Mortgage Rates in Miami, Florida: 2026 Guide
30-year fixed: 7.32%. Median: $522,601.
Current Mortgage Rates in Miami
| Loan Type | Rate | APR | Monthly* |
|---|---|---|---|
| 30-Year Fixed | 7.32% | 7.400% | $2,872/mo |
| 15-Year Fixed | 6.68% | 6.750% | $3,683/mo |
| 5/1 ARM | 6.46% | 6.810% | $2,632/mo |
Miami Market Insights
Miami is South Florida's coastal gateway with a housing market shaped by international buyers, condo towers, and waterfront scarcity. Flood insurance is a real cost in most zip codes — FEMA zones can add $700-1,500 a year on top of homeowners coverage. Neighborhoods like Brickell, Coral Gables, and Wynwood anchor the market, while inland areas like Kendall and Hialeah offer more land at lower prices.
FAQs
What is the average mortgage rate in Miami?+
How much down payment is needed in Miami?+
What are property taxes in Miami?+
What a $522,601 Home Costs in Miami
At Miami's median home price of $522,601, a 20% down payment is $104,520. On a 30-year fixed loan at 7.32%, the monthly principal and interest payment works out to $2,872, and property taxes add roughly $327 per month at an effective rate of 0.75%. That puts the total PITI payment near $3,199 a month before homeowners insurance and HOA fees.
Keeping housing at or below 28% of gross income means a buyer in Miami typically needs to earn about $137,100 a year to carry this payment comfortably.
Tax & Rate Context in Miami
The effective property tax rate in Miami is 0.75%, which works out to roughly $3,920 a year on a median-priced home.The 30-year fixed rate used here is the national Freddie Mac PMMS average of 7.32%. Local quotes move with credit score, down payment and lender, so compare at least three offers. Miami has an estimated population of 450K, and demand in the local market affects how quickly homes move and how often sellers negotiate on price.