The average mortgage rate in Florida is currently 7.14% for a 30-year fixed loan term and 6.46% for a 15-year fixed loan term.
These are the interest rates offered to Florida residents looking to buy or refinance a home as of 02/08/2024.
Mortgage interest rates increased this week, according to the Mortgage Bankers Association. Mortgage application activity decreased in turn, showing that today’s buyers remain sensitive to minor fluctuations in rates.
Looking forward, mortgage interest rates are still forecasted to decline somewhat throughout 2024, as the Federal Reserve projects rate cuts will begin sometime later this year. Here are the current mortgage rates, as of June 5:
- 30-year fixed: 7.07% with 0.65 points (previous week: 7.05% with 0.63 points).
- 15-year fixed: 6.75% with 0.63 points (previous week: 6.66% with 0.69 points).
- 5/1 ARM: 6.37% with 0.63 points (previous week: 6.64% with 0.77 points).
- 3-year jumbo loans: 7.21% with 0.41 points (previous week: 7.22% with 0.43 points).
- 30-year FHA loans: 6.87% with 0.96 points (previous week: 6.85% with 0.95 points).
Florida homebuyers can get help with down payments and closing costs and tax credits with these programs.
- Available to: First-time homebuyers.
- Income limits: Vary by county.
- First-time homebuyers only? Yes.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: Four different programs offer a second mortgage of up to 5% of the sales price and is forgiven at 20% per year over five years.
- Available to: Veterans and active-duty personnel.
- Income limits: Vary by county.
- First-time homebuyers only? No.
- Loan options: 30-year fixed-rate mortgages.
- Benefits: Provides a lower interest rate to homebuyers who qualify.
- Available to: Florida homebuyers with a Florida Housing Finance Corp. first mortgage loan.
- Income limits: Vary by county.
- First-time homebuyers only? No.
- Down payment and closing cost assistance: Offers a junior loan of up to $7,500 at 0% APR. Repayment is deferred until you sell, transfer, pay off or refinance the mortgage, or move out of the property.
- Available to: Florida homebuyers with a Florida Housing Finance Corp. first mortgage loan.
- Income limits: Vary by county.
- First-time homebuyers only? No.
- Down payment and closing cost assistance: Provides a grant that you don’t have to pay back for up to 5% of the purchase price of the home.
- Available to: Florida homebuyers with a Florida Housing Finance Corp. first mortgage loan.
- Income limits: Vary by county.
- First-time homebuyers only? No.
- Down payment and closing cost assistance: Grants a 3% APR second mortgage for up to $10,000, repayable over 15 years.
- Available to: Eligible first-time homebuyers.
- Income limits: Vary by county.
- First-time homebuyers only? Yes.
- Benefit: Offers a tax credit of up to 50% of your mortgage interest as a federal tax credit capped at $2,000 per year.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks: