Compare Today’s Mortgage and Refinance Rates in Miami, FL - NerdWallet (2024)

FAQs

What are the mortgage interest rates in Miami today? ›

Today's mortgage rates in Miami, FL are 6.095% for a 30-year fixed, 5.129% for a 15-year fixed, and 7.541% for a 5-year adjustable-rate mortgage (ARM).

National 30-year fixed refinance rates remain stable at 5.97% The current average 30-year fixed refinance rate remained stable at 5.97% on Monday, Zillow announced. The 30-year fixed refinance rate on September 16, 2024 is up 8 basis points from the previous week's average rate of 5.89%.

In most cases, refinance rates are a bit higher than purchase rates, for instance, cash-out refinance rates are higher because it's considered riskier. Lenders also assess your refinance rate based on factors such as your credit score and the number of assets and liabilities you have.

Weekly national mortgage interest rate trends

If you're planning to refinance, today's current average interest rate for a 30-year fixed refinance is 6.35%, unchanged over the last week. Meanwhile, the national average 15-year fixed refinance interest rate is 5.66%, decreasing 11 basis points over the last seven days.

Current mortgage interest rate trends

Mortgage rates sit at their lowest level since February 2023. The average 30-year fixed rate dropped from 6.35% Sept. 5 to 6.2% on Sept. 12. The average 15-year fixed mortgage rate similarly fell from 5.47% to 5.27%.

Mortgage rates are expected to continue trending down through 2024 and into 2025, and we could see rates drop further into the 5% range.

The cost to refinance a mortgage ranges from 2% to 6% of your loan amount, and you can expect to pay less to close on a refinance than on a comparable purchase loan. The exact amount you'll have to pay depends on several factors, including: Your loan size. Your lender.

Historically, the rule of thumb has been that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance. Using a mortgage calculator can help you see how much you might save.

Which bank has the lowest mortgage rates? ›

Refinancing your mortgage could make sense for many reasons, including lowering your interest rate, taking cash out or switching to a fixed-rate mortgage. For most borrowers, the ideal time to refinance is when market rates have fallen below the rate on their current loan.

Refinance rate predictions

Experts say slowing inflation and the Federal Reserve's projected interest rate cuts should help push mortgage interest rates down closer to 6% by the end of 2024.

An often-quoted rule of thumb says that if mortgage rates are lower than your current rate by 1% or more, it might be a good idea to refinance. But that's traditional thinking, like saying you need a 20% down payment to buy a house. Such broad generalizations often don't work for big-money decisions.

Another mind-blowing stat: The typical mortgage payment in the Miami-Fort Lauderdale metro area is $2,452 a month, according to Zillow. That's almost double the figure in September 2021, when it was $1,248.

Current mortgage rates in Florida. As of Monday, September 9, 2024, current interest rates in Florida are 6.36% for a 30-year fixed mortgage and 5.59% for a 15-year fixed mortgage.