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If you want to buy a home in Florida, getting the best mortgage rate possible is a priority. Your final mortgage rate is set by your lender, who will look at factors like your credit score, funds for down payment, income level, and debt-to-income ratio before making a decision.
In order to get the best mortgage rate in Florida, you can help things along by getting your documents together before you apply for preapproval with a respected lender, and doing a preemptive credit check to avoid last minute surprises.
Here’s a quick look at current Florida mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||4.801%||4.884%||+0.04%|
|Conventional 20 year fixed||4.374%||4.474%||-0.24%|
|Conventional 15 year fixed||3.976%||4.116%||+0.03%|
|Conventional 10 year fixed||3.958%||4.178%||+0.25%|
|Conventional 7 year ARM||4.833%||4.138%||Unchanged|
|Conventional 5 year ARM||4.426%||4.108%||+0.4%|
|FHA 15 year fixed||3.705%||4.618%||-0.39%|
|FHA 30 year fixed||3.951%||4.743%||-0.06%|
|VA 30 year fixed||4.177%||4.448%||+0.05%|
|VA 15 year fixed||3.732%||4.065%||-0.32%|
|VA 5 year ARM||4.75%||4.732%||Unchanged|
Dreaming about buying a gorgeous home in Florida? This could be the right time for you to contemplate a move to the Sunshine State. Here’s what you need to know:
Florida is a mix of tourist towns and rural areas. The state houses nearly 20 million people, and one in eight live in the state’s top seven biggest cities:
Pricing for Florida homes is all over the map. Florida ranks 10th in US homes for sale at average price, and 2nd for homes over $1,000,000. It’s a must to get preapproved and know your budget before you start attending open houses.
First-time home buyers will be happy to learn that they may qualify for assistance through a program administered by the Florida Housing Finance Authority (FL HFA.)
The Florida Assist Second Mortgage Program (FL Assist) provides eligible borrowers up to $7,500 as a deferred second mortgage at zero percent interest to use toward a down payment. Repayment is deferred until the loan is repaid or refinanced, or the home is sold or ownership transferred.
HFA Preferred Grants provide qualified borrowers with 3% to 5% of the home’s purchase price, to be paid against down payment and closing costs. After five years, this second mortgage is forgiven at 20%.
The Florida Homeownership Loan Program (FL HLP) gives buyers up to $10,000 at 3% interest on a second amortizing mortgage which must be paid off over 15 years. If you move, it must be repaid in full.
There are plenty of reasons to refinance a home in Florida and take advantage of lowered Florida mortgage rates. You can do any of the following:
You should find out if you have the right kind of loan to qualify for a streamlined refinance. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.