Today's 30-year mortgage rate in Florida averages 6.34%, closely tracking the national average of 6.83%. Florida offers programs such as the Homebuyer Loan Program and FL Assist, which may help homebuyers reduce mortgage expenses.
Mortgage
Today's Mortgage Rates in Florida (December 2024)
Updated: December 13, 2024
Advertising & Editorial Disclosure
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 the content are annual percentage rates (APRs).
This data was last updated in December 2024.
Current Mortgage Rates in Florida
In December 2024, the average APR for a 30-year fixed-rate mortgage in Florida dropped to 6.34% from 6.66% the month before — a decrease of 22 basis points. This rate decrease could mean savings of about $5,746 in interest over the life of a $250,000 loan with a 20% down payment, excluding property taxes or HOA fees.
Mortgage rates fluctuate often due to economic conditions and Federal Reserve policies. The line chart below shows rate movements in recent months.
Even small changes in mortgage rates can significantly affect your finances. Understanding Florida's rate will help you budget effectively, as it directly influences your potential monthly payments.
Who Needs to Know Current Mortgage Rates in Florida?
Knowing today's mortgage interest rates in Florida can benefit first-time homebuyers and seasoned investors, especially given the shifts in the housing market.
First-time homebuyers
First-time homebuyers in Florida can use current mortgage rates to compare offers and spot competitive rates.
Homeowners with mortgages
Florida homeowners may consider a mortgage refinance if today's rates are lower than what they currently pay.
In Florida, the current mortgage rate for a 30-year fixed mortgage is 6.34%, with a refinancing rate slightly higher at 6.57%. Even this minor difference can affect your loan’s total cost over time, so factor in rate options for your financial planning.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
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. A longer repayment term poses more risk to lenders, who factor in a longer window for potential interest rate changes and the possibility of default.
When you explore mortgage 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:
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Loan Type:10-Year Fixed
| 6.18% | 6.43% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate on a mortgage is the percentage you pay annually to borrow money. Florida's current average interest rate for a 30-year fixed mortgage is 6.27%.
The APR (annual percentage rate) includes the interest rate plus additional mortgage fees, giving you a clearer picture of the loan's total yearly cost. Florida's average APR for a 30-year fixed mortgage is 6.34%.
Current Mortgage Rates in Florida by Credit Score
In Florida, a credit score of 740 or higher with a 5% to 20% down payment yields an average APR of 6.94% for a 30-year fixed mortgage. If your credit score is below 680, the average APR increases to 7.60%.
Your credit score significantly affects the mortgage rates you can qualify for in Florida. Use the table below to explore the rates based on your credit score and down payment.
Data filtered by:Results filtered by:
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Credit Score Range:680 - 740
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Down Payment:20% or higher
| 10-year Fixed | 6.17% |
| 15-year Fixed | 5.83% |
| 20-year Fixed | 6.48% |
| 30-year Fixed | 6.62% |
| 5-year ARM | 7.28% |
| 7-year ARM | 7.32% |
Mortgage Types in Florida
In December 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Florida at 6.24%. Knowing your mortgage options can lead to better financial decisions when you buy a home. Check out the following table of mortgage types in Florida:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Florida |
|---|---|---|---|
Conventional Loans | A conventional loan in Florida is not insured by the government. | Your credit score and down payment size can influence the rates offered. | 6.34% |
FHA Loans | An FHA loan in Florida is insured by the Federal Housing Administration. | FHA loans typically offer lower rates for borrowers with less credit. | 8.01% |
VA Loans | A VA loan in Florida for eligible military members is backed by the Department of Veterans Affairs. | VA loans offer competitive rates due to government backing. | 6.24% |
USDA Loans | A USDA loan in Florida for rural borrowers is backed by the United States Department of Agriculture. | USDA loans can offer lower rates due to government loans aimed at rural development. | currently unavailable |
Jumbo Loans | A jumbo loan in Florida exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. | Rates for jumbo loans are higher due to the greater risk lenders take. | 6.67% |
MORTGAGE RATE STRUCTURES IN FLORIDA
Mortgage rates 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 December 2024, the average APR for a 30-year fixed rate in Florida is 6.34%. For a seven-year ARM, it's 7.15%.
Mortgage Lenders in Florida
New American, Lower and Better are solid mortgage lenders in Florida. They meet state-specific requirements, follow Better Business Bureau (BBB) standards and offer programs to assist homeowners. However, other lenders could also match your needs.
The mortgage rate you receive can vary depending on your chosen lender, as each offers different terms and rates. Compare offers from several mortgage lenders to secure the best deal.
- 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 variety of mortgage options, including conventional and FHA loans. You'll need a minimum credit score of 580 for an FHA loan. Conventional loans require a minimum down payment of 3%.
Customer service via phone and email is available from 8 a.m. to 9 p.m. CT on weekdays and 10 a.m. to 2 p.m. CT on Saturdays. Additionally, New American provides loan assistance solutions for homebuyers facing financial challenges.
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
- 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. The Buy Before You Sell program also 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
- 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 is an online-only mortgage option offering fixed-rate and adjustable-rate mortgages to suit different financial needs.
For borrowers with strong credit, jumbo loans require a minimum score of 700, while conventional loans require 620. FHA loans require a 580. Non-FHA loans generally start with a 3% down payment, potentially increasing to 5%. For FHA loans, a credit score of 580 or higher allows for a down payment as low as 3.5%.
Better offers 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 provides incentives like the Better Real Estate discount to make homeownership more affordable.
Pros
- No commission for loan officers
- Issues Rapid Commitment Letters
- Sunday customer support available
Cons
- No VA or USDA mortgage options
- Online presence only; no branches
- BBB rating: B+
Mortgage Programs in Florida
Homeownership has hidden costs that can impact your budget. You can turn to the Florida Housing Finance Corporation for mortgage programs that support your homebuying process.
Program | Description |
|---|---|
Homebuyer Loan Program | It offers 30-year fixed-rate loans through approved Florida lenders for first-time homebuyers. 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) | It 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 | It offers a $10,000 secondary loan at 3% interest, repayable over 15 years with monthly payments. This additional loan remains until you sell, refinance or leave the property. If you can handle the extra monthly costs, it complements Florida's competitive mortgage rates. |
HFA Preferred and HFA Advantage PLUS Second Mortgage | It offers a secondary loan of 3–5% of your primary loan amount, forgivable over five years at a rate of 20% per year when combined with Florida Housing’s first mortgage products. This means you could have your second mortgage forgiven after five years, benefiting from 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 answered your pressing questions about mortgage rates in Florida.
What are the current mortgage rates in Florida?
Current average APRs in Florida as of December 2024 vary based on loan type and other factors: for a seven-year ARM, the rate is 7.15%, while a 30-year fixed is 6.34%.
How do mortgage rates in Florida compare to national rates?
Florida's current average APRs for a five-year adjustable-rate mortgage and a 15-year fixed-rate mortgage are 7.23% and 5.83%, respectively, as of December 2024. These rates are competitive when compared to national averages of 7.79% for the five-year ARM and 6.12% for the 15-year fixed rate.
How does my credit score impact the mortgage rates I get in Florida?
Your credit score is a critical factor in determining the low mortgage rates you can qualify for in Florida. A higher score can lead to more favorable rates.
Are there any special mortgage programs in Florida to help homebuyers?
Yes, there are special mortgage programs in Florida, such as the Homebuyer Loan Program, FL Assist and The Florida Homeownership Loan Program Second Mortgage.
How can I get the best possible mortgage rate in Florida?
To get the best possible mortgage rate in Florida, consider a larger down payment, maintain a strong credit score and shop around to compare offers from multiple lenders.
What are today's mortgage refinance rates in Florida?
Today's refinance rates in Florida for 15-year and 30-year fixed are 5.98% and 6.57%, respectively, as of December 2024.
How do I calculate my mortgage payments?
A mortgage calculator for Florida can help you calculate your mortgage payments. It can estimate your monthly payments based on loan terms, interest rates and other factors.
Mortgage
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Florida Housing Finance Corporation. "Florida Housing Finance Corporation." Accessed December 13, 2024.
- Florida Housing Finance Corporation. "Homebuyer Programs." Accessed December 13, 2024.