The average rate on a 30-year mortgage has decreased to 6.60%. In Georgia, the median home price is $389,900, requiring a 20% down payment of $77,980, resulting in monthly payments of $1,992. With a 10% down payment, the upfront cost is $38,990, leading to monthly payments of $2,241. These payments exclude taxes and insurance. Compared to the peak rate of 7.79% in October 2023, monthly payments are now $251 and $283 lower for 20% and 10% down payments, respectively. Pre-approval for a mortgage is recommended to understand affordability.
Continue to full article
