Current Florida Mortgage and Refinance Rates

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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Current 30-year fixed mortgage rates are averaging: 7.25%

Current 15-year fixed mortgage rates are averaging: 6.77%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare FL mortgage rates today

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 Refinance rates in Florida

There are many home refinance options, and each comes with slightly different features and rates.

  • Rate-and-term refinances allow you to change either your interest rate or loan term — or both. Lengthening your loan term or lowering your interest rate will reduce your monthly mortgage payment. Refinance rates are often slightly higher than purchase mortgage rates.
  • Cash-out refinances offer a way to replace your current home loan with a new mortgage and also access a portion of your home equity. They usually come with higher rates than regular refinances.
  • Conventional refinances aren’t a part of a government loan program. You can expect them to come with higher rates than government-backed refinances.
  • FHA refinances are insured by the Federal Housing Administration (FHA), and are usually easier to qualify for than conventional loans. Their rates are typically lower than conventional refinance rates — in the current rates environment, don’t be surprised if they’re more than a full percentage point lower.
  • VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and carry some of the most flexible requirements and lowest rates you’ll find. The only catch is that you must be a qualified military borrower.

Current 30-year fixed mortgage refinance rates are averaging: 7.42%

The current average rate for a 15-year fixed mortgage refinance is: 6.87%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.

 What is the current mortgage rates forecast for 2024?

The current mortgage rates forecast is for rates to remain relatively high. Rates on 30-year mortgages crossed the 7% threshold in the summer of 2023 for the first time in more than 20 years. And although rates eventually dropped below 7% in December, our market expert doesn’t think we’ll see a drop significant enough to bring rates closer to 6% until the second half of 2024.

How do I get the best mortgage rate for my Florida home loan?

There are many factors determining mortgage rates that are out of your control, but here are a few steps you can take to get the best mortgage rate:

  1. Boost your credit. Your credit score may be the single biggest factor influencing the mortgage rates you’re offered. In general, the higher your score, the better your rate.
  2. Lower your debt-to-income (DTI) ratio. Your DTI ratio is a number that lenders use to evaluate how heavy of a debt load you carry. You can lower your DTI by increasing your income, paying off some debts or getting a cosigner.
  3. Buy a single-family, site-built home. You’ll see the lowest interest rates if you avoid buying a manufactured home, a property with more than one unit, a vacation home or an investment property.
  4. Pay mortgage points. Mortgage points allow you to “buy down” your interest rate, typically reducing it by up to 0.25% per point. If you can afford it, making what amounts to an upfront interest payment can save you a lot of money in the long run.
  5. Compare offers from multiple lenders. Taking the time to gather loan estimates from three to five lenders can seem like a hassle, but it’s a simple way to save money. Shopping for the best rate can save you thousands, or even tens of thousands, over the life of your loan, according to LendingTree data.

 Read more about our picks for the best mortgage lenders.

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 When should I lock in my mortgage rate?

Once you’ve applied for a mortgage and received a loan estimate with an offer you want to take advantage of, you should request that the lender give you a mortgage rate lock. This ensures that your interest rate won’t increase before you make it to the closing table.

2024 Florida home loan programs

Saving for a down payment and closing costs can be challenging. Luckily for Floridians, there are many Florida first-time homebuyer programs designed to help buyers overcome those obstacles. Here are three FL home loan programs to consider:

HFA Preferred and HFA Advantage PLUS Second Mortgage

This program provides 3%, 4% or 5% of your total loan amount as a second mortgage to help with a down payment or closing costs. The second mortgage, with a 0% interest rate and no monthly payment required, comes with a five-year term that’s forgiven at 20% each year through that period.

Who qualifies?

Borrowers must:

  Have a minimum 640 credit score
  Meet local income and purchase price limits
  Use the assistance in conjunction with a 30-year, fixed-rate Florida Housing Finance Corp. mortgage

Florida Assist

The 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, which means you’ll technically have a second loan secured by your home. However, you won’t have any required monthly payments.

That said, you will 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.

Who qualifies?

Borrowers must:

  Have a minimum 640 credit score
  Meet their county’s income and purchase price limits
  Use the assistance in conjunction with a 30-year, fixed-rate Florida Housing Finance Corp. mortgage

Florida Homeownership Loan Program (FL HLP)

The Florida Homeownership Loan Program offers a second mortgage for 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 or refinanced, or is no longer the owner’s primary residence.

Who qualifies?

Borrowers must:

  Have a minimum 640 credit score
  Meet county income and purchase price limits
  Use the assistance in conjunction with a 30-year, fixed-rate Florida Housing Finance Corp. mortgage

Who qualifies as a first-time homebuyer?

  • People who have never owned a home
  • People who haven’t owned real estate in the last three years

 Find first-time homebuyer loan officers in your area on the Florida Housing Loan Programs wizard.

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Learn about different types of FL mortgage loans

Florida conventional loans. You can think of conventional loans as the industry standard, and they’re often a great choice for borrowers with a good credit score and sufficient down payment funds. These loans typically share certain minimum requirements set by Fannie Mae and Freddie Mac.

Florida FHA loans. FHA loan requirements are far more forgiving than conventional loan requirements. You can qualify with a credit score as low as 500 if you make a 10% down payment. If you’d rather make a smaller down payment, you can put down as little as 3.5% — but only if you have at least a 580 score.

Florida VA loans. VA loan requirements offer a lot of flexibility and value to military borrowers, including some great perks. These include the ability to purchase or refinance without making a down payment or paying for mortgage insurance.

Florida streamline refinances only come into play if you’re looking at an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL). The “streamline” tag means these loans will require less paperwork and less hassle than other refinance types. You must refinance from an FHA loan into an FHA loan, or from a VA loan into a VA loan, to take advantage of the programs.

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