Interest Rate
Average home price

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 6.524% 6.608% +0.06%
Conventional 20 year fixed 6.433% 6.532% +0.14%
Conventional 15 year fixed 5.721% 5.858% +0.02%
Conventional 10 year fixed 6.135% 6.422% Unchanged
Conventional 7 year ARM 6.395% 7.3% +0.04%
Conventional 5 year ARM 6.259% 7.384% +0.03%
FHA 15 year fixed 6.075% 7.019% +0.13%
FHA 30 year fixed 6.285% 7.116% -0.25%
VA 30 year fixed 5.6% 5.944% -0.18%
VA 15 year fixed 5.775% 6.436% Unchanged
VA 5 year ARM 5.125% 6.59% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Florida

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:

  • Jacksonville
  • Miami
  • Tampa
  • Orlando
  • St. Petersburg
  • Hialeah
  • Tallahassee (state capital)

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 Homebuyers

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.

Refinancing in Florida

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:

  • Obtain a lower interest rate by refinancing lower interest rate
  • Drop your payment by refinancing for a longer loan term
  • Cash-out equity with a refinance that increases your total loan amount
  • Use refinancing to get rid of private mortgage insurance (PMI) payments

You should find out if you have the right kind of loan to qualify for a streamlined refinance. Ask your lender for more information.


Buying a Home?

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.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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