Today's Florida Mortgage Rates

Mortgage rates change daily, so feel free to check this page often. The rate you get quoted from your lender may vary based on down payment, credit score, and loan type, but this is a good starting point. 

Please keep in mind these are national averages. Our local preferred lender has rates that are usually .3% - .5% lower than these averages!

Schedule a time to speak with our preferred lender using this link!

Florida Mortgage Calculator

How are Florida mortgage rates determined?

The interest rate you get on your mortgage depend on many different factors such as the type of loan, the terms, your credit score, and your debt-to-income ratio. Lenders tend to offer the best interest rates if you have a 740+ credit score, and the rate may be adjusted slightly higher for lower credit scores. You may also get you a better rate if you have a larger down payment as that is a lower risk to the lender.

Mortgage lenders set rates on a borrower-by-borrower basis, but generally move in the same direction as the US 10 Year Treasury. This is influenced by a combination of market factors, such as how the current U.S. and world economy is doing. 

Generally, mortgage rates follow inflation so if that is going up mortgage rates will be elevated as well. As unemployment goes down and the economy expands or improves, rates typically go up as well. 

Mortgage rates would go down if unemployment went up and the economy generally got worse. If inflation is low that would also cause mortgage rates to come down slightly.

How does the Federal Reserve affect mortgage rates?

The Federal Reserve sets the Fed Funds rate which is the rate that banks and lenders can borrow money, they do not directly set mortgage interest rates. When the FED increases or decreases the FED funds rate, mortgage rates typically follow. Mortgage interest rates are greatly influenced by the expectation of the Fed increasing or decreasing the FED Funds rate. This is why you can see big swings in mortgage interest rates, even if the FED leaves the FED Funds rate unchanged. It's all based on what the market expects the FED to do in the future.