Will Florida Mortgage Rates Go Down in April? | 2025 Forecast

If you're thinking about buying a home or refinancing in Florida, one big question is probably on your mind: Will mortgage rates go down in April?

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Here’s the short answer: Probably not by much.

What to Expect for April 2025

Experts predict that Florida mortgage rates will stay around 6.7% for a 30-year fixed-rate loan in April.

That’s pretty close to where they were in March and matches what’s happening nationally.

Rates for 15-year fixed mortgages will likely be between 5.8% and 6.3%, and adjustable-rate mortgages (ARMs) could fall anywhere between 5.9% and 7.4%.

In other words, rates may tick down slightly—but don’t expect a big drop.

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Why Aren’t Rates Dropping Much?

Mortgage rates depend on big-picture economic factors, like:

• Inflation

• The Federal Reserve’s interest rate decisions

• The bond market

These are all national trends, which means Florida’s rates tend to follow what’s happening across the country.

Even though Florida's housing market is seeing more homes for sale (inventory is up 18.5% compared to last year), this doesn’t have a major impact on mortgage rates.

That’s because rates are set based on national economics—not local housing supply.

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What Can Affect Your Rate

While the average rate might be 6.7%, your personal rate could be higher or lower depending on things like:

• Your credit score

• How much you’re putting down

• The type of loan you’re getting

• The lender you choose

For example, someone with excellent credit (740+) may qualify for a better rate than someone with a lower score.

That’s why it’s a good idea to get pre-qualified by a lender to see what rate you might actually get.

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Will Rates Drop Later This Year?

Some forecasts suggest mortgage rates might drop later in 2025—possibly to around 6.3% by the end of the year.

But in April, things are expected to stay steady or move slightly lower.

There’s no sign of a major dip just yet.

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The Best Loan Types For a High-Interest Rate Environment

In a high-interest-rate environment, selecting the right type of loan is crucial to managing costs effectively. Here are some of the best loan types to consider:

FHA Loans

The Federal Housing Administration insures these loans and often offers lower rates than conventional loans. They also require a lower down payment and are more accessible to borrowers with lower credit scores.

In a high-interest-rate environment, an FHA loan can make homeownership more attainable.

VA Loans

VA loans are an excellent option if you are a veteran or active military member. Backed by the Department of Veterans Affairs, they offer competitive rates and do not require a down payment or private mortgage insurance (PMI).

This can significantly lower the monthly cost, even in a high-interest-rate environment.

USDA Loans

Aimed at buyers in rural areas, USDA loans offer low-interest rates and no down payment requirement, making them an attractive option for eligible borrowers in designated rural areas.

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Best 5 Grants for Florida Homebuyers

Florida homebuyer grants can help offset costs in a high-interest-rate environment, making it more affordable to purchase a home.

Here are the top five grants available for first-time homebuyers in Florida as of 2024, each offering significant financial assistance for down payments and closing costs.

Florida Hometown Heroes Program

• Provides up to $35,000 for down payments and closing costs.

• Specifically designed for professionals serving their local communities.

• No monthly mortgage insurance is required for FHA loans.

Miami-Dade Advocacy Trust Grant

• Offers up to $28,500 as a forgivable loan after 20 years.

• Requires applicants to contribute their funds.

• Must secure a mortgage through an approved lender in Miami-Dade County.

Hallandale Beach Community Grant

• Assists with up to $100,000 for down payment and closing costs.

• Offered as a no-interest loan, forgivable after ten years if the property remains the primary residence.

• Available exclusively to residents of Hallandale Beach.

Own a Home Opportunity Grant Program

• Extends up to 5% of the total loan amount for use towards down payment or closing costs.

• Requires a minimum credit score of 640.

• Available across multiple Florida counties.

Dare to Own the Dream

• Provides up to $40,000 in Tampa for down payment and closing costs.

• Delivered as a deferred-payment loan, completely forgiven after 10 years.

• Aimed to support homebuyers in Tampa.

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Florida Mortgage Rate Forecast FAQ

What are the current average mortgage rates in Florida?
As of early April 2025, the average rate for a 30-year fixed-rate mortgage in Florida is approximately 6.7%. For a 15-year fixed-rate mortgage, the average is between 5.8% and 6.3%, depending on the lender and borrower profile.

Will mortgage rates in Florida decrease in May 2025?
Most experts expect rates to remain stable or decline slightly in May 2025. However, a significant drop is unlikely unless major economic changes occur. Forecasts suggest a slow, gradual decrease throughout the year.

Are mortgage rates expected to rise throughout 2025 in Florida?
No sharp increases are expected. In fact, rates may gradually decline in the second half of 2025, with some predictions suggesting a national average closer to 6.3% by year’s end. For now, rates are expected to hover in the 6.5% to 7% range through spring.

What factors are driving the current mortgage rates in Florida?
Mortgage rates in Florida are primarily influenced by national economic conditions, including inflation trends, Federal Reserve interest rate policies, and bond market performance. Local housing trends, like rising inventory, may affect home prices but have minimal impact on interest rates.

How do mortgage rates vary by loan type in Florida?
Mortgage rates can vary based on the type of loan. For example, VA loans often have lower rates due to government backing. Jumbo loans, which are larger than conventional limits, tend to have higher rates. Adjustable-rate mortgages (ARMs) may start with lower rates but can increase over time.

What should Florida residents consider when deciding to lock in a mortgage rate?
Buyers should consider their financial readiness, how long they plan to stay in the home, and current market trends. If you’ve found a home and a competitive rate, it’s often smart to lock it in, especially if rates are expected to rise or stay high.

Is now a good time to refinance a mortgage in Florida?
Refinancing could be a good option if your current rate is significantly higher than the current average of around 6.7%. Homeowners with strong credit and enough equity may benefit, but it’s important to compare offers and consider closing costs.

What is the lowest mortgage rate ever recorded in Florida?
While specific state data may vary, the lowest national average for a 30-year fixed-rate mortgage was 2.65% in early 2021, according to Freddie Mac. Florida followed a similar trend during that period.

Should Florida residents refinance if rates drop by 1%?
Generally, refinancing when your new rate is at least 1% lower than your current rate can make financial sense. It may reduce your monthly payment and save you money long-term, especially if you plan to stay in the home for several more years.

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Bottom Line

👉 Florida mortgage rates in April 2025 are expected to stay around 6.7% for a 30-year loan.

If you’re ready to buy or refinance, don’t wait for a dramatic drop that may not come soon. Instead, focus on:

• Improving your credit

• Shopping around for lenders

• Getting pre-approved so you’re ready to move when the time is right

And remember—today’s rate may be higher than a few years ago, but you can always refinance later if rates go down.

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