Florida Mortgage Rates

Compare Florida mortgage rates and choose the best option for your needs.

By Myfin Team
Updated May 30, 2023
Loan Type
State
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Purchase Price
$
Down payment
$
%
Loan term
  • 10-Year Fixed
  • 15-Year Fixed
  • 20-Year Fixed
  • 30-Year Fixed
  • 40-Year Fixed
  • 1-Year ARM
  • 3-Year ARM
  • 5-Year ARM
  • 7-Year ARM
  • 10-Year ARM
  • 3-Year ARM I/O
  • 5-Year ARM I/O
  • 7-Year ARM I/O
  • I/O = Interest only
Credit score
  • 740-850
  • 720-739
  • 700-719
  • 680-699
  • 660-679
  • 640-659
  • 620-639
  • 350-620
EMPTY
More options
Points
  • Up to 3
  • 0
  • 0-1
  • 1-2
Property type
  • Single Family
  • Condo (Less than 4 stores)
  • Condo (More than 4 stores)
  • 41 - 2 units
  • 42 - 3 units
  • 43 - 4 units
Property use type
  • Primary Residence
  • Second Home
  • Investment
EMPTY
EMPTY
Showing 11 mortgages
NMLS#2890
APR
6.558%
Payment
$2,023/mo
Rate
6.500%
Fees
$1,945
Includes 0.297 Points ($950)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#1039147
APR
6.375%
Payment
$1,997/mo
Rate
6.375%
Fees
$0
Includes 0 Points ($0)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#1429243
APR
6.875%
Payment
$2,103/mo
Rate
6.875%
Fees
($429)
Includes 0.134 Points (($429))
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#246585
APR
6.269%
Payment
$1,971/mo
Rate
6.250%
Fees
$640
Includes 0.2 Points ($640)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#3030
APR
7.415%
Payment
$2,211/mo
Rate
7.375%
Fees
$1,250
Includes 0 Points ($0)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#1907
APR
7.375%
Payment
$2,183/mo
Rate
7.250%
Fees
$4,000
Includes 0.25 Points ($800)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#184303
APR
6.874%
Payment
$2,102/mo
Rate
6.874%
Fees
$0
Includes 0 Points ($0)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#169748
APR
6.661%
Payment
$2,049/mo
Rate
6.625%
Fees
$1,205
Includes 0.125 Points ($400)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#2926
APR
6.811%
Payment
$2,076/mo
Rate
6.750%
Fees
$2,003
Includes 0.189 Points ($605)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#401822
APR
6.189%
Payment
$1,945/mo
Rate
6.125%
Fees
$2,195
Includes 0.375 Points ($1,200)
Details
30-Year Fixed;
Purchase
On partner's site
Get details
NMLS#1168
  • Certified Pre-Approval Process
  • Customized Rate Quotes, no SSN or Hard Credit Pull
  • 24 x 7 Online Customer Portal Access
On partner's site
Get details
Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. More information on rates and product details.
For example, if you apply for a 15-year $400,000 mortgage with an interest rate of 6.15% and a down payment of 10% you would receive $360,000 and make 180 payments of $3,067.14. The total amount paid would be $552,084.

Today's Mortgage Rates Trends in Florida

Mortgage in Florida

The U.S. estate market has been actively growing in recent years, and now most homes are purchased using mortgage loans (use our mortgage calculator to estimate your future expenses). In particular, Florida is among the top states taking the most home loans. This article answers some frequently asked questions concerning mortgage loans in Florida. Moreover, several top lenders operating in the state territory are also highlighted.

Best mortgage lenders in Florida

PenFed Credit Union

Pentagon Federal Credit Union was established in 1935 and has historically specialized in serving members of the armed forces. These days, however, its doors stand open for everybody.

The minimum satisfactory credit score is ‘typically’ 650, according to the PenFed’s website.

The APR amounts to 5.596% for a conventional 15-year, 6.078% for a 20-year, and 6.548% for a 30-year mortgage (given a 700 - 739 credit score and 20% prepayment).

Pros: Cons:
No lender fees. This may save you a fair amount of money during the closing stage. No USDA loans. USDA offers federal insurance for mortgages in rural areas with excellent rates, minimal down payment, and a low entry barrier.
Allows calculating rates instantly. Other lenders may require you to jump through hoops before letting you know what to expect. You must be a member of the union in order to apply for a mortgage. Nowadays this is merely an annoyance – all it takes to become a member is to fill out an online form and deposit $5 into a savings account.

Anchor Home Mortgage

Anchor Home Mortgage is not actually a lender in the conventional sense of the word, but rather a broker that connects various lenders with borrowers. Accordingly, there is no single figure for its credit rates. It operates exclusively in Florida and Georgia. The partner network encompasses over 50 banks and mortgage companies. The required credit score for borrowers seeking conventional loans is 620. This broker’s good business practices have earned it an A+ rating from BBB.

Pros: Cons:
Aggregates many different programs. This is easier than negotiating with dozens of lenders on your own. Broker fee. Anchor Home Mortgage charges a flat underwriting fee, typically $1,050.
Relatively fast mortgage closing (in most cases, you can close up to within 30 days). Unpredictable rates. The website does not advertise the partners’ current rates.

Gateway Capital Mortgage

Gateway Capital Mortgage is another mortgage lender that works in several states. Its website promises extremely lucrative rates: 4.902% for a 15-year mortgage, 5.578% for 20 years, and 5.594% for a 30-year one. It doesn’t detail all the assumptions that go into this calculation, though. The minimum credit score is 620 and the floor for the down payment is 5%. The company was started in 2005 and boasts an A+ rating from BBB.

Pros: Cons:
Advertises very low rates. Information on fees charged is untransparent.
Tempting offers for first-time home buyers.

Rocket Mortgage

Rocket Mortgage is the top consumer lender in Florida and across the United States. Also known as Quicken Loans, it offers a variety of programs, among them conventional fixed-rate 30-year mortgages under a 7.199% APR, variable rates, FHA, and VA loans. The required credit score is the usual 620.

Pros: Cons:
Tried and tested. Being the most popular lender comes with an inherent advantage in the form of an abundance of guides, advice, reviews, and similar information. All your questions have probably been answered online, and all potential problems encountered by someone else. High mortgage rates. In general, Rocket Mortgage promises worse APRs than any of the other lenders reviewed here.
Adjustable-rate mortgage loans are available. Starting from a low APR, you can benefit from paying off earlier. No USDA loans.

Average Mortgage Rate in Florida from 1978 to 2018

The chart shows average conventional mortgage 30-Year Fixed Rates in Florida.

Source: Federal Housing Finance Agency Monthly Interest Rate Survey

Information about the Housing Market and Real Estate Prices in Florida

Criteria Amount, $
The median home value in Florida $326,621
The income required to buy the median priced home in Florida $53,516
The monthly mortgage payment required to buy the median priced home in Florida $1,239
The median household income for Florida $64,115

What factors should be considered when selecting a lender for a mortgage?

A number of factors should guide your decision when choosing a lender. The foremost of these is the APR, whose value subsumes the interest rate, as well as annual fees. The APR can be fixed at the time of closure or reflect the market rate during the lifetime of the loan. The second option is typically cheaper at first, but at the same time riskier. There are also other fees to consider, paid during the mortgage closing. These inflate the closing costs, which can end up amounting to a good portion of the loan amount.

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Different lenders also have different requirements for their clients. Your credit score, income, history of bankruptcy, and other characteristics will be considered. To ensure your reception of the loan, you should first complete pre-qualification, which is a condition for pre-approval.

If you don’t own a residence or are low on money, you should check if you are eligible for one of the special programs, more on which below. You may also qualify for down payment assistance in the form of a second mortgage.

Who is the top mortgage Lender in Florida?

With $22.4 billion in volume, Rocket Mortgage comes out on top when it comes to the big players. This is not surprising, given the fact that it is also the biggest consumer lender in the United States. Other strong contenders are, with increasing distance, UWM, Wells Fargo, Pennymac, and Chase. Together they account for more than 1/4 of all mortgages issued in FL.

Florida first-time homebuyer programs

Those who qualify as first-time homebuyers may find government-backed mortgage plans more attractive than conventional ones. They come in several kinds, not all of which are restricted to first-timers.

First, there are the FHA- and USDA-insured loans. These federal agencies insure loans that are made available under special, relaxed conditions. Thus, credit scores as low as 500 are permitted, and the down payment ranges from none at all in case of USDA to 3.5% (or 10% for credit scores below 580) for FHA. This is much lower than normal. In exchange, however, you have to pay the insurance premium, which increases the APR. USDA-backed mortgages are restricted to rural areas; additionally, the borrowers must fall into a low to average income category. FHA is more permissive.

Former servicemen have another option available to them in the form of loans insured by the Department of Veteran Affairs.

Then we have the state-level HFA program. It requires the borrower to be a first-time buyer and also sets an upper limit on income and purchase price. The threshold varies depending from county to county. In most of them, the property value cannot exceed $420,680, but it raises accordingly in the more expensive areas. Unlike federal-ensured loans, offered by virtually all lenders, HFA plans are only made available through a network of accredited partners.

All of the above are 30-year fixed-rate mortgages. If you need more flexibility, you may be better served by conventional (or even non-qualified) offers.

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It should be noted that the relevant definition of a first-time homebuyer is somewhat counterintuitive. It includes everyone who has not owned their place of residence for the last three years. Other properties explicitly do not count.

How do I get pre-approved for a house in FL?

You are not going to be taken seriously by home sellers unless you get the mortgage pre-approval. The pre-approval is valid within a certain period of time (usually for 60 days) and serves as a confirmation of the potential borrower’s solvency.

At the pre-approval stage, the lender evaluates the potential borrower's reliability to make mortgage payments by looking at their credit score, proof of employment and income, etc.

In order to receive pre-approval, you need to show your lender that your self-presentation matches reality. You must provide a complete standardized 1003 form (URLA) and attach up-to-date payment stubs, account statements, W-2, tax returns, or other tangible proof of your income. You can do this for any number of lenders.

What do I need to qualify for a mortgage in Florida?

The first requirement concerns your credit score. Typically, 620 is the bare minimum accepted, although it can be higher depending on the lender. Another is a debt-to-income ratio that cannot exceed a certain point, normally 43% (in the best case, for conforming mortgages, it can be as high as 50%). You will also need to provide proof of your income and ability to put up the down payment. The documentation involved will likely include employment information, tax statements, pay stubs, credit reports, as well as proof of identity, and similar. Refer to your lender of choice for more precise conditions.

FAQ

What is the maximum mortgage duration in FL?

For a qualified mortgage that can be sold to government-sponsored enterprises, the maximum term length is set at 30 years nationwide. Unqualified mortgages may have longer terms. Expect higher rates, though, because these are riskier for the lender. One company that grants 40-year mortgages in Florida is Newfi.

What is the mortgage rate right now in Florida?

At the time of writing, the average mortgage rate in Florida is 6.65% for a fixed-rate 30-year, resp. 5.97% for a 15-year loan. Note that your actual rate will be slightly different from this number, depending on your credit history, property value, etc.