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Miami

Current Mortgage Rates in Miami, Florida

Compare mortgage rates and fees for leading lenders in Miami, FL. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Miami.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Miami. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Miami, FL as of October 23, 2019
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Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

How Do Today's Miami, FL Mortgage Rates Compare?

October 23, 2019

The current average rate for a 30 year fixed rate mortgage in Miami 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%

Mortgage Program
Today's
Miami, FL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Miami, Florida?

The median home value for Miami, FL (Miami-Dade County) is $320,655

The median household income for Miami, FL (Miami-Dade County) is $47,755

Based on current mortgage rates and a 10% down payment, you need to make $59,492 per year to buy the median priced home in Miami

The home price you can afford to buy based on household income in Miami is 80% of the median home value which means housing prices are expensive

Miami (Miami-Dade County) ranks 66 out of 67 counties in Florida and 3,090 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Miami, FL is expensive

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Loan Limits for Miami, Florida

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Miami (Miami-Dade County) below.

Conforming loan limits for Miami, FL

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Miami, FL

1 unit: $356,500
2 units: $456,350
3 units: $551,650
4 units: $685,550

VA loan limits for Miami, FL

1 unit: $484,350

Additional Mortgage Resources for Miami, FL Residents

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Sources

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/

Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

FREEandCLEAR Housing Affordability Index