If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 5.750% 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 July 6 and are from the Consumer Financial Protection Bureau (CFPB) website.
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 | 6.750% | 6.688% | 6.500% | 6.500% |
| 640-659 | 6.438% | 6.375% | 6.250% | 6.250% |
| 660-679 | 6.125% | 6.125% | 6.125% | 6.125% |
| 680-699 | 5.875% | 5.813% | 5.875% | 5.875% |
| 700-719 | 5.750% | 5.750% | 5.750% | 5.750% |
| 720-739 | 5.500% | 5.500% | 5.500% | 5.500% |
| 740-759 | 5.500% | 5.500% | 5.500% | 5.500% |
| 760-779 | 5.500% | 5.500% | 5.500% | 5.500% |
| 780-799 | 5.500% | 5.500% | 5.500% | 5.500% |
| 800+ | 5.500% | 5.500% | 5.500% | 5.500% |
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. Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
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.
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 | 4.750% | 4.750% | 4.750% | 4.750% |
| 30-year conventional | 5.750% | 5.750% | 5.750% | 5.750% |
| 15-year FHA | 5.000% | 5.000% | Not eligible | Not eligible |
| 30-year FHA | 5.500% | 5.500% | Not eligible | Not eligible |
| 15-year VA | 5.000% | 5.000% | 5.000% | 5.000% |
| 30-year VA | 5.500% | 5.375% | 5.500% | 5.438% |
Aside from a good borrowing profile, there are a few more things you can do to get a good mortgage rate in Florida.
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.
If you’re planning a move and Florida’s on your “maybe” list, consider the following facts while you shop around for a mortgage:
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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