Compare Florida (FL) Mortgage and Refinance Rates Today

• Rate-and-term refinance rates in Florida have held fairly steady in 2025, ranging from 6.7% at their lowest to 7.29% at their highest.
• Cash-out refinance rates are usually higher than comparable rate-and-term refinance rates, but lower than second mortgages like home equity loans and lines of credit. But, keep in mind that the exact rates you’ll see depend on your lender, credit score, available home equity and market conditions.

The number of 30-year fixed-rate mortgage refinances offered to Florida-based users of the LendingTree marketplace jumped by 55% from September 2023 to September 2024. This rise occurred alongside a significant drop in mortgage rates, driven by slowing inflation and a Federal Reserve rate cut. In 2024, borrowers got:

→ Lower rates. The annual percentage rates (APRs) on mortgage refinance offers fell by 19%.
→ Lower monthly payments. The average monthly payment on offered refinance loans decreased by $100, even though average loan amounts increased by $22,800.

The current national mortgage rate forecast suggests rates will remain elevated compared to their pre-pandemic levels. The Federal Reserve isn’t likely to make as many cuts this year as it did in 2024, which will give rates less reason to fall as we progress through the year.

• Worst-case scenario: Rates rise well above 7%, pushed up by inflation and/or a move by President Donald Trump to end Fannie Mae and Freddie Mac’s government conservatorships.
• Best-case scenario: Rates drop below 6% in response to cooling inflation and fewer tariffs than expected.

While many Americans are worried about an imminent housing market crash, LendingTree experts believe it’s very unlikely to happen. In part, that’s because signs of real trouble, like high mortgage delinquency rates and foreclosure rates, just aren’t there — and that’s a great thing.

 Get more details on what to expect from the housing market and economy in 2025.

What are current mortgage predictions in Florida?

Florida’s high vacancy rates, paired with high home prices, aren’t surprising — they are typical of areas with beautiful beaches and high vacation appeal. If national mortgage rates remain high, as predicted, Florida single-family home sales are likely to remain flat.

At any given time, about 13% of homes in Miami, for example, stand vacant. Only one other metro area in the U.S. — New Orleans — has a higher vacancy rate at nearly 15%. This trend is largely because vacation rentals and homes often aren’t used in the off-season, and it doesn’t signal a struggling housing market.

Meanwhile, people moving to Florida from out of state continue to fuel a trend of wealthy buyers pushing up home prices. For example, new arrivals to Miami-Dade County in 2024 enjoyed incomes 79% higher on average than the incomes of existing households in the county, according to the Miami Association of Realtors. Higher home prices combined with high interest rates don’t bode well for increased affordability any time soon.

Source: LendingTree mortgage rates study and LendingTree offers data

Florida VA loan statistics (2024)

Floridians took out more VA loans in 2024 than any other state’s residents except Texas. Florida is home to a large community of active-duty service members spread across 19 military bases, as well as more than 1.5 million veterans.

Homebuyer trends in Florida

• Home prices: The median home price sits between $150,000 and $300,000 in the majority (55%) of Florida’s counties.
• Mortgage rates: To get a better deal than the national average, Floridians need at least a 660 credit score. Floridians with lower credit scores often pay rates that are up to 0.71 percentage points higher than the national average mortgage rate.
• Homeowners insurance: Floridians pay the most expensive home insurance premiums in the nation — around $361 per month on average.

Don’t know your credit score? Get your free score on LendingTree Spring today.

1. Improve your credit. The best mortgage rates are typically reserved for buyers with at least a 780 credit score. But, even if an “excellent” credit rating is out of reach, every point you improve on your score can help you secure a better interest rate. The average credit score of Florida homebuyers was 715 in 2024, according to LendingTree data.
2. Optimize your down payment. Increasing your down payment amount can earn you a lower monthly payment, but the same isn’t true for interest rates — in some cases, choosing to make a smaller down payment can actually unlock a slightly lower interest rate. That said, you’ll need to balance those savings against any increase in private mortgage insurance (PMI) costs associated with making that smaller down payment.  The median down payment in Florida was $64,000 as of December 2024.
3. Lower your DTI. Your debt-to-income (DTI) ratio represents how heavy your debt load is, which is one measure of how likely you are to default on a loan. Most conventional lenders limit you to a 50% DTI, but you can earn a lower interest rate and save on your closing costs by keeping the ratio below 40%. Americans pay an average of $1,597 toward their debts each month, according to a LendingTree survey, with Floridians paying an average of $304 per month toward credit card debt.
4. Comparison shop. Shopping with three to five lenders can save you a great deal of money. Florida buyers in particular could save $231 monthly and $83,040 over a 30-year loan term, according to LendingTree data

Remember: While a low interest rate is important, you have to balance several factors when choosing a lender and applying for loans. Your financial situation and life plans — like an impending move or the need to close quickly — should factor heavily into your decisions about how much house you can afford, how much money to put down, whether to pay for mortgage points and other loan details.

Florida first-time homebuyer programs

• Florida Homeownership Loan ProgramThe Florida Homeownership Loan Program offers a second mortgage with up to $10,000 in down payment assistance. The 15-year loan has a 3% interest rate and requires monthly payments of $69.06. After 15 years, any unpaid balance is deferred — unless the home is sold, refinanced or no longer the owner’s primary residence.
   Best for: Homebuyers who can afford a second mortgage payment and don’t qualify for a deferred or forgivable loan.
• Hometown HeroesThe Florida Hometown Heroes program offers affordable mortgages and down payment assistance to eligible community workers — including child care employees, firefighters, teachers, police and active military or veterans — who work full-time in Florida.
   Best for: Frontline workers and veterans who need significant help with a down payment and closing costs.
• Florida AssistThe Florida Assist down payment assistance program offers up to $10,000 that can be used with conventional or government-backed loans. It’s a deferred second mortgage with 0% interest, meaning you’ll technically have a second loan secured by your home. However, you won’t have any required monthly payments.That said, you’ll have to repay the loan in full if the home is sold or refinanced, or if the second mortgage reaches the end of its loan term.
   Best for: Borrowers who need extra funds but don’t want to take on a second mortgage payment.
• HFA Preferred and HFA Advantage PLUS Second MortgageThese programs provide both first-time and repeat buyers with 3%, 4% or 5% of their total loan amount in down payment and/or closing cost assistance. The funds come in the form of a second mortgage with a 0% interest rate, no required monthly payment and a five-year term that’s forgiven at 20% each year through that period.
   Best for: Those planning to remain in the home for at least five years, and who want to access down payment or closing cost assistance without taking on another monthly payment.