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Florida Mortgage and Refinance Rates

On Friday, June 14, 2024, the national average 30-year fixed mortgage APR is 7.05%. The national average 30-year fixed ... refinance APR is 7.04%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Florida

As of Friday, June 14, 2024, current interest rates in Florida are 7.13% for a 30-year fixed mortgage and 6.50% for a 15-year fixed mortgage.

As of March 2024, the median single-family home sale price in the state was up 3.1 percent year-over-year, while the median condo sale price was up 3.1 percent year-over-year, according to Florida Realtors. Those gains, plus today’s higher mortgage rate environment, continue to make housing affordability a challenge.

Refinance rates in Florida

While mortgage refinance rates have more than doubled since the pandemic, many Florida homeowners have much more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Florida mortgage rate trends

While mortgage rates are difficult to predict, the current consensus is for rates to remain well above historical lows for the foreseeable future, including in Florida.

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 7.00% 7.05%
15-Year Fixed Rate 6.43% 6.51%
5-1 ARM 6.71% 7.94%
30-Year Fixed Rate FHA 6.70% 6.75%
30-Year Fixed Rate VA 6.68% 6.73%
30-Year Fixed Rate Jumbo 7.17% 7.23%

Rates as of Friday, June 14, 2024 at 6:30 AM

 

 

Mortgage statistics for Florida

From the stilt houses of the Keys and the Panhandle to the condos of Miami and the mansions of Palm Beach, Florida’s housing markets and home values vary widely. Here are some statistics about mortgages and the housing market in The Sunshine State:

  • Median single-family home sales price, March 2024: $420,600
  • Median condo and townhome sales price, March 2024: $330,000
  • Single-family housing inventory, March 2024: 40.5% higher YoY
  • Homeownership rate, Q4 2023: 67.7%

Sources: Florida Realtors, U.S. Census Bureau

Mortgage options in Florida

  • Florida conventional mortgages: Considered the standard type of home loan, conventional mortgages have certain qualification requirements: a minimum FICO score of 620 and a debt-to-income (DTI) ratio of 43 percent or less. To get the best rate on a conventional mortgage, however, you’ll need a credit score of 740 or higher. These types of loans typically require larger down payments than government-backed mortgages. To avoid needing to pay for private mortgage insurance (PMI), which protects the lender in the event you default, you’ll need to make a down payment of 20 percent.
  • Florida FHA loans: If your credit history disqualifies you from a conventional mortgage, you might want to look into an FHA loan. Because these are insured by the government through the Federal Housing Administration (FHA), lenders who issue these loans are more comfortable extending these offers to borrowers with less than favorable credit and income. You can have a credit score as low as 580 and still qualify for an FHA loan, provided you can put down 3.5 percent.
  • Florida VA loans: Guaranteed by the Department of Veterans Affairs, VA loans help veterans and other qualifying members of the armed services own homes. You can get one through a VA-approved lender in Florida. These types of loans don’t require any down payment or mortgage insurance premiums, but you typically need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent to start.

First-time homebuyer programs in Florida

Florida’s state housing authority, Florida Housing Finance Corp., offers eligible first-time buyers more affordable mortgages and down payment and closing costs assistance. This assistance includes:

  • Florida Assist: Up to $10,000 in a no-interest, deferred second mortgage
  • Florida Homeownership Loan Program: Up to $10,000 at 3 percent interest, repaid over 15 years
  • HFA Preferred grants: Up to 5 percent of the home’s price in a forgivable grant
  • Hometown Heroes: Up to $35,000 in a no-interest, deferred second mortgage, geared toward buyers working in education, healthcare, law enforcement and other public service professions

How to find the best mortgage rate in Florida

  • Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
  • Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
  • Step 3: Know your mortgage options - There are a few different types of mortgages.
  • Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Rating: 4.94 stars out of 5

4.9

1064reviews

Additional Florida mortgage resources

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Laurie Dupnock, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Dupnock