Miami Mortgage Rates
Mortgage rate context for Miami-Dade buyers: condo-dominated inventory, high insurance costs, jumbo financing and foreign-national considerations.
National average rates this week (reference for Miami borrowers)
Week of August 20, 2026Source: Freddie Mac Primary Mortgage Market Survey via FRED, updated August 20, 2026. National average survey rates, not an offer. Your rate will depend on credit score, loan-to-value, loan type, property and occupancy. Rates could change or not be available at commitment or closing. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
Financing a home in Miami
Miami-Dade is Florida's most expensive and most condo-heavy county. From Brickell and Downtown high-rises to Coral Gables, Coconut Grove and the single-family neighborhoods of Kendall and Doral, price points frequently exceed the conforming limit, which puts jumbo financing at the center of many transactions. Despite its prices, Miami-Dade is at the 2026 FHFA baseline conforming limit rather than a high-cost limit.
Condominium approval is the defining issue. Miami-Dade and neighboring Broward have the highest concentration of buildings subject to Florida's milestone inspection and structural integrity reserve study requirements. A large number of older oceanfront and bayfront buildings have been flagged by Fannie Mae or Freddie Mac as ineligible pending repairs or reserve funding. Buyers should obtain the milestone inspection report, the reserve study, the budget and any special assessment notices before contract, and expect the lender to run a full project review.
Insurance costs are among the highest in the country. Windstorm coverage near the coast, mandatory flood insurance across wide areas of Miami Beach, Key Biscayne and the bay-front neighborhoods and rising master-policy premiums in condo associations all flow into the debt-to-income calculation. Master insurance shortfalls can stall a condo loan even when the borrower is strong.
Miami has a large market of foreign-national and self-employed buyers, and non-QM products such as bank statement, DSCR and foreign-national loans are used more often here than elsewhere in the state. These carry higher rates than agency loans. Buyers who can document income conventionally usually price better.
Florida charges documentary stamp tax of $0.35 per $100 (0.35%) on the promissory note and intangible tax of $0.002 per dollar (0.2%) on the mortgage, in addition to the deed stamp tax of 0.7% typically paid by the seller. These state taxes apply to purchases and refinances and should be included in any break-even calculation.
Florida Housing's Hometown Heroes program, when funded, offers down payment and closing-cost assistance to eligible workers; availability and income limits change, so check floridahousing.org or ask us for the current status.
Rates shown could change or may not be available at commitment or closing.
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