Current Mortgage Rates in Florida

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Contributor, Benzinga
October 21, 2021
Loan TypeRateAPR
30-year fixed 6.204% 6.265%
15-year fixed 5.953% 6.093%
7/1 ARM (adjustable rate) N/A N/A
5/1 ARM (adjustable rate) 6.1% 7.516%
Rates based on an average home price of $245,169 and a down payment of 20%.
See more mortgage rates on Zillow

Ready to find the best mortgage rates in Florida? First, start by examining the best mortgage companies. Once you identify your mortgage goals, you’re ready to contact lenders and shop for the best rate available.

Best Mortgage Lenders in Florida for Rates

What is a Mortgage Rate?

Your lender sets an interest rate that you’ll pay along with your principal loan amount when you take out a loan. Your mortgage rate directly affects the amount of money you pay over the lifetime of your loan. You can request a purchase quote to start looking at mortgage rates and if you’re refinancing your home, you can request a refinance quote.  

What Factors Impact Your Mortgage Rate?

Mortgage rates fluctuate and can be impacted by several factors. Improve as many factors as you can so you can get the best mortgage rates possible. The major factors include:

  • Your credit score: One of the factors you can work on improving before you take out a mortgage is your credit score. Lenders use your credit score to predict how likely you’ll make your mortgage payments on time. Make timely monthly payments on current loans and try to keep your credit card balances as low as possible to improve your score.
  • Down payments: Another factor you can control is your down payment. Your down payment is the lump sum that you pay on your home when you get a mortgage. The more money you have saved up for your down payment, the less you have to borrow. Your mortgage rate takes the amount of money borrowed into consideration. Let’s say you want to receive a lower interest rate. Aim to pay 20% or more of your total home price as your down payment (and you’ll also avoid private mortgage insurance (PMI), which is insurance you pay to protect the lender in case you default on your loan).
  • Supply and demand: Our economy is based on supply and demand and your specific location is a factor. Let’s say you’re buying in an area that is doing well economically — there’s likely a higher demand for mortgages. Conversely, purchasing in an area during an economic downswing means you’ll likely receive a lower mortgage rate.
  • Mortgage type: There are different mortgage types offered for homebuyers, all with varying mortgage rates. Some government-backed loan options offer lower mortgage rates than a conventional loan. The mortgage type you prefer and qualify for depends on several personal factors, so be sure to take each type into consideration.
  • Mortgage term: Your mortgage term goes hand-in-hand with your mortgage type decision. The mortgage term is the amount of time you agree to repay your loan. Generally, the lower your mortgage term, the less your mortgage rate will be. Your mortgage term also dictates whether you have a fixed or adjustable interest rate. Fixed rates are set when you lock in your mortgage and adjustable rates are subject to fluctuation over your loan term. 

What is a Mortgage Type?

A mortgage type is what you select when you shop for a mortgage on your new home. Every mortgage type has different eligibility requirements.

  • Conventional: Conventional loans are the most accessible mortgage type for most homebuyers. These mortgages are not backed by the federal government. This means that there are fewer eligibility requirements and more flexible options.
  • FHA: These mortgages are part of a mortgage insurance program managed by the Federal Housing Administration. FHA mortgages are a good option if you are unable to pay a large down payment or if you have a low credit score. FHA loans allow for down payments as low as 3.5% and credit scores of 580 or above. Some lenders accept credit scores in the 500s if you can pay a 10% down payment. 
  • USDA: The U.S. Department of Agriculture offers a mortgage type if you plan to buy in a qualified rural area. You will need to have an adjusted household income equal to or less than 115% of the area’s median income and the home you purchase must also serve as your primary residence. 
  • VA: The U.S. Department of Veterans Affairs offers VA loans to benefit members of the military. You must serve as an active member of the military for 90–181 days, or for 6 years in the National Guard or Reserves. Military spouses may be eligible for this mortgage type if your spouse passed away as a result of his or her military service. VA mortgages allow you to finance 100% of your home purchase, so you won’t need to worry about a down payment. 

What is a Mortgage Term?

A mortgage term is the length of time that you will repay your loan. Mortgage terms can vary between lenders, so don’t hesitate to ask which options your lender offers and recommends.

  • 30-year fixed: A 30-year fixed mortgage is the most common mortgage term in America. This mortgage term offers monthly payments that don’t change throughout your entire repayment period. You also benefit from lower monthly payments compared to shorter mortgage terms. 
  • 15-year fixed: A 15-year fixed mortgage is nearly identical to the 30-year fixed mortgage. Your interest rate is set at the time you lock in your mortgage and you can expect predictable monthly payments. You can expect higher monthly payments and likely a lower interest rate by shortening your term to 15 years. The 15-year fixed mortgage term could save you money in the long run because it could allow you to repay your loan at a lower rate in less time. 
  • 5/1 ARM: A 5/1 adjustable-rate mortgage is a type of hybrid mortgage. This type offers a fixed-rate mortgage for the first 5 years of your repayment term. After your first 5 years, your interest rate will change once annually for the rest of your repayment term. You may also see similar hybrid mortgage terms — a 3/1, 7/1 and 10/1 ARM. 

Current Mortgage Rates in Florida

Mortgage rates are based on mortgage-backed securities, which fluctuate daily much like stocks on the stock market do. Fluctuations in mortgage rates are driven by the current market. For this reason, it’s important to monitor and lock in your mortgage rate when the time is right. Benzinga monitors these fluctuations and our current mortgage rate charts reflect the most recent data.

Loan TypeRateAPR
30-year fixed 6.204% 6.265%
15-year fixed 5.953% 6.093%
7/1 ARM (adjustable rate) N/A N/A
5/1 ARM (adjustable rate) 6.1% 7.516%
Rates based on an average home price of $245,169 and a down payment of 20%.
See more mortgage rates on Zillow

Calculating Interest in Florida

Your mortgage payment is put toward both your principal amount and the interest you have accrued per month. Your mortgage loan type and term will determine the interest calculation. Let’s say you have a fixed-rate mortgage. Your interest will be the same percentage of your total outstanding loan amount each month. The amount of interest you pay depends on the current interest rate if you have an adjustable-rate mortgage.

CityAverage Home ValueLoan TermCurrent RateDownpayment (20%)Monthly PaymentTotal Interest Paid
Tallahassee $182,90030-year fixed0%$36,580$0.00-$146,320.00
Orlando $243,20030-year fixed6.492%$48,640$1,228.73$247,782.80
Miami $336,20030-year fixed6.492%$67,240$1,698.60$342,536.00
Tampa $220,10030-year fixed6.492%$44,020$1,112.02$224,247.20
See more mortgage rates on Zillow

Lender Credit Score Minimums in Florida

Your credit score is the number that represents your ability to manage money. Lenders use your credit score to determine your ability to repay your loan on time. Lenders may determine your credit score to be too low and deny your mortgage application.

LenderMinimum Credit Score Required
Rocket Mortgage®620
Chase620
SunTrust Bank620
Bank of America620
Ally620

How to Find Your Rate

Now you’re ready to move forward and find the best mortgage rate in Florida. Click 'See Rate' and go to our recommended lenders and compare them to select the right mortgage types and terms for you. 

Get Ready for Take Off

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