Loading
Tap on the profile icon to edit
your financial details.

Florida Mortgage Rates

Your Details Done

Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders and find the one that best suits your needs.

Overview of Florida Mortgages

The Sunshine State draws anyone and everyone, including partiers, retirees, nature-lovers and tourists alike. If you’re thinking of buying a home in the state, Florida mortgage rates tend to hover around the national average. Only one Florida county has a conforming loan limit that's higher than the standard $548,250 limit, indicating a more expensive real estate market there.

Today's Mortgage Rates in Florida

Product Today Last Week Change
30 year fixed 2.33% 2.42% -0.08
15 year fixed 1.92% 1.92% 0.00
5/1 ARM 3.00% 3.00% 0.00
30 yr fixed mtg refi 2.55% 2.62% -0.07
15 yr fixed mtg refi 2.02% 2.02% 0.00
7/1 ARM refi 2.81% 2.50% +0.31
15 yr jumbo fixed mtg refi 3.63% 3.63% 0.00

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
Details
Add your details
Purchase or Refinance
Select Purchase or Refinance
Do this later
Dismiss
Add your details
Location
Location
Enter your location Do this later
Dismiss
Add your details
Target Home Price
Target Home Value
Enter target home value
Do this later
Dismiss
Add your details
Down Payment
Down Payment
Enter down payment
$0
Do this later
Dismiss
Add your details
Current Home Value
Current Home Value
Enter current home value
Do this later
Dismiss
Add your details
Current Mortgage Balance
Current Mortgage Balance
Enter current mortgage balance
Do this later
Dismiss
Add your details
Credit Score
Credit Rating
Select Your Credit Rating Do this later
Dismiss
Lender
APR
Payment
No mortgages found. Please change your search criteria and try again.
Searching for Mortgages...
Disclosure
How likely is it that you would recommend this tool to a friend or colleague?
What is the most important reason for that score?
Thank you for your answer! Your feedback is very important to us.

Historical Mortgage Rates in Florida

Photo Credit: ©iStock.com/aimintang

Florida Mortgage Rates Quick Facts

  • Median Home Value: $245,100 (U.S. Census Bureau)
  • Loan Funding Rate: 48.45% (CFPB)
  • Homeownership Rate: 66% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,503 (U.S. Census Bureau)

Florida has the third-largest population of any of the 50 states, with a sizable mortgage market to match. In the last few years Florida mortgage rates are a bit higher than the U.S. average.

A financial advisor in Florida can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

Florida Historic Mortgage Rates*

YearFlorida RateU.S. Rate
20007.967.86
20017.036.94
20026.536.44
20035.785.67
20045.755.68
20055.945.85
20066.706.54
20076.556.42
20086.176.06
20095.115.05
20104.874.81
20114.594.56
20123.673.65
20133.863.84
20144.194.13
20153.963.88
20163.773.73
20174.104.03
20184.624.56

*The FHFA stopped reporting new data in 2018.

Florida Mortgages Overview

Anyone shopping for a mortgage in Florida will want to be aware of some of the particularities of the Florida mortgage market. There is one Florida county that has a conforming loan limit above the standard $548,250 mark: Monroe County. Key West lies in this county where the conventional loan limit is $608,350.

FHA limits are a little different. In Florida, they range from the baseline $356,362 to as high as $608,350 in Monroe County.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Alachua$548,250$356,362
Baker$548,250$388,700
Bay$548,250$356,362
Bradford$548,250$356,362
Brevard$548,250$356,362
Broward$548,250$402,500
Calhoun$548,250$356,362
Charlotte$548,250$356,362
Citrus$548,250$356,362
Clay$548,250$388,700
Collier$548,250$460,000
Columbia$548,250$356,362
De Soto$548,250$356,362
Dixie$548,250$356,362
Duval$548,250$388,700
Escambia$548,250$356,362
Flagler$548,250$356,362
Franklin$548,250$356,362
Gadsden$548,250$356,362
Gilchrist$548,250$356,362
Glades$548,250$356,362
Gulf$548,250$356,362
Hamilton$548,250$356,362
Hardee$548,250$356,362
Hendry$548,250$356,362
Hernando$548,250$356,362
Highlands$548,250$356,362
Hillsborough$548,250$356,362
Holmes$548,250$356,362
Indian River$548,250$356,362
Jackson$548,250$356,362
Jefferson$548,250$356,362
Lafayette$548,250$356,362
Lake$548,250$356,362
Lee$548,250$356,362
Leon$548,250$356,362
Levy$548,250$356,362
Liberty$548,250$356,362
Madison$548,250$356,362
Manatee$548,250$356,362
Marion$548,250$356,362
Martin$548,250$381,800
Miami-Dade$548,250$402,500
Monroe$608,350$608,350
Nassau$548,250$388,700
Okaloosa$548,250$441,600
Okeechobee$548,250$356,362
Orange$548,250$356,362
Osceola$548,250$356,362
Palm Beach$548,250$402,500
Pasco$548,250$356,362
Pinellas$548,250$356,362
Polk$548,250$356,362
Putnam$548,250$356,362
St. Johns$548,250$388,700
St. Lucie$548,250$381,800
Santa Rosa$548,250$356,362
Sarasota$548,250$356,362
Seminole$548,250$356,362
Sumter$548,250$356,362
Suwannee$548,250$356,362
Taylor$548,250$356,362
Union$548,250$356,362
Volusia$548,250$356,362
Wakulla$548,250$356,362
Walton$548,250$441,600
Washington$548,250$356,362

30-Year Fixed Mortgage Rates in Florida

The 30-year fixed-rate mortgage is the home loan that most Americans opt to get. Florida is no different, as most homeowners will get this type of loan. Another option is the 15-year fixed-rate term. With this shorter term, your interest rate might be lower, but your monthly payments will be higher because you’ll be paying off the loan amount in a shorter time frame.

The average 30-year fixed mortgage rate in Florida is 2.72%.

Florida Jumbo Loan Rates

Across the U.S., the conforming loan limit is generally $548,250. Home loans in excess of the county’s limit are considered non-conforming or more commonly, jumbo loans. They can’t be sold by your lender to government mortgage corporations Fannie Mae and Freddie Mac. That, plus the fact that they’re larger loans, means jumbo loans are more risky for lenders to take on and therefore come with higher interest rates.

Certain areas are more expensive than average, however. In those places, the conforming loan limit is higher than $548,250, which means you can get a bigger loan without being bumped into the jumbo loan category. As of 2021, only one Florida county has a conforming loan limit above $548,250: Monroe County, with a limit of $608,350.

The average Florida 30-year fixed jumbo loan rate is 2.66%.

Florida ARM Loan Rates

An adjustable-rate mortgage (ARM) is a mortgage with an interest rate that changes over the life of the loan. ARMs generally come with introductory interest rates that are lower than the going rates for 30-year fixed-rate loans. That introductory rate will hold for a period of 1,3,5,7 or 10 years, depending on the terms of the loan. After that, the lender can adjust the interest rate of the loan once a year. Generally, the rate increases. The amount by which the interest rate on an ARM can jump is capped in the loan term, so you won’t wake up to a 30% mortgage rate.

However, during the mortgage crisis many homeowners struggled to keep up with the payments on their adjustable-rate mortgages. Florida, which went through a foreclosure crisis during the last recession, was home to plenty of borrowers who came to find their monthly mortgage payments unaffordable. Anyone can fall behind on their payments, even with a fixed-rate mortgage, especially in the event of a job loss, divorce or major illness. ARMs are inherently more risky than fixed-rate mortgages if you don’t plan your budget for the highest rate allowed in your mortgage term.

The average rate for a 5/1 ARM in Florida is 2.94%.

Florida Mortgage Resources

If you need help with your Florida mortgage there are resources available to you. If you meet the income and home purchase price requirements you can qualify for the Florida Housing First Time Homebuyer Program from the Florida Housing Finance Corporation. The program sponsors 30-year fixed-rate first mortgages for first-time homebuyers. Additional programs offer help with down payment assistance and closing costs.

Available Resources

ResourceProblem or IssueWho Qualifies
Florida Housing Finance CorporationOffers down payment assistance, closing cost assistance and low-interest rate mortgage loans.Low-to-moderate-income homebuyers.

If the worst happens and you face foreclosure, the process will be a lengthy one. Florida does not allow non-judicial foreclosure, so your lender will have to take you to court. Florida is a recourse state. That means if your home is foreclosed and you owe more to your lender than the home is currently worth, the lender can ask a judge for a deficiency judgment to go after you for the difference between what you owe and what the lender will get from selling the foreclosed home.

Florida Mortgage Taxes

The mortgage interest tax deduction is one of the most famous tax deductions in the country. You’re allowed to deduct mortgage interest you paid during the tax year from your taxable income when you file your federal income taxes. In some states, you can claim the same deduction when you file your state taxes. Not in Florida, however. The state doesn’t have income tax.

However, there are other mortgage-related Florida taxes worth knowing about. There’s a transfer tax any time you’re preparing documents that transfer an interest in real estate. That tax is $0.70 per $100 of the money paid for the property. The one exception to this is Miami-Dade County, where the rate is $0.60 per $100 of value. These rates apply to single-family residences only. If you sell a property that’s not a single-family property there is an additional surtax of $.45 per $100. It’s customary for the seller to cover transfer taxes and fees in Florida.

In Florida, you’ll also pay a mortgage tax of $0.35 for every $100 of your mortgage. This is known as a “documentary stamp tax” and applies to mortgages, liens and other debt-related documents. The buyer is typically responsible for this tax in Florida.

Now for some good news. Something called the Florida Housing Mortgage Credit Certificate Program can give you a tax break for being a homeowner. The program helps first-time homebuyers save money on their taxes by claiming up to 50% of their paid mortgage interest each year as a tax credit on their federal income tax return. The credit is capped at $2,000 per year, but you can deduct all your interest using the mortgage interest tax deduction. Remember that tax credits directly reduce your tax liability, while tax deductions reduce your taxable income.

Florida Mortgage Refinance

You’ll probably still want to shop around for a lender when you’re ready for refinance your mortgage. You don’t have to use the same lender who provided you with your first home loan and you may get a better refinance mortgage rate by switching lenders.

It’s also worth looking into the High Loan-to-Value Refinance Option from Fannie Mae.

Best Places To Get A Mortgage

SmartAsset’s interactive map highlights the best counties in the U.S. (and in each state) for securing a home mortgage. Hover over states and counties to see rankings and data points for each region, or use the map’s tabs to view the top counties for each of the factors included in our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology In order to determine the best places in the country to get a mortgage, our study compared four factors, including overall borrowing costs, likelihood of securing a mortgage, property taxes and annual mortgage payments.

To calculate the overall borrowing costs, we analyzed the expected costs throughout the first five years for a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to mortgage originations (secured mortgages) in each county. Annual mortgage payments are a measure of the annual principal and interest payments for a $200,000 loan in that location using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2018 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset