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McDonough

Current Mortgage Rates in McDonough, Georgia

Compare mortgage rates and fees for leading lenders in McDonough, GA. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in McDonough.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in McDonough. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in McDonough, GA as of January 17, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's McDonough, GA Mortgage Rates Compare?

January 17, 2020

The current average rate for a 30 year fixed rate mortgage in McDonough is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
McDonough, GA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in McDonough, Georgia?

Below we provide helpful information on the real estate market, home prices and housing affordability in McDonough. Understand how much you need to earn to afford a home in McDonough, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in McDonough fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in McDonough is right for you.

The median home value for McDonough, GA (Henry County) is $195,627

Based on current mortgage rates and a 10% down payment, you need to make $35,208 per year to buy the median priced home in McDonough

With this income, you could qualify for a $176,064 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in McDonough is $815

The median household income for McDonough, GA (Henry County) is $68,290

Based on this income, you can afford a home valued at approximately $379,444

The home price you can afford to buy based on household income in McDonough is 194% of the median home value which means housing prices are average. McDonough (Henry County) ranks 85 out of 159 counties in Georgia and 1,701 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in McDonough, GA is average

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Loan Limits for McDonough, Georgia

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for McDonough (Henry County) below.

Conforming loan limits for McDonough, GA

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for McDonough, GA

1 unit: $401,350
2 units: $513,800
3 units: $621,050
4 units: $771,850

VA loan limits for McDonough, GA

1 unit: $510,400

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