Florida Mortgage and Refinance Rates

Current mortgage rates in Florida

As of Monday, September 15, 2025, current interest rates in Florida are 6.16% for a 30-year fixed mortgage and 5.36% for a 15-year fixed mortgage. 

After peaking near 8 percent in October 2023, mortgage rates in Florida — and nationally — have decreased, but not as quickly as many homebuyers had hoped. In recent months, economic uncertainty has caused rates to fall a bit more, but they still average between 6 and 7 percent — a significant increase over COVID-era rates. Bankrate’s forecast calls for mortgage rates to settle around 6.5% at the close of the year.

Refinance rates in Florida

Refinance rates have been looking much more appealing for Florida homeowners lately: In May, the percentage of refinance loans increased more than 15 percent versus the year prior, according to real estate data provider ATTOM. If you bought your home when rates were closer to 8 percent, refinancing now could save you money.

If you’re thinking about a cash-out refinance, however, pay close attention to your property value. Cotality (formerly CoreLogic) reports that the typical Florida homeowner lost more than $18,000 of equity in 2024.

National mortgage rates by loan type

Florida housing market statistics and trends

While a sizable portion of the population wanted to move to the Sunshine State in recent years, the state’s homeowners insurance crisis is making owning a home here less appealing. The state's median sales price is similar to the national median, but according to Florida Realtors, the median and average sales price both decreased year-over-year in June, and the number of active listings in the state has increased by more than 27 percent year-over-year.

Properties are also sitting on the market longer in Florida, and sellers are agreeing to accept offers well below list price.

• Median home sales price, May 2025: $405,000
• Median home value, May 2025: $387,923
• Median down payment, May 2025: $54,656
• Median days on market, June 2025: 70
• Percentage of homes sold above list price, June 2025: 10.3%
• Percentage of homes with price drops, June 2025: 32.0%
• Homeownership rate, Q1 2025: 68.2%

Source: ATTOM, Redfin, Florida Realtors, U.S. Census Bureau

Mortgage options in Florida

• Florida conventional mortgages: Considered the standard type of home loan, conventional mortgages have certain qualification requirements: a minimum FICO score of 620 and a debt-to-income (DTI) ratio of 43 percent or less. To get the best rate on a conventional mortgage, however, you’ll need a credit score of 740 or higher. These types of loans typically require larger down payments than government-backed mortgages. To avoid needing to pay for private mortgage insurance (PMI), which protects the lender in the event you default, you’ll need to make a 20 percent down payment.
• Florida FHA loans: If your credit history disqualifies you from a conventional mortgage, you might want to look into an FHA loan. Because these are insured by the government through the Federal Housing Administration (FHA), lenders who issue these loans are more comfortable extending these offers to borrowers with less than favorable credit and income. You can have a credit score as low as 580 and still qualify for an FHA loan, provided you can put down 3.5 percent.
• Florida VA loans: Guaranteed by the Department of Veterans Affairs, VA loans help veterans and other qualifying members of the armed services own homes. You can get one through a VA-approved lender in Florida. These types of loans don’t typically require any down payment or mortgage insurance premiums, but you usually need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent for a first home purchase.
• Florida jumbo loans: With oceanfront properties statewide, there are many luxury homes available for sale in places like Miami and Naples. However, if you need to borrow an amount that exceeds the area’s conforming loan limits, you’ll need to compare options for jumbo loans. These typically come with a requirement for a larger down payment — at least 10 percent of the purchase price — and a higher credit score.

First-time homebuyer programs in Florida

How to find the best mortgage rate in Florida

Additional Florida mortgage resources

• Florida loan limits by county: Learn the conforming loan limit for your city or town.
• Best mortgage lenders in Florida: Find out Bankrate’s top picks.
• Florida housing market overview: Know what to expect as a homebuyer or seller in Florida.
• How to buy a house in Florida: Get set up for a successful house hunt with this guide.
• Cost to buy a house in Florida: Home prices vary widely across the state. Narrow down your budget here.
• Homeowners insurance in Florida: Compare policies from a variety of providers.