Florida Mortgage and Refinance Rates

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On Monday, September 25, 2023, the national average 30-year fixed mortgage APR is 7.66%. The national average 30-year fixed refinance APR is 7.85%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Current mortgage rates in Florida
How to find the best mortgage rate in Florida for you
Mortgage options in Florida
First-time homebuyer programs in Florida
Additional Florida mortgage resources

Current mortgage rates in Florida

As of Monday, September 25, 2023, current interest rates in Florida are 7.70% for a 30-year fixed mortgage and 6.79% for a 15-year fixed mortgage. Make sure you shop around for mortgages to find the best offer.

Refinance rates in Florida

With interest rates no longer at historic lows, the refinancing decision has gotten more complicated. You can use Bankrate’s mortgage refinance calculator to see if a refinance makes sense for you today.

How to find the best mortgage rate in Florida for you

Shopping around for a mortgage is crucial. Studies show that by comparing at least three offers, you stand to save thousands of dollars over the life of a loan. Bankrate can help you find the best mortgage deal in today’s volatile rate environment.

Bankrate’s goal is to help readers maximize their money and navigate life’s financial journey. We are responsible for providing readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. We maintain a clear separation between our advertisers and our editorial coverage. Our mission is to offer information to help readers make the best financial decision.

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 usually 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 backed 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: Backed 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 3.3 percent of the loan.

First-time homebuyer programs in Florida

The state’s housing authority, Florida Housing Finance Corp., offers help with down payments and closing costs. You can receive this assistance if you get a mortgage through a Florida Housing partner lender. Learn more about Florida's first-time homebuyer programs.

Notably, the agency oversees the Salute Our Soldiers Military Loan Program, which provides 30-year fixed-rate mortgages to veterans and active duty military personnel. The program also offers up to $10,000 in down payment and closing cost assistance. In addition, the agency offers mortgage credit certificates (MCC)s, which provide tax credits worth up to 50 percent of the loan amount.