Mortgage Rates Savannah Georgia 2026: Compare Today's Best Offers
Last updated June 12, 2026
Reviewed by
Priya Shah
, Senior Mortgage Editor
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Colony Bank, Wells Fargo, and Chase lead Savannah origination volume. Colony Bank's posted rate vs. Wells Fargo's buydown option on the $214,000 median loan surfaces rate and fee differences — a 0.25% rate gap between Colony Bank and Wells Fargo saves $44/month at that loan size.
Savannah, Georgia: 2026 Market Data
📊 LOCAL MARKET DATA
Median home price: $278,000
Year-over-year price change: 4.8%
FHA loan share: 24.2%
Conventional loan share: 64.8%
Property tax rate (Chatham County): 0.86%
Top local lenders: Colony Bank, Wells Fargo, Chase
Data from U.S. Census Bureau, HMDA, county assessor
Mortgage Rate Trends in Savannah: 2026
If you're shopping for a home in Savannah this year, understanding the local market matters as much as watching national rate headlines. The median home price here sits at $278,000, reflecting a year-over-year increase of 4.8%. That steady climb means the rate you lock in can have a meaningful effect on what you pay over the life of your loan, so it pays to compare offers from several lenders before committing.
How buyers finance their purchases in Savannah tells its own story. Conventional loans dominate, making up 64.8% of the market, while FHA loans account for 24.2%. That mix suggests many local buyers qualify for conventional financing, though FHA remains a common path, particularly for those with smaller down payments or who are buying their first home.
Don't overlook carrying costs beyond the rate itself. In Chatham County, the property tax rate is 0.86%, which factors into your overall monthly budget alongside principal and interest.
Rates shift constantly, so request quotes from multiple lenders, read the fine print on each estimate, and ask about all fees. Getting several side-by-side offers is the surest way to find terms that fit your Savannah home purchase.
Savannah Mortgage Math: $214,000 Loan at Current Rates
Let's run real numbers on a $214,000 loan, which sits close to what plenty of Savannah buyers are financing on entry-level homes in areas like Windsor Forest or parts of the southside. At a 30-year fixed in the current range, you're looking at a principal and interest payment somewhere in the low-to-mid $1,300s before taxes and insurance get added. Chatham County property taxes are moderate compared to metro Atlanta, but homeowners insurance is where Savannah buyers get surprised. Coastal proximity drives premiums up, and if you're anywhere near a flood zone, that policy stacks on top. Add escrow for both, and your true monthly cost climbs toward the $1,700 to $1,900 territory. Putting more down obviously trims the principal, but the bigger lever for many buyers is shopping insurance carriers aggressively. A few hundred dollars a year in premium difference changes your debt-to-income ratio enough to matter at underwriting. Always model the full PITI, not just the rate quote.
Local Brokers in Savannah Worth Calling Before You Lock
Before you lock anything, it's worth calling a few independent brokers who actually know the Savannah market rather than just punching your zip into a national portal. Local brokers understand the quirks here, like how appraisals on historic district homes can swing wildly depending on which comps the appraiser pulls, or how lenders treat the flood and wind insurance requirements out on the islands. A broker who closes loans in Chatham County regularly will also know which wholesale lenders are competitive on coastal Georgia properties and which ones drag their feet. Ask any broker how many Savannah-area files they've closed in the past year and whether they handle a lot of FHA, VA, or USDA loans, since the outer county areas can qualify for rural financing. Get at least three written quotes the same day so you're comparing apples to apples, because rates move daily. A good local broker earns their keep by catching issues before they blow up your closing timeline.
Down Payment Realities in Savannah: LTV Averages 80% at Approval
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Georgia's Department of Community Affairs runs the Georgia Dream program, and it's genuinely useful for Savannah buyers who qualify. The standard Georgia Dream loan pairs a competitive first mortgage with down payment assistance, often several thousand dollars that can cover your down payment and a chunk of closing costs. There are enhanced tiers too, with larger assistance amounts for protected professions like teachers, public safety workers, healthcare staff, and active military, all of whom are well represented around Savannah given the hospitals, schools, and Hunter Army Airfield nearby. To qualify you'll need to meet income limits that vary by household size and stay under the program's purchase price cap, complete a homebuyer education course, and contribute a minimum of your own funds. First-time buyer status is generally required, though that definition includes anyone who hasn't owned in the past three years. Pair this with an FHA or conventional first mortgage and a Savannah buyer with limited savings can realistically get to closing.
HMDA origination data for 2025 shows Colony Bank, Wells Fargo, and Chase as the top Savannah lenders by loan volume, with a median origination of $214,000. Comparing Loan Estimates from at least two of these lenders typically surfaces $1,500–$4,000 in origination fee differences on a Savannah-sized loan.
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What is the average mortgage rate in Savannah right now?
As of 2026, the average 30-year fixed mortgage rate in Savannah, GA is approximately 6.45%. The 15-year fixed runs roughly 70–80 basis points lower. Rates change daily with bond market movements — locking in at the right time can save thousands over the life of your loan.
What credit score do I need for a mortgage in Georgia?
In Georgia, most lenders require 620 (FHA) / 640+ (conventional) to qualify. FHA loans accept scores as low as 580 with 3.5% down (or 500 with 10% down). Conventional loans above 740 typically receive the best rates — improving your score by even 40 points before applying can lower your rate by 0.25–0.5%.
How much down payment is typical in Savannah?
First-time buyers in Savannah commonly put down 3.5% on FHA loans or 5–20% on conventional loans. The Georgia Dream Homeownership Program — up to $10,000 in down payment assistance. A 20% down payment eliminates PMI and reduces your monthly payment, but is not required.
What are Georgia-specific first-time buyer programs?
Georgia offers the Georgia Dream Homeownership Program — up to $10,000 in down payment assistance. These programs typically have income limits of 80–120% of area median income and require completion of an HUD-approved homebuyer education course. Ask your lender to run a combined FHA + assistance program quote alongside a conventional loan.
FHA vs. conventional in Savannah — which is more common?
FHA loans are very common in Atlanta's suburban markets. FHA loans are easier to qualify for but carry an upfront MIP fee (1.75% of loan amount) plus annual MIP. Once you have 20% equity, conventional loans allow PMI cancellation — making them more cost-effective long-term for buyers who can qualify.
How long does closing take in Georgia?
The typical mortgage closing timeline in Georgia is 38–45 days from application to closing. Pre-approval before making an offer can shorten this to 30–35 days. Delays most often occur at appraisal, title search, or underwriting — your loan officer can flag issues early if you provide all documentation upfront.
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