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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 December 11, 2019
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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.

How Do Today's McDonough, GA Mortgage Rates Compare?

December 11, 2019

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?

The median home value for McDonough, GA (Henry County) is $182,829

The median household income for McDonough, GA (Henry County) is $66,732

Based on current mortgage rates and a 10% down payment, you need to make $33,920 per year to buy the median priced home in McDonough

The home price you can afford to buy based on household income in McDonough is 197% of the median home value which means housing prices are average

McDonough (Henry County) ranks 85 out of 159 counties in Georgia and 1,658 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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for McDonough, GA

1 unit: $379,500
2 units: $485,800
3 units: $587,250
4 units: $729,800

VA loan limits for McDonough, GA

1 unit: $484,350

Additional Mortgage Resources for McDonough, GA Residents

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Sources

US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs

FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat

Income Growth: https://www.bls.gov

National Average Rates: http://www.freddiemac.com/pmms/

Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

FREEandCLEAR Housing Affordability Index