Compare mortgage rates and closing costs for leading lenders in Florida. Review free, personalized mortgage rates for Florida based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
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August 24, 2019
The current average rate for a 30 year fixed rate mortgage in Florida is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Florida is $247,288
The median household income for Florida is $52,690
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Florida is $45,880
The home price you can afford to by based on household income in Florida is 115% of the median home value which means housing prices are very expensive. Florida ranks 41 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Florida is very expensive
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index