Today's Mortgage Rates in Florida

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Updated: July 16, 2024

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Today's 30-year mortgage rate in Florida is 6.87% for those interested in buying a home, similar to the national average of 6.9%. Florida offers programs such as the Homebuyer Loan Program and FL Assist, which can help homebuyers reduce mortgage-related expenses.

With comprehensive insights into the current rates for various types of loans and credit scores, we'll guide you in making well-informed home financing decisions. You'll learn about the mortgage types available to you, how lenders might affect your rate and discover the nuances of mortgage rate structures in the Sunshine State. Access to Florida-specific mortgage programs will equip you with the tools to seek out financial benefits that could be to your advantage.

MoneyGeek used publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Florida. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.

Unless specifically noted otherwise, rates featured in content are annual percentage rates (APRs).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in Florida

In July 2024, the average APR for a 30-year fixed-rate mortgage in Florida climbed to 6.87% from 6.66% the previous month. Assuming you take out a $250,000 loan with a 20% down payment, this increase means you could pay an additional $10,054 over the life of your loan — proof that even a slight rate change can impact your pocket in a big way.

Rates change frequently due to economic conditions and decisions by the Federal Reserve. The line chart below illustrates how these rates have varied, giving you a visual guide to the market's recent history.

Current Mortgage Rates in Florida (Jan to May)

Even small movements in the current mortgage rate can significantly affect your total cost. Knowing this rate in Florida will also help you budget effectively, as it's a key figure in calculating your potential monthly payments.

Who Needs to Know Current Mortgage Rates in Florida?

Knowing today's mortgage interest rates in Florida can benefit both first-time homebuyers and seasoned investors, especially given the shifts in the housing market.

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    First-time homebuyers

    First-time homebuyers in Florida can use current mortgage rates to compare offers and spot competitive rates.

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    Homeowners with mortgages

    Florida homeowners may consider a mortgage refinance if today's rates are lower than what they currently pay.

Purchase rates and refinance rates can differ significantly. For example, the current mortgage rate for a 30-year fixed mortgage in Florida is 6.87%, but if you're looking to refinance, the rate climbs to 8.15%. This difference impacts the loan's lifetime cost — a detail worth your attention when planning your finances.

Current Mortgage Rates in Florida by Loan Type

A 30-year fixed-rate mortgage usually has a higher interest rate than a 15-year one. This is because a longer repayment term presents more risk to lenders, who factor in a longer window for potential interest rate changes and the possibility of default.

When you explore mortgage loan types in Florida, you'll see different rates for each option. Use a mortgage calculator to understand how these rates could influence your monthly payments.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
6.02%APR6.21%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

The interest rate on a mortgage reflects the percentage you'll pay each year to borrow funds. Florida's current average interest rate for a 30-year fixed mortgage is 6.79%.

The APR encompasses both the interest rate and additional mortgage fees. Florida's average APR for a 30-year fixed mortgage is 6.87%, clarifying the comprehensive annual cost of your loan.

Current Mortgage Rates in Florida by Credit Score

In Florida, if your credit score is 740 or higher and you decide to make a down payment between 5% and 20%, you're looking at an average APR of 7.38% for a 30-year fixed mortgage. For those with a credit score below 680, the average APR rises to 7.7%.

Your credit score directly impacts the mortgage rates you may qualify for in Florida. Use the table to see the rates you could get based on your credit score and down payment:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR6.07%
15-year FixedAPR6.23%
20-year FixedAPR6.90%
30-year FixedAPR6.88%
5-year ARMAPR7.71%
7-year ARMAPR7.62%

Mortgage Types in Florida

In July 2024, 30-year fixed-rate VA loans had the lowest average APR for 30-year fixed-rate mortgages in Florida at 6.69%. Knowing your mortgage options can lead to better financial decisions when you're looking to buy a home. Check out the following table of mortgage loan types available in Florida:

Mortgage Option
Definition
Impact on Rates
Current 30-Year APRs in Florida

Conventional Loans

A conventional loan is a private loan not insured or guaranteed by the federal government.

Creditworthiness and down payment size can influence rates on a conventional loan, which typically has higher interest rates compared to government-backed loans.

6.87%

FHA Loans

FHA loans are backed by the Federal Housing Administration and are designed for low-to-moderate-income borrowers.

Due to their government backing, FHA loans typically have lower interest rates. However, they require private mortgage insurance (PMI) for the entire loan term unless a down payment of 10% or more is made, in which case PMI is required for 11 years. Conventional loans only require PMI if the down payment is less than 20%.

7.07%

VA Loans

A VA loan is backed by the Department of Veterans Affairs and is available to service members and veterans.

VA loans often have competitive rates due to government backing and no down payment requirement.

6.69%

USDA Loans

USDA loans offer financing for rural homebuyers with 100% financing options.

Favorable rates for qualifying rural and suburban borrowers, subject to income limits.

currently unavailable

Jumbo Loans

Jumbo loans exceed conforming loan limits set by Fannie Mae and Freddie Mac.

Jumbo loans may carry higher rates due to the larger amount borrowed and increased lender risk.

7.07%

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MORTGAGE RATE STRUCTURES IN FLORIDA

Mortgage rates in Florida come in two types: fixed and adjustable.

  • Fixed-rate mortgages lock your interest rate, ensuring consistent monthly mortgage payments. This stability makes it easier to budget over time.
  • Adjustable-rate mortgages (ARM) often start lower and adjust periodically, potentially lowering your payments in a favorable market. As of July 2024, the average APR for a 30-year fixed rate in Florida is 6.87%. For a 7-year ARM, it's 7.42%.

Mortgage Lenders in Florida

Better, Lower and New American stand out as solid mortgage lenders in Florida. They meet state-specific requirements, uphold Better Business Bureau standards and offer programs to assist homeowners. However, there may be other lenders not covered on our list that could also match your needs.

The mortgage rate you receive in Florida can vary based on your chosen lender since each offers different mortgage terms and rates. It's wise to compare offers from several mortgage lenders to secure the best deal for you.


  • New American
    • 8Number of Mortgage Options
    • YesOnline Application
    • ABBB Rating
    • Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours

    New American offers a selection of mortgage options in Florida, catering to a variety of homebuyers. Choices include conventional loans and FHA loans. If you're eyeing an FHA loan, the minimum credit score required is 580. If you want a conventional loan, the minimum down payment starts at 3%.

    New American provides customer service from 8 a.m. to 9 p.m. CT on weekdays and 10 a.m. to 2 p.m. CT on Saturdays, making it easy to get assistance. It is equipped with multiple support channels, including phone and email. For homebuyers facing challenges with their home financing, New American offers loan assistance solutions.

    Pros

    • Diverse mortgage options available
    • Mobile app for mortgage management
    • 14-day close guarantee on purchases

    Cons

    • Limited FAQ resources
    • No online prequalification
    • No physical branches in 11 states
    New American

  • Lower.com
    • 5Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 9 am to 5 pm ETCustomer Service Hours

    Lower offers its mortgage services exclusively online, letting you manage the loan application process from the comfort of your home. Lower's suite includes conventional loans and FHA loans. A credit score of at least 580 can get you started, but the initial down payment isn't specified outright.

    Lower provides customer service from 9 a.m. to 5 p.m. ET on weekdays and can support you through phone or text. Additionally, the Buy Before You Sell program offers homeowners assistance, easing the transition to your new home. Beyond Florida, Lower also shines as a top HELOC lender for most states, reflecting its solid reputation in the industry.

    Pros

    • Quick online prequalification available
    • BBB A+ rated accreditation
    • Innovative Buy Before You Sell program

    Cons

    • No unique mortgage products
    • Must complete application via phone call
    • No physical branches for in-person support
    Lower.com

  • Better
    • 4Number of Mortgage Options
    • YesOnline Application
    • B+BBB Rating
    • Monday to Friday, 8 am to 9 pm ET Saturday and Sunday, 9 am to 9 pm ETCustomer Service Hours

    Better serves as a convenient mortgage option in Florida with its online-only presence, making mortgages accessible right from your living room. Two popular options it offers are fixed- and adjustable-rate mortgages, which come with varying terms to fit distinct financial situations.

    Prospective homeowners with good credit can access jumbo loans with a minimum score of 700, while conventional and FHA loans have lower thresholds at 620 and 580, respectively. The minimum down payment for non-FHA loans generally starts at 3% but can inch up to 5%. And if you have a credit score of at least 580 and are eyeing an FHA loan, your down payment could be as low as 3.5%.

    Better aligns with your schedule, offering customer service via phone or email from 8 a.m. to 9 p.m. ET on weekdays and from 9 a.m. to 9 p.m. on weekends. It also presents incentives like the Better Real Estate discount to ease your journey to homeownership.

    Pros

    • No commission for loan officers
    • Issues Rapid Commitment Letters
    • Sunday customer support available

    Cons

    • No VA or USDA mortgage options
    • Only online presence, no branches
    • Better Business Bureau rating: B+
    Better

Mortgage Programs in Florida

Homeownership has hidden costs that might tap into your budget. In Florida, you can turn to the Florida Housing Finance Corporation for useful mortgage programs to aid you in the process.

Program
Description

Homebuyer Loan Program

For first-time homebuyers, it offers 30-year fixed-rate loans through approved Florida lenders. Eligible applicants need a 640 credit score and must satisfy county-specific income and purchase price limits. The program can be paired with a second mortgage for down payment and closing cost assistance, possibly leading to lower mortgage rates.

Florida Assist (FL Assist)

Provides up to $10,000 in assistance for qualified homebuyers opting for FHA, VA, USDA or conventional loans. Unique for its 0% interest and deferred repayment, the second mortgage is payable upon selling, refinancing or relocating. It's not forgivable, but it can ease initial costs.

Florida Homeownership Loan Program (FL HLP) Second Mortgage

Offers a $10,000 secondary loan at 3% interest, payable over 15 years. It necessitates monthly repayments, which may impact your debt-to-income ratio. This commitment stands until you sell, refinance or leave the property. If you can manage the extra monthly costs, this option can align with Florida's attractive mortgage rates.

HFA Preferred and HFA Advantage PLUS Second Mortgage

Offers a secondary loan of 3–5% of your loan amount to bolster your home financing plan. This loan is forgivable over five years at a rate of 20% each year when coupled with Florida Housing’s first mortgage products. This means you could be free of your second mortgage after five years, enabling you to take advantage of Florida’s competitive mortgage rates.

FAQ: Mortgage Rates in Florida

Securing the right mortgage can mean the difference between a house feeling like a financial burden versus a comfortable home. We’ve answered your pressing questions about mortgage rates in Florida.

What are the current mortgage rates in Florida?
How do mortgage rates in Florida compare to national rates?
How does my credit score impact the mortgage rates I get in Florida?
Are there any special mortgage programs in Florida to help homebuyers?
How can I get the best possible mortgage rate in Florida?
What are today's mortgage refinance rates in Florida?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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