Compare Florida (FL) Mortgage and Refinance Rates Today

• Worst-case scenario:

  Rates could 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 could 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

1. Improve your creditThe 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 paymentIncreasing 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 DTIYour 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 shopShopping 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.

Looking for more detail on any of these programs? Visit our Florida first-time homebuyer programs and loans page.