Mortgage and Refinance Rates in Florida

Use our comparison table to compare refinance and mortgage rates in Florida

triangle with all three sides equal

Mortgage and Refinance Rates in Florida


The Florida housing market in 2021 promises to change with the coronavirus pandemic impacting not only how we live but where we live, and that has affected some of the usual trends in local housing markets.

Many more people are working from home now and can live anywhere working remotely. So desirable climates like Florida are becoming more and more attractive.

Inventory of houses and condos are very low compared to 2019 levels. This results in property values increasing.

In Jan of 2021, the average 30-year-fixed rate was at an all-time low of 2.65%.

Some of the top cities in FL for real estate investments include Jacksonville, St. Petersburg, Orlando, Tampa, Tallahassee and Pensacola.

There's a lot of variety in Florida home loans and the mortgage interest rates and terms that come with them. Different borrowers will find that different home loans are best suited for them and their situation, and will come with different rates. For example:

  • A professional couple buying a condo in Miami
  • A first-time homebuyer in Jacksonville
  • An established homeowner refinancing his mortgage in Tampa
  • A successful business owner purchasing a high-end golf course home in Orlando
  • A veteran buying a home in Pensacola
  • A long-time resident seeking a home improvement loan in Tallahassee

Mortgage Rates in Florida

The State of Florida sees a yearly influx of both young and old people seeking to make the state their homes, and the reasons are not far-fetched. Florida is a beautiful state, popular for its beaches, sports culture, and warm weather. The government does not impose a state income tax on its residents and that is a big deal to many as well.

The cost of living in the Sunshine State is quite decent, except you go for one of the major cities, like Miami, and this reflects in the cost of housing too. There are areas where the cost of housing falls below the national average, so securing a convenient mortgage loan should not be so hard.

However, mortgage rates can be different, depending on the part of Florida that you’re looking to buy a home. If you prefer a major city, then you should be ready to pay higher mortgage rates, due to the cost of the houses there. Thankfully, there are mortgage loans that cover these different areas with reasonable rates for homebuyers too.

How to Get the Best Mortgage Rates in Florida

Because Florida is made up of diverse kinds of neighborhoods, it is not surprising that one would find different mortgage rates. However, more often than not, each borrower’s mortgage rates depend mostly on the borrower. Several factors influence what your mortgage rate would be; they include:

  • Your down payment
  • Your credit score
  • Your loan type
  • Your debt-to-income ratio

To get the best mortgage rates in Florida, add more to your down payment, improve your credit score, choose a suitable loan type, and reduce your debt-to-income ratio. Once you have done these, your chances of getting great rates improve considerably.

At the top of this page, the current mortgage rates in Florida are provided for you. You can also get personalized rate quotes from up to three lenders right here. You only have to fill the form provided, and you’ll be given these quotes promptly. When you compare the quotes provided, you can easily choose which one will benefit you the most and go for it.

Home Loan Program Options

FL banks, mortgage bankers, brokers, credit unions and lenders offer purchase and refinancing for conventional, jumbo, FHA, VA, Home Equity, HELOC and USDA loans. Which loan program fits your financing needs? Which type lender may be best suited to help you secure the lowest rates and quick processing for a fast closing?

For example, each of these borrowers and their situations may call for a different kind of loan, with different mortgage rates. Florida borrowers might choose the following options depending on their desired financing goals:

  • A professional couple may opt for a conventional Fannie Mae/Freddie Mac loan. For borrowers with good credit, these typically offer the lowest fees and best mortgage rates in Florida (For one-unit properties, the max conventional mortgage is $548,250 for 2021 in most counties). Jumbo mortgages start above this amount.
  • A first-time homebuyer with so-so credit and limited funds may choose a FHA loan. Florida borrowers often choose these when they're looking for less stringent credit or down payment requirements.
  • A homeowner who's refinancing may opt to go with a 15-year mortgage, allowing them to pay off their home faster. Shorter loans have lower refinance rates than longer ones do, so Florida homeowners can sometimes knock several years off their loan with little or no increase in monthly payments.
  • Someone purchasing a high-end property may need to go for a jumbo mortgage if the loan amount exceeds what they can finance with a conventional mortgage. Jumbo mortgage rates in Florida and elsewhere tend to run a bit higher than other loans, though.
  • Qualifying veterans and those currently serving in the military will find great deals with VA loans, which require no money down up to a generous limit. VA mortgage rates in Florida and elsewhere are competitive with conventional loans as well.

Types of Mortgage Loans in Florida

The mortgage system in Florida has been designed to accommodate borrowers with different financial capacities. Irrespective of the area where you choose to purchase a home, there is a mortgage plan that will suit you just right.

First-time Buyer Programs in Florida

The state of Florida recognizes the numerous challenges that first-time house buyers in the state may be faced with, especially as regards finances. This is why, in addition to federal homebuyer programs, the Florida Housing Finance Corporation (FHFC) supports Florida residents with helpful mortgage programs. They also provide advice and financial counseling to help these buyers make the right decisions.

The FHFC’s main first-time homebuyer programs include:

  • Florida HFA Preferred Conventional Loan - a 30-year fixed-rate mortgage plan that gives borrowers a cheaper insurance premium, thereby reducing monthly payments.
  • HFA Preferred Grant - a plan that lets borrowers use 3-4% of the house’s price as a down payment with closing assistance.
  • Salute Our Soldiers Military Loan Program - a plan that gives US military personnel 30-year mortgages with discounted rates.
  • Florida Mortgage Credit Certificate Program (MCC) - a program that lets first-time buyers claim 10-50% of their mortgage interest while they live in the home.

Other Mortgage Loan Types in Florida

Mortgage plans for other home buyers in Florida come with juicy benefits as well. They include:

  • Conventional Loans

Conventional loans are also referred to as Fannie Mae and Freddie Mac mortgage loans. They are common in the United States and Florida is not an exception.

Borrowers with a good credit score of 620 and 45% debt-to-income ratio or less stand a high chance of getting a Fannie/Freddie and it would suit them perfectly too. This is because it comes with one of the best mortgage rates in Florida, even though there are limits on how much can be borrowed.

There are fixed-rate and adjustable-rate conventional mortgage loans. The main difference between both is that with fixed-rate mortgages, you make the same monthly mortgage payments throughout the life of the loan. With adjustable-rate mortgages, the rate that you’ll pay depends mostly on market rates. Fixed-rate mortgages mostly come in 15-year and 30-year terms, but there are other options that you can choose from.

  • The Federal Housing Authority (FHA) Loans

FHA loans are popular among first-time lenders in Florida who are looking for the most relaxed requirements for a mortgage loan without compromising choices. The loans are not given by the government but they do have a role in making it as stress-free as possible for borrowers.

The requirements for an FHA loan include a 3.5% down payment, FICO score of not less than 580, and other such lenient criteria.

  • The Department of Veteran’s Affairs (VA) Loans

Members of the United States military service, who are either currently serving or have been honorably discharged, can get a VA loan in Florida. It is also possible for spouses of these military personnel to obtain the loan.

You don’t need a down payment or private mortgage insurance to access this loan. A funding fee of about 2-4% of the purchase price is required, though.

  • Jumbo Loans

Mortgage rates tend to vary from one county to another. That’s why areas where you’ll find high-value homes, like Miami or Pinecrest, come at expensive rates. If you’d like to get one of these homes, you may want to consider taking up a jumbo loan.

With a jumbo loan, you can borrow more than you would with conventional loans. The requirements, however, are more stringent than the more common loan types and in Florida, the mortgage rates are higher.

  • Home Equity and Home Equity Lines of Credit (HELOC)

Florida Home Equity Loans and HELOCs are for homeowners who have built equity with their homes. The loans are mostly used for home renovations or improvements, although they can be used for other expenses like college expenses or medical services.

A HELOC works like a credit card. Unlike a home equity loan where you can just borrow a single, large sum of money, a HELOC has a set credit limit. Thus, you can keep borrowing until you hit that limit, then pay back the amount you’ve borrowed with interest.

Here on this site, you can find out what your home equity loan or HELOC rates would look like based on your present condition. All you have to do is open the form at the top of this page, enter your information in the fields provided, and submit. When you do, you’ll see possible rates for you today. Knowing that will help you know the best way to prepare before you take the loan.

Refinance Rates in Florida

When mortgage rates become way lower than they usually are, that just might be the right time for you to refinance. There are many reasons why Florida homeowners choose to refinance and they all revolve around cutting down on spending and saving up as much as possible.

Just like home purchase rates, refinance rates in Florida tend to fluctuate too. If you want to see accurate, real-time stats on what the Florida refinance rates are, you’ll find them right here on this site. You can also use our refinance calculator to check how much you’ll be saving by refinancing and what your new rates would be.

Regardless of your situation or the type of loan you're looking for, to get the best mortgage rates in Florida you need to shop around. Florida mortgage rates not only vary based on the loan type and the borrower's profile, they also vary from lender to lender – sometimes, quite a bit (same with closing costs fees).

The table at the top of the page shows current Florida mortgage rates. Those are the average mortgage rates in Florida that borrowers are paying. You may pay more or less, but you shouldn't pay a lot more unless you have weak to poor credit.


  • Do the research.
  • Know the interest rates.
  • Define your goals.
  • Request multiple quotes.
  • Run the numbers.

As you work through the process, use the tools available on to save you time and money. The site's extensive mortgage-related content and interest rate information make research easy.

To find out what mortgage interest rates Florida lenders will offer you, call around to a number of lenders and ask what rate they would offer a borrower with your credit seeking the type and amount of loan you're interested in. They can then quote you a rate based on current mortgage rates in the area in Florida your home is located.

You can also use a rate request form such as the one at the top of this page to request personalized rate quotes from a number of lenders simultaneously – there are options for home purchase, refinance and home equity loans. That's one of the easiest ways to get personalized quotes and there's no commitment required – give it a try!

Additional Local Rates Pages

See Jacksonville Mortgage Rates.