Florida Mortgage and Refinance Rates

Current mortgage rates in Florida

As of Monday, May 19, 2025, current interest rates in Florida are 6.98% for a 30-year fixed mortgage and 6.22% for a 15-year fixed mortgage. That’s likely the same territory rates will be in when winter rolls around and the snowbirds head back to the Sunshine State. Bankrate’s forecast calls for mortgage rates to settle around 6.5% at the close of the year.

Refinance rates in Florida

Refinance rates have been looking much more appealing for Florida homeowners lately: In February, the percentage of refinance loans increased more than 16 percent versus the year prior, according to ATTOM. That makes sense: If you bought your home here and accepted a mortgage rate of 8 percent, there is some big savings potential now. 

If you’re thinking about a cash-out refinance, however, you should pay close attention to the trajectory of your property value. Cotality (formerly CoreLogic) reports that the typical Florida homeowner lost more than $18,000 of equity in 2024.

National mortgage rates by loan type

Florida mortgage rate housing market statistics and trends

Clouds have started to gather over the Florida housing market, according to data from Florida Realtors. While a sizable portion of the population wanted to move to the Sunshine State in recent years, the state’s homeowners insurance crisis is making owning a home here less appealing. In March of 2025, the median sales price of a single-family home dropped by nearly 2 percent, and the number of home sales fell by more than 1 percent.

Properties are also sitting on the market longer in Florida, and sellers are agreeing to accept offers well below list price. Here are some key homeownership statistics for the statewide Florida housing market:

• Median single-family home sales price, March 2025: $412,500
• Single-family inventory, March 2025: 114,454, up 32.7% YoY
• Median condo and townhome sales price, March 2025: $315,000
• Condo and townhome inventory, MONTH 2025: 77,300, up 35.2% YoY

Source: Florida Realtors

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 20 percent down payment.
• 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.
• Florida jumbo loans: With oceanfront properties statewide, there are many luxury homes available for sale in places like Miami and Naples. However, if you need to borrow an amount that exceeds the area’s conforming loan limits, you’ll need to compare options for jumbo loans. These typically come with a requirement for a larger down payment — at least 10 percent of the purchase price — and a higher credit score.

First-time homebuyer programs in Florida

How to find the best mortgage rate in Florida

Additional Florida mortgage resources

• Florida loan limits by county: Learn the conforming loan limit for your city or town.
• Best mortgage lenders in Florida: Find out Bankrate’s top picks.
• Florida housing market overview: Know what to expect as a homebuyer or seller in Florida.
• How to buy a house in Florida: Get set up for a successful house hunt with this guide.
• Cost to buy a house in Florida: Home prices vary widely across the state. Narrow down your budget here.
• Homeowners insurance in Florida: Compare policies from a variety of providers.

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: Chris Jennings, Editor, Home Lending

I’ve been writing and editing about mortgages and personal finance since 2016. At Bankrate, my primary focus involves covering mortgage and real estate trends. I enjoy simplifying complex mortgage topics for first-time homebuyers and homeowners alike. I graduated from Illinois State University with a Bachelor of Arts in English.

Read more from Chris Jennings