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Written by Jeff Ostrowski
Edited by Suzanne De Vita
Edited by Suzanne De Vita
On Wednesday, December 27, 2023, the national average 30-year fixed mortgage APR is 7.02%. The national average 30-year fixed refinance APR is 7.18%, according... to Bankrate's latest survey of the nation's largest mortgage lenders.
On this page
- Current mortgage rates in Florida
- Mortgage statistics for Florida
- Mortgage options in Florida
- First-time homebuyer programs in Florida
- How to find the best mortgage rate in Florida for you
- Compare mortgage lenders side by side
- Additional Florida mortgage resources
How to compare mortgage offers
Comparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:
- Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.
- Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.
- Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons — and maximizing your savings potential.
The Bankrate Promise
Bankrate has helped people make smarter financial decisions for 40+ years. Our mortgage rate tables allow users to easily compare offers from trusted lenders and get personalized quotes in under 2 minutes. While our priority is editorial integrity, these pages may contain references to products from our partners. Here is how we make money.
On This Page
On This Page
- Current mortgage rates in Florida
- Mortgage statistics for Florida
- Mortgage options in Florida
- First-time homebuyer programs in Florida
- How to find the best mortgage rate in Florida for you
- Compare mortgage lenders side by side
- Additional Florida mortgage resources
Current mortgage rates in Florida
As of Wednesday, December 27, 2023, current interest rates in Florida are 6.99% for a 30-year fixed mortgage and 6.30% for a 15-year fixed mortgage. Make sure you shop around for mortgagesto 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 | 7.01% | 7.02% |
| 15-Year Fixed Rate | 6.41% | 6.43% |
| 5-1 ARM | 6.44% | 7.75% |
| 30-Year Fixed Rate FHA | 6.00% | 6.89% |
| 30-Year Fixed Rate VA | 6.16% | 6.26% |
| 30-Year Fixed Rate Jumbo | 7.07% | 7.08% |
Rates as of Wednesday, December 27, 2023 at 6:30 AM
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.17% | 7.18% |
| 15-Year Fixed Rate | 6.36% | 6.38% |
| 5-1 ARM | 6.32% | 7.56% |
| 30-Year Fixed Rate FHA | 6.11% | 7.02% |
| 30-Year Fixed Rate VA | 6.18% | 6.38% |
| 30-Year Fixed Rate Jumbo | 7.25% | 7.26% |
Rates as of Wednesday, December 27, 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
Florida’s state 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 (MCCs), which provide tax credits worth up to 50 percent of the loan amount (up to $2,000).
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
3.1
Rating: 3.1 stars out of 5
Bankrate Score
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
4.5
Rating: 4.5 stars out of 5
Bankrate Score
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.
Sure, I can break down the concepts used in the article on mortgage rates in Florida!
Concepts covered:
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Mortgages & Mortgage Rates: This article provides current mortgage rates in Florida for both 30-year and 15-year fixed mortgages. It discusses the impact of higher mortgage rates on affordability and refinancing.
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Mortgage Statistics for Florida: Information regarding the average home value, homeownership rate, and average mortgage loan size in Florida is outlined.
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Mortgage Options in Florida:
- Conventional Mortgages: Standard loans with specific qualification requirements.
- FHA Loans: Government-insured loans for borrowers with less favorable credit and income.
- VA Loans: Specifically for veterans and armed services members, requiring no down payment or mortgage insurance premiums.
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First-time Homebuyer Programs in Florida: The Florida Housing Finance Corp. offers assistance with down payments, closing costs, and specialized programs for military personnel. It includes programs like the Salute Our Soldiers Military Loan Program and Mortgage Credit Certificates (MCCs) providing tax credits.
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Tips for Finding the Best Mortgage Rate in Florida:
- Strengthening credit scores
- Determining budgets
- Understanding mortgage options
- Comparing rates and terms from multiple lenders
- Getting preapproved for a mortgage
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Comparison Shopping for Mortgages:
- Bankrate's tools and tables help users compare personalized rates from various trusted lenders. They emphasize the significance of even small differences in interest rates over the loan's life.
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Mortgage Lenders Comparison: It lists lenders like Garden State Home Loans and Homefinity, providing ratings, customer reviews, and Bankrate scores to help users assess their choices.
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Additional Resources:
- Top mortgage lenders in Florida recommended by Bankrate.
- More Florida mortgage lender reviews.
- Florida housing market overview.
- A guide on buying a house in Florida.
This article serves as a comprehensive guide for anyone seeking a mortgage in Florida, covering rates, options, programs, tips for selection, and resources for further information.
