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Florida Mortgage Rates
When it comes to buying or refinancing a home in Florida, there hasn’t been a better time to make your move on financing. As is the case with the rest of the nation, Florida mortgage rates have been at historic lows throughout 2020, due, in part, to the economic damage caused by the pandemic.
The pandemic has caused financial issues for tons of Americans, but it has also worked in buyers’ favor when it comes to mortgage rates. Residents of the sunshine state enjoy interest rates that are below the national average, and home prices in Florida are relatively average compared to the rest of the country.
How much a mortgage costs you in Florida can vary quite a bit depending on where you live, though, so you’ll need to do your homework before making any decisions on your loan or lender. Mortgage rates have reached historic lows nationwide in 2020, and Florida has been no exception. In fact, rates in Florida are lower than the national average. After a few small spikes earlier in the fall, Florida’s rates have fallen once again.
In the first week of December, Florida’s mortgage rates fell from 2.92% to 2.88% for a 30-year fixed-rate mortgage. When it comes to 15-year fixed-rate mortgages, rates are even lower at an average of 2.38%. Florida buyers have many types of mortgages to choose from, with the rates on adjustable-rate mortgages, jumbo mortgages and refinance loans ranging from 2.92% to 2.97% currently.
Keep in mind that the rate you’re eligible for doesn’t just depend on the state in which you live. Your credit score, income, assets and down payment will also be determining factors. In general, you can expect that more creditworthy borrowers will get the lowest interest rates.
Mortgage Rates in Florida
The mortgage interest rate table below is updated daily to reflect the most current mortgage rates available in the market. According to Bankrate’s latest survey of the nation’s largest mortgage lenders, these are the current average rates for a 30-year fixed, 15-year fixed, FHA and VA mortgage rates.
|Product||Rate||Rate Last Week|
|30-Year Fixed Rate||3.200%||3.210%|
|20-Year Fixed Rate||3.070%||3.070%|
|15-Year Fixed Rate||2.470%||2.490%|
|10-Year Fixed Rate||2.380%||2.410%|
|30-Year FHA Rate||2.920%||2.870%|
|30-Year VA Rate||2.740%||2.830%|
Rates data based on Tallahassee, Florida as of 4/6/2021
Florida mortgage rates overview
Florida’s housing prices are about as average as they come. According to a recent Zillow study, Florida is ranked 25th in the nation for its housing prices. The median home price is $245,169.
That being said, three Florida cities — Delray Beach, Sarasota, and West Palm beach — fall on RedFin’s list of the metro areas with the fastest-growing sales prices. The decent housing prices and below-average rates make Florida a fantastic place to buy a house.
Florida buyers also have plenty of different types of mortgages to choose from. Buyers can opt for conventional mortgages, such as the 30- and 15-year fixed- or adjustable-rate mortgages. There are also government-backed loans for buyers with unique circumstances.
The mortgage options in Florida include:
- FHA loan: FHA loans are geared toward first-time and lower-income buyers but they aren’t limited to these types of buyers. Low- to moderate-income borrowers can get a low down payment mortgage with lower-than-average credit scores by opting for this type of loan.
- VA loan: Current and former military members can get a no-down payment loan from the U.S. Department of Veterans Affairs. These loans are called VA loans and they’re limited to qualified military members.
- USDA loan: Floridians living in rural areas may be eligible for a mortgage the U.S. Department of Agriculture backs. These loans have less stringent requirements and are limited to certain areas and types of buyers.
- Florida Housing Finance Corporation loan: This state organization offers a first-time homebuyer program if buyers qualify with a participating lender.
Mortgage Rates Trends
In this graph: On , the APR was for the 30-year fixed rate, for the 15-year fixed rate, and for the 5/1 adjustable-rate mortgage rate. These rates are updated almost every day based on Bankrate’s national survey of mortgage lenders.Toggle between the three rates on the graph and compare today’s rates to what they looked like in the past days.
First time home buyer programs in the state of Florida
The Florida Housing Finance Corporation offers 30-year fixed-rate mortgages to first-time homebuyers in the state as long as they borrow from a participating lender. Borrowers must meet certain income and purchase price limits and complete a homebuyer education class.
The organization also offers a down payment assistance grant which offers eligible borrowers up to $7,500 in the form of a loan. The loan comes with an interest rate of 0% and deferred repayment, but it can’t be forgiven like it can in some other states.
Most and least expensive places to live in Florida
Least expensive places to buy real estate in Florida
- Ocala, FL: Ocala has an average home price of $126,300, which is much lower than areas like Miami.
- Pensacola, FL: Pensacola has an average home price of $132,100.
- Jacksonville, FL: Jacksonville is another affordable area in Florida, with an average home price of $152,300
- Gainesville, FL: The typical home price in Gainesville is $163,500, an affordable price point for Florida.
- Kissimmee, FL: In Kissimmee, the typical home price averages about $166,200.
Most expensive places to buy real estate in Florida
- Naples, FL: One of the more expensive areas to buy a home in, Naples has an average home price of $329,100.
- Boca Raton, FL: If you want to buy in Boca Raton, you’ll have to cough up an average of $320,300 for a home.
- Miami, FL: In Miami, the average home price of $300,500 is much higher than a lot of the state.
- Fort Lauderdale, FL: Fort Lauderdale’s average home price of $287,400 makes it a more expensive area than most of Florida.
- Sarasota, FL: In Sarasota, the average home price is about $273,000.
Florida mortgage rates compared to the national average
The median home price in Florida varies significantly across the state depending on where you go. While the state’s home prices are average when compared to the rest of the nation, it’s a bit of a facade. As with other states, Florida has very high prices in some cities and very low prices in others. The median home price in the most expensive city is nearly 20 times higher than the most affordable.
Florida mortgages are made even more affordable by the state’s competitive interest rates. While mortgage rates are low nationwide right now, they are below average in Florida. Homebuyers in the state can enjoy mortgage rates as low as 2.88% for a 30-year fixed-rate loan. You can save even more by opting for a 15-year home loan.
Already own a home and want to refinance?
Florida’s impressively low interest rates aren’t just available to new homebuyers. If you own a home in Florida and want to take advantage of the historic low rates, you can do so by refinancing.
Mortgage refinance rates are typically slightly higher than conventional mortgage rates, but the refi rates are still likely lower than most homeowners would have gotten a year ago. Florida homeowners can opt for a regular refinance or consider a cash-out refinance, which allows them to borrow more than they currently owe and take some of it home in cash.