Published On: Tue, Nov 29th, 2022

Current Florida Mortgage Rates and How to Find the Lowest Mortgage Rates for First-Time Buyers

First-time buyers in Florida have a lot to consider when finding the right house, with the lowest mortgage rate being at the top of their lists. 

So, how do they find the best rates for them? 

It starts with understanding the various factors which influence mortgage rates before turning to what needs to be considered when looking for the best mortgage rates in Florida. It also helps to work with a small broker, like Mortgage Expert, when looking for the most affordable rates. 

What affects Mortgage Rates?

There are numerous factors that influence the mortgage rate, and for many people these factors appear nearly incomprehensible. However, three of the primary ones include inflation, the strength of the economy at any given time, and the Federal Reserve’s monetary policy


Once inflation increases, mortgage rates tend to follow. This is exceptionally important to mortgage lenders because inflation has such an impact on purchasing power. 

Economic Status

Mortgage rates are also affected by the relative strength of the economy at that moment. As interest rates increase, mortgage rates follow. 

Federal Reserve’s Monetary Policy 

This policy is based on what is planned to encourage the ultimate levels of employment, prices which do not fluctuate overly much, and moderate long-term interest rates. 

Current Mortgage Rates in Florida

Unfortunately, mortgage rates are notoriously erratic. They change day to day, and even hour to hour. Furthermore, there are differences in mortgage rates dependent on the lender’s or the bank’s profit margins. 

Generally, smaller mortgage lenders or brokers are able to offer a much more competitive rate when compared to the big lenders. When you’re comparing current mortgage rates in Florida, be sure to do so on the same day and pay specific attention to adjusted origination charges. 

Finding the Lowest Mortgage Rates

Apart from the search to find a mortgage broker near you, you should also make sure that you’ve got your credit score under control. Ideally, your credit card balances should be lower than 35% of your credit limit at least 30 days before you’ll be applying for any personal loans

If you’re looking for that extra boost, get a personal copy of your credit report from all three credit bureaus so that you know there aren’t any discrepancies. If you’ve got a credit score of more than 740, you shouldn’t have a problem getting what you need as lenders mostly offer the same rate to borrowers with credit scores of more than 740. 

It should be noted that mortgage rates aren’t the same for all home loan types, for example, there’s a difference between the interest rate for a conventional mortgage versus VA or FHA loans. There will always be a variance depending on your credit score, as well as the down-payment amount. 

If you’re looking to refinance your mortgage rates in Florida, you’ll have to take into consideration that cash out refinance transactions are much higher than rate/term refinance rates. Additionally, 15 year fixed mortgage rates tend to be .5% lower than 30 year fixed mortgage rates. If you’re a borrower with a lot of equity in your house then you’ll also get a better rate than borrowers who don’t have a lot of equity. 

How Smaller Brokers Help First-Time Buyers

As an alternative to larger mortgage companies such as Wells Fargo, Chase, Rocket, USAA, smaller brokers often have more competitive rates. This can be immensely beneficial to first-time buyers who are just starting out. 

Brokers like Mortgage Expert are able to give clients personalized service, and the best possible mortgage rate due to lower acquisition and overhead costs which are generally reflected in the clients’ final rate. 

Shahram Sondi of Mortgage Expert knows how difficult it is being a first-time home buyer, and says, “it’s a rollercoaster ride. You never know when you’ll be going up or down. It’s important to have someone by your side who is able to give you the smoothest ride possible – someone who knows the industry, and knows what to do if anything goes wrong.”

Copyright: Mortgage Expert

Final Take

Choosing the right path to take when buying a house may appear difficult, but with the right help, it doesn’t have to be. By contacting the right company, you’ll find the process much easier. All you have to focus on is making your house a home. 

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