Mortgage rates in Florida shift with nationwide economic data, local market demand, and loan product types. Here’s what you need to know today.

Current Rate Snapshot
As of March 27, 2024, Florida borrowers experienced competitive fixed and adjustable rates across conventional, FHA, and VA loans. While exact rates vary with credit profile and loan size, you can assess current trends in our article on Mortgage Rates for Florida – March 2024.

How Rates Impact Your Monthly Payment
Even a 0.25% rate increase can significantly affect monthly costs over a 30-year loan. Use our mortgage calculator to simulate different scenarios and plan accordingly.

Factors That Influence Rates
Lenders assess credit history, down payment size, and loan type. Florida-specific elements—like flood insurance and property location (coastal vs inland)—can also affect eligibility and rate quotes.

Locking vs Floating Rates
If rates dip while you’re shopping, locking can protect against increases. Your mortgage expert can advise on timing the lock, balancing locking costs vs interest benefit.

By staying informed and working alongside a seasoned Florida mortgage professional, you can lock in a loan—and a home—that fits both your needs and your budget.

Buying your first home in Florida? There are state and federal programs that can make it easier and more affordable.

Florida Housing Finance Corporation (FHFC):
They offer the Florida First program, which combines a low-interest mortgage with down payment and closing cost assistance. You may also qualify for forgivable second loans if you meet income and credit requirements.

Many programs require a homebuyer education course. It’s usually online and helps prepare you for the financial responsibilities of owning.

Eligibility often depends on income, location, and whether you’ve owned a home in the past three years. Even if you’re not “new,” you might still qualify.

Want to know how rates will impact your loan payments? Start with our Mortgage Rate Guide.

Already own a home and thinking about better terms? Learn about the Benefits of Refinancing and how it could help.

Florida wants to help first-time buyers succeed. With the right program, you could be holding the keys to your first home sooner than you think.