Florida is a very interesting and lucrative marketplace for mortgage loans because of the number of players involved. This encourages competition and makes low interest rates possible. Competitive interest rates allow for lower mortgage loan amortization across all loan programs. If you are planning on getting a mortgage, be sure to obtain a list of the different mortgage companies and lenders to avail of the best rates. Here are some of the current rates in Florida that can help you determine the average rate. Please take note that rates change through time.
Fixed-rates in Florida
For a loan amount of up to $417,000 at a thirty-year period, average interest rate is pledged at 6.25 percent a month. The lowest could reach 5.875 percent. For the same conforming loan amount at a fifteen-year period, the average is at 6 percent and lowest could reach at 5.625 percent.
Fixed-rate jumbo
For loan amounts that exceed $417,000 at a thirty-year period, the average interest rate is at 6.5 percent and the lowest rate could go up to 6.25 percent. For a fifteen-year period that exceeds the same loan amount, the average is at 6.5 percent and could go as low as 6.125 percent.
Balloon payments
For balloon payments with a loan amount of up to $417,000 for a five-year period, the average interest rate is at 6.5 percent while the lowest could go up to 5.250 percent. For a seven-year period at the same range of loan amount, the average rate is also at 6.5 percent and could go as low as 5.5 percent.
Adjustable rate mortgages (ARM)
For adjustable rates with a one year term and a loan amount up to $417,000, the average interest rate is at 5.5 percent and could go to as low as 1.25 percent. For adjustable rate mortgages that exceed a loan amount of $417,000 (also called an ARM jumbo), the average is at 5.6 percent and could go as low as 1.25 percent.
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