refinance rates work and give you the knowledge you need to get the best rate in Georgia. By staying up to date on mortgage refinance rates in Georgia, you can make the best decision for your financial future.
💡 Quick Tip: HOw soon can you refinance your mortgage? It varies by loan type, but typical waiting periods are 6 to 12 months.
Where Do Mortgage Refi Interest Rates Come From?
Mortgage refinance interest rates are a product of economic influences and your unique financial standing. For the strongest indicator of where current mortgage rates are headed, look to the 10-year U.S. Treasury Note. When rates on the note rise, mortgage interest rates tend to rise too. Then there’s the Georgia housing market. When inventory is high in your region of the state, lenders may lower rates to draw in homebuyers.
The overall economy also exerts an influence. A strong jobs market and economic growth can nudge interest rates higher, while a recession typically leads to lower interest rates. And let’s not forget your personal financial metrics: A high credit score and low debt-to-income ratio will position you to secure the best possible rate.
How Interest Rates Affect Home Affordability
Interest rates play a crucial role in the affordability of your refinance. Your monthly payment hinges on your home loan amount, repayment term, and the interest rate you secure. For instance, a $200,000 loan with a 6.00% interest rate and a 30-year term translates to a monthly payment of $1,199. Should the interest rate climb to 8.00%, the monthly payment would bump up to $1,467. The difference? Nearly $100,000 over the loan’s lifetime. Even a small shift in the current mortgage refinance rates in Georgia can lead to substantial savings.
Why Refi in Georgia?
Refinancing your mortgage can be a game-changer. If the current interest rates are in your favor, it’s a golden opportunity to lower those monthly payments and save a bundle in the long run. Before you take the leap, make sure you’ve got at least 20% equity in your home, especially if you’re eyeing a cash-out.
Common Reasons to Refinance a Mortgage
Homeowners refinance for a variety of reasons
• To secure a lower interest rate due to improved credit or market conditions
• To change repayment terms for lower monthly payments or faster payoff
• To cash out home equity to cover major expenses like tuition
• To change from an adjustable-rate to a fixed-rate mortgage
• For FHA loans, to ditch mortgage insurance once you reach 20% equity
• To remove a cosigner from the mortgage
How to Get the Best Available Mortgage Refi Interest Rate
Interest rates are partly determined by the homeowner’s financial situation, so here are some things you can do to prepare and hopefully boost your chances of getting a competitive interest rate:
• Boost your credit score, by always paying bills on time.
• Lower your debt-to-income (DTI) ratio, by paying down credit card debt as much as possible
• Compare rates and fees, by prequalifying online with multiple lenders
• Consider purchasing discount points.
• Choose the shortest loan term you can afford
Understand Trends in Georgia Mortgage Interest Rates
The financial world is always changing, and mortgage interest rates fluctuate as a result. In 2025, interest rates are expected to hold steady for an extended period. But remember that the rates you see advertised are just averages. You could earn a higher or lower rate, depending on your credit score, DTI ratio, and other metrics.
Historical U.S. Mortgage Interest Rates
Here’s an even broader view of historical interest rates. It’s unusual for rates to go below 5.00%, as they did during the height of the pandemic, or rise above 10.00%, as in the 1980s.
Historical Interest Rates in Georgia
This chart shows how Georgia mortgage refi interest rates have stuck pretty close to the national rates from 2000 to 2018.
| Year | Georgia Rate | National Rate |
|---|---|---|
| 2000 | 7.96 | 8.14 |
| 2001 | 6.90 | 7.03 |
| 2002 | 6.45 | 6.62 |
| 2003 | 5.72 | 5.83 |
| 2004 | 5.69 | 5.95 |
| 2005 | 5.87 | 6.00 |
| 2006 | 6.56 | 6.60 |
| 2007 | 6.37 | 6.44 |
| 2008 | 6.05 | 6.09 |
| 2009 | 4.95 | 5.06 |
| 2010 | 4.75 | 4.84 |
| 2011 | 4.52 | 4.66 |
| 2012 | 3.64 | 3.74 |
| 2013 | 3.80 | 3.92 |
| 2014 | 4.12 | 4.24 |
| 2015 | 3.85 | 3.91 |
| 2016 | 3.72 | 3.72 |
| 2017 | 4.07 | 4.03 |
| 2018 | 4.58 | 4.57 |
Choose the Right Mortgage Refi Type
Mortgage refinance rates can also vary based on the type of refi you select. Here are some popular options:
Conventional Refi
A conventional refinance, also known as a rate-and-term refinance, gives you the ability to adjust your interest rate or repayment length. These loans typically offer higher interest rates compared to government-backed options. Some lenders offer a no-closing-cost refinance, in which the fees associated with the refi are rolled into the mortgage balance. Two examples of conventional refis are a 15-year mortgage refi and an adjustable-rate mortgage refi.
15-Year Mortgage Refi
Opting for a 15-year mortgage refinance can be a game-changer, slashing your total interest payments over the loan’s lifetime, despite the higher monthly costs. Here’s an example: If you borrow $300,000 at 6.00% interest and a 30-year term, you’ll pay $1,799 per month. Borrow the same amount at the same interest rate but choose a 15-year term and you’ll pay $2,532 per month. Over the life of the loan, choosing the shorter term will save you more than $100,000.
Adjustable-Rate Mortgage Refi
Adjustable-rate mortgages (ARMs) are initially offered with lower interest rates compared to fixed-rate loans. They can be a savvy choice for those who foresee a move before the rate adjusts. If you’re in a 30-year fixed-rate mortgage but have your sights set on a new home in a few years, an ARM could be your ticket to lower monthly payments. However, be sure to keep an eye on the potential for rate increases and how they might impact your budget.
Cash-Out Refi
Homeowners often look to their home equity to finance a variety of projects, such as home improvements or debt consolidation. Here’s how a cash-out refinance works: If you have a home valued at $500,000 and a mortgage balance of $300,000, you have $200,000 in equity. With some lenders allowing you to borrow up to 80% of that equity, you could potentially refinance and take out a new loan for up to $400,000 — enough to pay off your original mortgage and still have $100,000 left over.
FHA Refi
FHA refinances, insured by the Federal Housing Administration, often come with lower interest rates, making them an attractive option for homeowners. If you already have an FHA loan, you can opt for an FHA Simple Refinance or an FHA Streamline Refinance, which simplifies the process. For those without an FHA loan, options include an FHA cash-out refinance or an FHA 203(k) refinance, which is designed for home renovations.
VA Refi
VA refinances, backed by the Department of Veterans Affairs, offer some of the lowest interest rates available. To qualify for a VA refi, known as an Interest Rate Reduction Refinance Loan (IRRRL), you must have an existing VA loan. This type of refinance can help you secure a lower interest rate and reduce your monthly payments, making it a valuable option for veterans.
Recommended: How to Refinance a Mortgage
Compare Mortgage Refi Interest Rates
Securing a competitive mortgage rate can save you thousands of dollars over the life of your loan. You’ll want to shop around and get prequalified with multiple lenders to compare rates and fees. When you’ve got those offers in hand, compare each loan’s annual percentage rate (APR), which includes the interest rate, fees, and any discount points.
Look closely at how lenders’ fees contribute to mortgage refinancing costs as well. And make sure you know how long it will take you to recoup your costs before seeing real savings.
Online Refinance Calculators
Online refinance calculators are your best friends when it comes to getting an idea of what your new monthly payments might look like and comparing different refinance options. They can show you the potential impact of different interest rates, loan terms, and closing costs on your overall savings. By plugging in your current mortgage details and playing with different scenarios, you’ll be better equipped to decide if refinancing is the right move for you in Georgia.
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
The Takeaway
Refinancing your mortgage can be a smart financial move, offering benefits like lower interest rates, reduced monthly payments, and the potential to tap into your home’s equity. Whether you’re considering a cash-out refi, an FHA refi, a VA refi, or a 15-year mortgage refi, it’s important to weigh your financial goals and the current market conditions. By boosting your credit score, lowering your debt-to-income ratio, and shopping around for the best offers, you can land a great rate. Stay informed about Georgia refinance rates to ensure you’re capitalizing on the best refinance opportunity for you.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
Can I get a lower interest rate without refinancing?
If you have the cash available, a mortgage recast might be a good option. A mortgage recast is when you make a large payment toward your loan principal and your lender reamortizes the loan. This will lower your monthly payments and save you on interest. If you’re experiencing financial hardship, you can also request a loan modification from your lender.
Can I ask my lender to lower my rate?
It’s possible to ask your lender for a lower interest rate, especially if you have a strong credit history and a history of on-time mortgage payments. But don’t be surprised if your lender declines your request.
Can I get equity out of my house without refinancing?
Yes, you can pull equity out of your property without refinancing. You can do this by getting a home equity line of credit (HELOC) or a home equity loan. These products allow you to tap into your home’s equity without having to refinance, which can save you money.
Is there a fee to recast your mortgage?
Yes, there is a fee to recast your mortgage. But it’s much less than a refinance. The fee to recast your mortgage is usually a few hundred dollars. This is much less than the thousands of dollars you would pay in closing costs for a refinance.
How much are closing costs on a refinance?
Closing costs usually run between 2% and 5% of your loan amount, depending on the current refinance rates and the lender fees. For example, if your new loan is $300,000, your closing costs could be anywhere from $6,000 to $15,000.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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More refinance resources.
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How Much Does It Cost to Refinance a Mortgage?
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How to Refinance a Home Mortgage Loan
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7 Signs It’s Time for a Mortgage Refinance