Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
Mortgage rates in Florida
They’ve been slightly higher than the national average since 1999.
Mortgage rates during the coronavirus
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
Rates in the Sunshine State average 4.886% for a 30-year conventional loan, while government-insured loans average 4.740%. And interest rates are expected to hover around 4% in the coming year.
How much do Florida rates vary by loan?
Average Florida rates for 30-year mortgages range a bit from 4.606% to 4.886% in 2018. Lenders weigh several variables when calculating interest rates, including your loan term and type.
2018 average rates in Florida by loan type
|Loan type||15-year average rate||30-year average rate|
Based on data from ffiec.cfpb.gov.
For example, a $205,000 conventional loan with a 30-year loan term has an average rate of 4.886%. That may translate to a monthly mortgage payment of $1,086, excluding taxes, fees and other costs specific to your loan. If you opted for a shorter 15-year loan term, your mortgage payment might jump to $1,553, but you could get a lower interest rate of 4.362%. That translates to a potential savings of $111,361 in interest payments over the life of the loan.
Which way are rates trending in Florida?
Florida rates may hopscotch around the 4% mark and stay there in 2020. Mortgage rates in Florida tend to come in a hair higher than the national average, especially since 1999. Housing agencies nationwide, such as the Mortgage Bankers Association and Wells Fargo, predict 30-year rates to remain in the high 3% range, with predictions as high as 3.9%. If Florida keeps up its pattern, its rates should perform slightly higher than the national average and hover around the 4% mark.
Compare mortgage rates throughout Florida
Mortgage rates depend on where you own a home in Florida. It’s a diverse state, and each city and community has its own varying home prices.
We used data from the Home Mortgage Disclosure Act to figure out what the average 30-year fixed rate mortgage might run you in metropolitan areas throughout Florida. The estimated monthly cost does not account for taxes, fees, home insurance or other costs specific to your mortgage.
|Metropolitan statistical area (MSA)||Average mortgage rate||Median loan amount||Estimated monthly cost|
|Cape Coral-Fort Myers||4.849%||$205,000||$1,080|
|Crestview-Fort Walton Beach-Destin||4.604%||$245,000||$1,260|
|Deltona-Daytona Beach-Ormond Beach||4.888%||$185,000||$980|
|Miami MSA (Broward County, FL)||4.898%||$265,000||$1,410|
|Miami MSA (Miami-Dade County, FL)||4.981%||$275,000||$1,470|
|Palm Bay MSA (Brevard County, FL)||4.843%||$195,000||$1,030|
|Port St. Lucie||4.869%||$205,000||$1,080|
|Miami MSA (Palm Beach County, FL)||4.839%||$255,000||$1,340|
Based on data from ffiec.cfpb.gov
How to get the best mortgage rate in Florida
Aside from a good borrowing profile, there are a few more things you can do to get a good mortgage rate in Florida.
- Find the right loan product. Lenders offer different loan programs, which come with a specific interest rate. Find out what types of loans you qualify for with the most competitive rate.
- Compare interest rates. Your mortgage rate for the same loan program may vary from lender to lender. Shop around to see if you can get a better offer.
- Calculate closing costs. Some lenders may offer a lower rate, but charge higher closing costs and vice versa. In Florida, closing costs can range from 1.86% to 2.79% in Florida. Compare each lender’s closing costs and interest rates to make an informed decision.
Historical mortgage interest rates in Florida
Florida’s mortgage rates have come in slightly higher than the national average for many years, and housing authorities predict that rates will stay around the same 4% level. Compare loan programs and lenders to find one that best fits your homeownership goals.
Frequently asked questions
Ask an Expert