Today's Florida Mortgage Rates
Compare current rates for FHA, VA, USDA, Conventional, Jumbo & ARM loans. As a licensed Florida mortgage broker (NMLS# 1859012), we shop dozens of lenders to find your lowest rate.
Florida Mortgage Rates Comparison
Sample rates for qualified FL borrowers. Contact us for a personalized quote based on your credit, down payment, and property.
FHA vs. Conventional Rates in Florida
FHA loans typically carry a lower interest rate than conventional loans because they are backed by the federal government. However, FHA loans require mortgage insurance premiums (MIP) — an upfront fee of 1.75% and an annual premium of 0.55% — which raises the effective APR.
Conventional loans have no MIP if you put 20% down, making them more cost-effective long-term for borrowers with strong credit. With less than 20% down, conventional loans require private mortgage insurance (PMI), which is cancellable once you reach 20% equity — unlike FHA MIP.
As your Florida mortgage broker, Mortgage Capital runs side-by-side comparisons of FHA vs. Conventional for every borrower to find the option with the lowest total cost over your expected time in the home.
What Affects Your Florida Mortgage Rate
Understanding these factors helps you take action to qualify for a better rate before you apply.
Your FICO score is the single biggest rate factor. A 740+ score qualifies for the best conventional tiers. Each 20-point drop below 740 typically adds 0.125%–0.25% to your rate.
Larger down payments reduce lender risk. 20%+ eliminates PMI. Even moving from 5% to 10% down can reduce your rate by 0.125%–0.25% on conventional loans.
VA loans consistently offer the lowest rates for eligible veterans. FHA rates are slightly below conventional. USDA rates are competitive in eligible rural Florida zip codes.
15-year loans carry rates ~0.5%–0.75% lower than 30-year loans. However, monthly payments are higher. Best for borrowers who can handle the larger payment and want to build equity faster.
Buying one discount point (1% of loan amount) typically lowers your rate by 0.25%. This makes sense if you plan to stay in the home long enough to recoup the upfront cost — usually 4–6 years.
A DTI below 43% qualifies for most programs. Lower DTI signals less risk to lenders. Paying down revolving debt before applying can lower your DTI and improve your rate tier.
Florida Mortgage Rate Questions
What are today's Florida mortgage rates?
As of May 2026, Florida mortgage rates range from approximately 6.375% for VA 30-year fixed loans to 6.990% for Jumbo 30-year fixed loans. Conventional 30-year fixed rates average around 6.875%. Rates change daily based on bond markets, inflation data, and Federal Reserve policy. Contact Mortgage Capital for a real-time personalized quote.
Why are FHA rates lower than Conventional rates?
FHA loans are government-backed, which reduces lender risk and typically results in lower interest rates. However, FHA loans require mortgage insurance premiums (MIP) for the life of the loan in most cases, which increases the APR. Conventional loans have no MIP if you put 20% down, making them cheaper long-term for borrowers with strong credit and larger down payments.
How can I get a lower mortgage rate in Florida?
The most impactful ways to lower your Florida mortgage rate are: (1) Improve your credit score to 740+ — this unlocks the best pricing tiers. (2) Increase your down payment — 20% down eliminates PMI and improves your rate. (3) Buy discount points to buy down your rate permanently. (4) Choose a shorter loan term — 15-year rates are significantly lower than 30-year. (5) Work with a mortgage broker like Mortgage Capital who shops multiple lenders to find the best rate.
What's the difference between interest rate and APR?
The interest rate is the base cost of borrowing money, expressed as a percentage of the loan amount. APR (Annual Percentage Rate) includes the interest rate plus other loan costs such as origination fees, discount points, and mortgage insurance. Always compare APRs when shopping for a mortgage — a lower interest rate with high fees may cost more than a slightly higher rate with no fees.
Do Florida mortgage rates vary by county?
The interest rate itself does not vary by county in Florida — lenders use the same rate sheets statewide. However, your property's location can affect your loan program eligibility. For example, USDA loans are only available in rural and semi-rural areas. Additionally, FHA loan limits vary by county — they are higher in South Florida (Miami-Dade, Broward, Palm Beach) than in rural counties.
Lock Your Florida Rate Today
Rates change daily. Get a free, no-obligation rate quote from a licensed Florida mortgage broker — NMLS# 1859012.