Conventional Loan Rates in Florida
What drives conventional rates in Florida, how your credit and down payment shape your number, and when to lock. Licensed FL mortgage broker NMLS# 1859012.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
Conventional loan rates in Florida reward strong credit and a larger down payment. Because these loans are not government-insured, lenders price them tightly to your risk profile. A high score and 20% down can earn a rate that beats every other program, while lower profiles still find competitive options.
What Affects Your Conventional Rate?
Conventional pricing is the most risk-based of all loan types. The lender looks closely at your profile, and several factors decide your final number.
Credit score carries the most weight, and the gap between a 760 score and a 680 score can be significant. Your down payment matters too, since 20% down removes private mortgage insurance. Loan term and property type round out the picture.
Sample Conventional Payment by Rate
The table shows how the rate changes monthly principal and interest on a $400,000 conventional loan. These are illustrations only, not a rate quote, and they exclude taxes, insurance, and any PMI.
| Sample Rate | Monthly P&I | Interest Over 30 Yrs |
|---|---|---|
| 5.875% | $2,366 | $452,000 |
| 6.375% | $2,495 | $498,000 |
| 6.875% | $2,628 | $546,000 |
| 7.375% | $2,763 | $595,000 |
Illustrative only. Based on a $400,000 loan over 30 years; excludes property taxes, homeowners insurance, and any PMI. Your actual rate and payment will differ. Call (561) 300-0380 for a personalized quote.
How PMI Affects Conventional Cost
With less than 20% down, conventional loans carry private mortgage insurance. Unlike FHA, conventional PMI cancels automatically once you reach 22% equity, and you can request removal at 20%.
That cancellation is a key advantage. A buyer who puts 5% down today can drop PMI in a few years as the home appreciates and the balance falls, lowering the payment without a refinance. Compare scenarios on our PMI calculator.
When to Lock Your Conventional Rate
Once you are under contract, a lock holds your rate for 30 to 60 days while we close. That protects you from market swings during underwriting.
Keep an eye on the broader market with our Florida mortgage rates page, and ask us about float-down options when you lock.
Conventional Loan Rates — FAQ
For borrowers with strong credit and a larger down payment, conventional rates often match or beat FHA. For lower credit scores, FHA can price better. The key difference is that conventional PMI cancels at 20% equity, while most FHA mortgage insurance does not.
Conventional pricing rewards higher scores sharply. A score of 740 or above typically earns the most competitive rate, while 680 to 739 still qualifies at a slightly higher rate. Below 680, an FHA loan may price better.
Yes. A larger down payment lowers the lender's risk and your rate, and reaching 20% removes PMI entirely. Even moving from 5% to 10% down can improve your pricing on a conventional loan.
Get Your Personalized Conventional Rate Quote
Competitive rates · PMI that cancels · Licensed FL mortgage broker NMLS# 1859012
Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.