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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 1, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Miami, FL Mortgage Rates Compare?

October 1, 2020

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%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Miami, Florida?

Below we provide helpful information on the real estate market, home prices and housing affordability in Miami. Understand how much you need to earn to afford a home in Miami, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Miami fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Miami is right for you.

The median home value for Miami, FL (Miami-Dade County) is $344,063

Based on current mortgage rates and a 10% down payment, you need to make $61,922 per year to buy the median priced home in Miami

With this income, you could qualify for a $309,657 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Miami is $1,434

The median household income for Miami, FL (Miami-Dade County) is $48,870

Based on this income, you can afford a home valued at approximately $271,539

The home price you can afford to buy based on household income in Miami is 79% of the median home value which means housing prices are very expensive. Miami (Miami-Dade County) ranks 66 out of 67 counties in Florida and 3,094 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 very 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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Miami, FL

1 unit: $373,750
2 units: $478,450
3 units: $578,350
4 units: $718,750

VA loan limits for Miami, FL

1 unit: $510,400

Additional Mortgage Resources for Miami, FL Residents

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