Florida Mortgage Rates 2024
Find the best mortgage rates in Florida for primary homes, vacation properties, condos, and retirement homes. No state income tax benefits included.
Florida Housing Market Overview
Average Home Price
Conforming Loan Limit
Market Trend
Florida Market Advantages
Florida offers unique homebuying advantages including no state income tax, year-round warm climate, strong tourism and retirement markets, international buyer appeal, and diverse economy. Popular with retirees, vacation home buyers, and investors seeking rental income from tourism.
Current Florida Mortgage Rates
| Loan Type | Interest Rate | APR | Points | Property Type |
|---|---|---|---|---|
| 30-Year Conventional | 6.875% | 6.98% | 0.25 | Primary Residence |
| 15-Year Conventional | 6.25% | 6.35% | 0.125 | Primary Residence |
| FHA 30-Year | 6.5% | 7.15% | 0.5 | Primary Only |
| VA 30-Year | 6.375% | 6.55% | 0 | Primary Only |
| Vacation Home 30-Year | 7.25% | 7.4% | 0.5 | Second Home |
Major Florida Housing Markets
Miami
Popular Areas:
Buyer Types:
Market Factors:
- International buyers
- Luxury market
- No state income tax
Tampa
Popular Areas:
Buyer Types:
Market Factors:
- Job market growth
- Affordable living
- No state tax
Orlando
Popular Areas:
Buyer Types:
Market Factors:
- Tourism industry
- Theme parks
- Job growth
Jacksonville
Popular Areas:
Buyer Types:
Market Factors:
- Military presence
- Port economy
- Affordable housing
Fort Lauderdale
Popular Areas:
Buyer Types:
Market Factors:
- Boating lifestyle
- International buyers
- Tourism
Naples
Popular Areas:
Buyer Types:
Market Factors:
- Retirement destination
- Luxury market
- Golf communities
Top Florida Mortgage Lenders
Fairway Independent Mortgage
Specialties:
Key Strengths:
- Vacation property expertise
- Fast closings
- Condo specialists
Strong in Florida vacation home market
First Home Mortgage
Specialties:
Key Strengths:
- Local expertise
- State program knowledge
- Competitive FHA rates
Florida-headquartered with local knowledge
Rocket Mortgage
Specialties:
Key Strengths:
- Online platform
- Quick processing
- Investment loans
Strong digital platform for busy Florida market
SunTrust (Truist)
Specialties:
Key Strengths:
- High-end market
- Private banking
- Southeast expertise
Strong in Florida luxury and jumbo loan market
Wells Fargo
Specialties:
Key Strengths:
- Vacation home specialists
- International banking
- Branch network
Experienced with Florida vacation property financing
Florida Homebuyer Assistance Programs
Florida Housing Finance Corporation (FHFC)
State ProgramProgram Benefits
- First-time buyer programs
- Down payment assistance
- Below-market rates
Eligibility Requirements
- Income limits apply
- Primary residence only
- Homebuyer education required
Florida Hometown Heroes Program
Workforce HousingProgram Benefits
- 0% down payment loans
- Closing cost assistance
- No PMI for some
Eligibility Requirements
- Essential workers (teachers, nurses, first responders)
- Income limits
- Primary residence
SHIP (State Housing Initiative Partnership)
Local ProgramsProgram Benefits
- Down payment assistance
- Rehabilitation loans
- Disaster recovery
Eligibility Requirements
- Varies by county
- Income restrictions
- Local requirements
USDA Rural Development Florida
Federal ProgramProgram Benefits
- 0% down payment
- Below-market rates
- Rural area focus
Eligibility Requirements
- Rural areas only
- Income limits
- Primary residence
Florida Veterans Home Loan Program
Veterans ProgramProgram Benefits
- No down payment
- No PMI
- Competitive rates
- Reuse benefits
Eligibility Requirements
- Florida veterans
- Qualifying military service
- Certificate of eligibility
Florida Mortgage FAQ
What are current mortgage rates in Florida?
Current 30-year mortgage rates in Florida average around 6.875% for conventional loans, 6.5% for FHA loans, and 6.375% for VA loans as of 2024-12-30. Vacation home rates are typically around 7.25%.
Are Florida mortgage rates good for retirees?
Yes, Florida offers competitive mortgage rates plus no state income tax benefits for retirees. Many lenders specialize in retirement-friendly loan programs with flexible income documentation for buyers living on fixed incomes, pensions, and Social Security.
How do vacation home mortgage rates work in Florida?
Vacation home rates in Florida are typically 0.25-0.5% higher than primary residences, averaging around 7.25% for 30-year loans. Down payment requirements are usually 10-25% minimum, and lenders consider rental income potential for popular tourist areas.
Can international buyers get mortgages in Florida?
Yes, many Florida lenders work with international buyers, especially in Miami, Fort Lauderdale, and Naples. Requirements typically include larger down payments (25-40%), establishing US credit, income documentation from home country, and working with lenders experienced in international transactions.
What makes Florida attractive for home buyers?
Florida offers no state income tax, year-round warm climate, strong rental income potential from tourism, growing retiree population, international appeal, and diverse economy. These factors contribute to strong property values and lending competition.
Calculate Your Florida Mortgage Payment
Use our mortgage calculator with current Florida rates to estimate payments for your primary home, vacation property, or investment.