Florida Mortgage and Refinance Rates

Current mortgage rates in Florida

As of Thursday, February 13, 2025, current interest rates in Florida are 6.98% for a 30-year fixed mortgage and 6.23% for a 15-year fixed mortgage.

Refinance rates in Florida

While mortgage refinance rates have gone up, many Florida homeowners have much more tappable equity now due to rising home values in recent years. As of November 2024, the median sales price of a single-family home in Florida was $410,700, according to Florida Realtors. With a cash-out mortgage refinance, you could access some of that value to help further your financial goals.

Florida mortgage rate trends

Depending on where you buy, it can be challenging to afford a home in Florida. That dynamic has been exacerbated by cash buyers, too: As of November 2024, more than a quarter of single-family home sales in the state were all-cash deals, according to Florida Realtors. Those all-cash offers were even more prevalent in the condo and townhome market. Even if you get approved for a mortgage and offer a higher price, a seller might still opt for less risk and go with cash.

National mortgage rates by loan type

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:

• Median single-family home sales price, Nov. 2024: $410,700
• Single-family inventory, Nov. 2024: +26.9% year-over-year
• Median condo and townhome sales price, Nov. 2024: $311,000
• Condo and townhome inventory, Nov. 2024: +46.1% year-over-year

Source: Florida Realtors

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. 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 20 percent down payment.
• Florida FHA loans: If your credit history disqualifies you from 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.
• Florida jumbo loans: With oceanfront properties statewide, there are many luxury homes available for sale in places like Miami and Naples. However, if you need to borrow an amount that exceeds the area’s conforming loan limits, you’ll need to compare options for jumbo loans. These typically come with a requirement for a larger down payment — at least 10 percent of the purchase price — and a higher credit score.

First-time homebuyer programs in Florida

How to find the best mortgage rate in Florida

• 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.

Additional Florida mortgage resources

• Florida loan limits by county: Learn the conforming loan limit for your city or town.
• Best mortgage lenders in Florida: Find out Bankrate’s top picks.
• Florida housing market overview: Know what to expect as a homebuyer or seller in Florida.
• How to buy a house in Florida: Get set up for a successful house hunt with this guide.
• Cost to buy a house in Florida: Home prices vary widely across the state. Narrow down your budget here.
• Homeowners insurance in Florida: Compare policies from a variety of providers.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Laurie Dupnock, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Dupnock