Florida Mortgage and Refinance Rates
On Monday, December 04, 2023, the national average 30-year fixed mortgage APR is 7.50%. The national average 30-year fixed refinance APR is 7.59%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Monday, December 04, 2023, the national average 30-year fixed mortgage APR is 7.50%. The national average 30-year fixed refinance APR is 7.59%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
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Florida Mortgage and Refinance Rates
Current mortgage rates in Florida
As of Monday, December 4, 2023, current interest rates in Florida are 7.45% for a 30-year fixed mortgage and 6.62% for a 15-year fixed mortgage. Make sure you shop around for mortgages to find the best offer.
Today’s higher mortgage rate environment continues to make housing affordability a challenge for Florida homebuyers, and refinances far less desirable for homeowners. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future.
Refinance rates in Florida
While mortgage refinance rates are much higher than the lows of 2020 and 2021, Florida borrowers who saw their home equity rise during the pandemic might still be interested in refinancing as a way to tap those funds. Check out Bankrate’s guide to cash-out refinancing to learn more.
Florida mortgage rate trends
As of September 2023, mortgage rates nationally and in Florida were at their highest levels since 2000, according to Bankrate’s national survey of lenders.
National mortgage rates by loan type
Product | Interest Rate | APR |
---|---|---|
30-Year Fixed Rate | 7.48% | 7.50% |
15-Year Fixed Rate | 6.71% | 6.74% |
5-1 ARM | 6.79% | 7.98% |
30-Year Fixed Rate FHA | 6.41% | 7.32% |
30-Year Fixed Rate VA | 6.57% | 6.68% |
30-Year Fixed Rate Jumbo | 7.53% | 7.54% |
Rates as of Monday, December 04, 2023 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:
- Average home value (as of Sept. 2023): $392,262 (Zillow)
- Homeownership rate (as of Dec. 2022): 67.3% (U.S. Census Bureau)
- Average mortgage loan size in 2022: $354,610 (Home Mortgage Disclosure Act)
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. In order 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 for 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
How to find the best mortgage rate in Florida for you
- 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.
Learn more about how to get a mortgage.
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.

Garden State Home Loans
NMLS: 473163
|
State License: MB-473163
5.0
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Homefinity
NMLS: 2289
|
State License: 4965
5.0
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Additional Florida mortgage resources
- Best mortgage lenders in Florida: Find out Bankrate’s top picks.
- Review more Florida mortgage lenders: Explore mortgage lenders in your state.
- Florida housing market overview: Know what to expect as a homebuyer or seller in Florida.
- Buying a house in Florida: A how-to: Get set up for a successful house hunt with this guide.