Florida Mortgage and Refinance Rates

Current mortgage rates in Florida

As of Thursday, October 31, 2024, current interest rates in Florida are 6.94% for a 30-year fixed mortgage and 6.21% for a 15-year fixed mortgage.

As of June 2024, the median single-family home sale price in the state was up 1.7 percent year-over-year to $427,000, while the median sale price for a condo or townhome was flat at $324,900, according to Florida Realtors. While housing price appreciation is cooling off in the Sunshine State, today’s mortgage rate environment continues to make housing affordability a challenge.

Refinance rates in Florida

While mortgage refinance rates have more than doubled since the pandemic, many Florida homeowners have much more tappable equity now due to rapid upticks in value across the state. The median sales price of a home in Florida has jumped by $143,000 since June 2020, according to data from Redfin. With a cash-out mortgage refinance, you could access funds to help further your financial goals. Just be mindful of comparing your current rate versus the rate you might qualify for today to understand the full implications for your budget.

Florida mortgage rate trends

While the Florida housing market is unique, one aspect is the same as in the rest of the country: Everyone is waiting for mortgage rates to fall. That’s likely to happen in the near future, as the Federal Reserve seems likely to make a rate cut in September. 

One challenge for anyone house hunting in Florida is that they’re competing against many buyers who don’t need a mortgage. In June, more than a quarter of single-family home sales were paid for in all cash, according to Florida Realtors. In the condo and townhome market, those all-cash offers were even more prevalent: More than half of closed sales in June were paid for in cash. That presents a unique challenge: Even if you get approved for a mortgage, a seller might opt for the less risk involved with a cash deal.

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, June 2024: $427,000
• Median condo and townhome sales price, June 2024: $324,900
• Single-family housing inventory, June 2024: 60.1% higher YoY
• Homeownership rate, Q4 2023: 67.3%

Sources: Florida Realtors, U.S. Census Bureau

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.
• Mortgage calculator: Learn what potential mortgage payments could cost in Florida.

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