Florida Mortgage and Refinance Rates

As of Saturday, July 31, 2021, current rates in Florida are 2.97% for a 30-year fixed, 2.27% for a 15-year fixed, and 3.00% for a 5/1 adjustable-rate mortgage (ARM).

Bankrate has offers for Florida mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

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Florida mortgage overview

By Jeff Ostrowski

Make sure you shop around for mortgages to find the best offer. In Florida, you have several options:

  • Florida conventional mortgages: Considered the standard type of home loan, conventional mortgages have qualification requirements. Generally, a FICO score of 620 and a debt-to-income ratio of 45 percent or less can help you get one. To get the best rate on a conventional mortgage, 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 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 may want to look into FHA loans. 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. FHA loans usually require smaller down payments than conventional loans. With a credit score of 589 or higher, you typically need a 3.5 percent down payment. If your score is 500, you’d need to put 10 percent down — but that’s still lower than what’s usually required of conventional loans.
  • 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 loans don’t require any down payment. They don’t require PMI either. However, you usually need to pay a VA funding fee. Still, this fee usually ranges from 2.3 percent to 3.6 percent of the purchase price.

First-time homebuyer programs in Florida

Home prices have been rising faster than wages in Florida, and that creates challenges for first-time buyers. In fact, Florida is home to the two housing markets where prices outpaced home prices by the widest margin over the past decade, according to Bankrate research. The Sunshine State offers programs designed to help first-time homebuyers. As long as you haven't owned a home within the past three years, you may qualify for most of them. Learn more about Florida's first-time homebuyer programs.

The Florida Finance Housing Corp. offers loans to help people pay for down payments and closing costs. You can receive this assistance only if you get a mortgage through Florida Housing.

The organization also 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 assistance and closing cost assistance. In addition, the organization offers mortgage credit certificates (MCC), which provide tax credits worth up to 50 percent of the loan amount.

Florida mortgage refinancing

With interest rates at historic lows, you may be able to lower your monthly payment and save thousands by refinancing your loan to a lower rate. You can use Bankrate’s mortgage refinance calculator to see how much you can save.

Florida mortgage resources