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Mortgage rates in Florida

Interest rates on a 30-year $300,000 conventional mortgage start at around 3.500%

If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.625% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Florida home will depend on several factors, including your credit score, loan amount and lender.

Rates were last checked on January 10 and are from the Consumer Financial Protection Bureau (CFPB) website.

Your credit score affects the rate you’ll get

People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Florida by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).

Credit score $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
620-639 4.125% 4.125% 4.125% 4.125%
640-659 4.063% 4.000% 4.000% 4.000%
660-679 3.875% 3.875% 3.875% 3.875%
680-699 3.688% 3.625% 3.625% 3.625%
700-719 3.625% 3.625% 3.625% 3.625%
720-739 3.500% 3.500% 3.500% 3.500%
740-759 3.500% 3.500% 3.375% 3.375%
760-779 3.500% 3.500% 3.375% 3.375%
780-799 3.500% 3.500% 3.375% 3.375%
800+ 3.500% 3.500% 3.375% 3.375%

*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage

Interest rates vary by lender

Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.

Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Streamline your mortgage from quote to final payment — all from your computer or phone.
(NMLS #1168)
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
Veterans United stands out from other lenders for its focus on serving the military community.
(NMLS #330511)
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
Online preapproval in minutes and no origination fees with this direct lender.

Compare up to 4 providers

Interest rates also vary by loan type

The type of loan you get can also affect how much you pay for your Florida home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.

Loan type $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
15-year conventional 2.688% 2.625% 2.625% 2.625%
30-year conventional 3.625% 3.625% 3.625% 3.625%
15-year FHA 3.188% 3.000% Not eligible Not eligible
30-year FHA 3.438% 3.500% Not eligible Not eligible
15-year VA 3.188% 3.000% 2.938% 2.938%
30-year VA 3.500% 3.500% 3.500% 3.500%

*Based on a 10% down payment, fixed interest rate and 710 credit score

Research ahead of time to get the best rates

Aside from a good borrowing profile, there are a few more things you can do to get a good mortgage rate in Florida.

  1. 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.
  2. 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.
  3. Calculate closing costs. Some lenders may offer a lower rate, but charge higher closing costs and vice versa. In Florida, closing costs can vary from 1.86% to 2.79% in Florida. Compare each lender’s closing costs and interest rates to make an informed decision.

Home values in Florida are forecast to increase

Florida’s home values are already breaking records in 2021, and according to Zillow, that trend is forecast to continue in all but one city. Homeowners in Fort Myers will see the biggest jump, with a projected 19.6% increase in value, followed closely by Tampa, whose already-inflated property values may increase by over 18%. Only the rural, small town of Okeechobee will see home values fall by a projected 13.6%.

A market like Florida’s can sometimes mean having to compete against several buyers for a property, including investors who may have deeper pockets than yours. But if Zillow’s projections come to pass, waiting to buy may end up with you paying more for your dream home.

5 fast facts about the Florida housing market

If you’re planning a move and Florida’s on your “maybe” list, consider the following facts while you shop around for a mortgage:

  1. Florida’s housing market is booming. Home purchasers are breaking records in Florida, with demand for homes rising almost 17% more than pre-Covid years.
  2. Florida real estate is overvalued. Some experts are warning first-time buyers to hold off until the market stabilizes, as the demand has driven up prices, causing Florida homes to be overvalued by an average of 20% — and in some cities, such as Tampa — over 30%.
  3. All-cash purchases are on the rise. Real estate professionals are seeing a jump in the number of all-cash sales. For example, in June 2021, 31% of single-family home sales were all-cash purchases. This may have two causes. First, a majority of homes sold were million-dollar properties, which tend to be paid for in cash. And second, investors are buying up lower-value homes while values are increasing.
  4. Florida’s property taxes are lower than the national average. Property taxes vary by county, but the state averages a .98% rate, which is .10% lower than the US national average of 1.08%.
  5. Florida Housing offers a First-Time Homebuyer Program (FTHP). First-time borrowers can get a 30-year fixed-rate home loan to qualifying buyers who are willing to complete a homebuyer education class. And the state-run agency also offers a second mortgage program to help finance a down payment and closing costs.

Bottom line

Mortgage rates in Florida vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.

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