Compare today’s mortgage rates in Florida
If you are planning to buy or refinance a home in Miami, Jacksonville, Tampa, Orlando, St. Petersburg, or other parts of Florida, it’s smart to begin by exploring today’s mortgage rates. Understanding your options helps you choose the right loan type, payment plan, and term to match your budget and goals.
Get a quoteAll rates, APRs, monthly payments, and points shown here are current as of today and may change without notice. These examples assume a FICO® Score of 780 or higher, along with the specific down payment noted under each product. They also assume the property is a single-family home used as your main residence, and that you may purchase one mortgage discount point to reduce the interest rate. Speak with a mortgage professional to learn how discount points affect your rate.
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Purchase rates
Conventional Fixed Rate Loans
A conventional fixed rate mortgage gives borrowers predictable payments and a steady interest rate over 15, 20, or 30 years. Buyers usually need a down payment between 3 percent and 20 percent. If the down payment is lower, private mortgage insurance may be required. Loan approval depends on credit score, home appraisal, and available funds for closing.
Conforming Adjustable Rate Mortgage (ARM) Loans
A conforming adjustable rate mortgage begins with a lower interest rate compared to fixed loans, making early payments smaller. Over time, the rate can rise or fall depending on the market. ARMs are best for borrowers who plan to sell, relocate, or refinance before the rate adjustment period starts.
Federal Housing Administration (FHA) Loans
FHA loans, insured by the Federal Housing Administration, are designed for borrowers with lower savings or moderate credit. These loans require as little as 3.5 percent down and include both upfront and annual mortgage insurance premiums. FHA loans are a good choice for first-time buyers in Florida who want to qualify more easily.
Veteran Affairs (VA) Loans
VA loans, backed by the U.S. Department of Veterans Affairs, make it possible for qualified veterans, active-duty service members, and surviving spouses to buy homes with no down payment and no mortgage insurance. They often come with competitive rates and flexible qualification standards.
Jumbo Loans
Jumbo loans are used to finance homes that exceed standard conforming loan limits. These loans are common for high-value Florida properties in areas such as Miami or Naples. Borrowers generally need higher credit scores, larger down payments, and may pay slightly higher rates.
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Refinance rates
Conventional Fixed rate loans
A conventional fixed rate refinance provides stable monthly payments and a consistent interest rate for the entire loan term. Homeowners typically need 20 percent equity to avoid paying for private mortgage insurance. Approval depends on credit history, property value, and available closing funds.
Conforming Adjustable Rate Mortgage (ARM) Loans
An ARM refinance offers lower initial payments that adjust later. It can be a good fit for homeowners who expect to sell soon or plan to refinance again. While payments might increase after the initial period, ARMs can reduce costs early in the loan.
Federal Housing Administration (FHA) Loans
FHA refinancing helps homeowners with limited equity or credit challenges secure a new mortgage. These loans are government-backed and include ongoing mortgage insurance, but they offer flexible qualification standards.
Veteran Affairs (VA) Loans
VA refinance loans allow qualified veterans and service members to lower their interest rates or switch from adjustable to fixed-rate terms. They require no down payment and no mortgage insurance, making them one of the most affordable refinance choices in Florida.
Jumbo Loans
A jumbo refinance is ideal for homeowners with luxury or high-value properties. It allows borrowers to change their loan terms or access equity. These loans generally require strong credit, detailed income verification, and larger down payments.
Frequently asked questions about mortgage rates
1. What is the main advantage of an adjustable-rate mortgage (ARM)?
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2. How does an FHA loan help first-time homebuyers?
3. What are the benefits of VA loans in Florida?
4. Who should consider a jumbo loan?
5. Can homeowners refinance an FHA or VA loan into a conventional mortgage?
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