Mortgage Rates in Miami, Florida — March 2026
Updated March 2026 | Based on Miami market data and regional lending conditions
Miami is a mid-sized city in Florida with a population of 442,241. The current 30-year fixed mortgage rate in Miami is 6.67%, which is 0.02% above the national average. With a median home price of $555,000 and a 20% down payment of $111,000, homebuyers can expect a monthly principal and interest payment of approximately $2,856.
Current Mortgage Rates in Miami, FL
Below are the current average mortgage rates available in the Miami area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.67% | 6.65% | +0.02% |
| 15-Year Fixed | 5.91% | 5.89% | +0.02% |
| 5/1 ARM | 6.17% | 6.15% | +0.02% |
| FHA | 6.27% | 6.25% | +0.02% |
| VA | 6.07% | 6.05% | +0.02% |
| Jumbo | 6.87% | 6.85% | +0.02% |
Miami Housing Market Overview
The Miami housing market is competitive with prices well above the national median. The median household income in Miami is $44,268, and the cost of living index is 123.1 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $139,457 to comfortably afford the median-priced home in Miami, which exceeds the current median household income.
Monthly Payment Breakdown for Miami
Based on the median home price of $555,000 with 20% down ($111,000), here is what you can expect to pay monthly in Miami:
15-Year vs. 30-Year Mortgage in Miami
Choosing a 15-year mortgage in Miami at 5.91% instead of a 30-year at 6.67% would save you $357,660 in total interest over the life of the loan. However, your monthly payment would be $3,725 instead of $2,856 — an increase of $869 per month.
Calculate Your Miami Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Miami
What are the current mortgage rates in Miami, FL?
As of March 2026, the average 30-year fixed mortgage rate in Miami, Florida is 6.67%, while the 15-year fixed rate is 5.91%. FHA loans average 6.27% and VA loans 6.07%. These rates are 0.02% above the national average of 6.65%.
How much is a monthly mortgage payment in Miami?
Based on the median home price of $555,000 with 20% down, the estimated monthly mortgage payment in Miami is $2,856 for principal and interest. Including property taxes of $398/month, the total monthly housing cost is approximately $3,254.
What income do I need to buy a home in Miami?
Using the 28% rule, you would need an annual income of approximately $139,457 to afford the median-priced home in Miami at $555,000. The median household income in Miami is $44,268. This means most households would need to either earn above the median or consider homes below $555,000.
Is Miami a good place to buy a home in 2026?
Miami has a higher cost of living than average with a cost of living index of 123.1 (national average = 100). The property tax rate in Florida is 0.86%, which is near the national average. Miami has a population of 442,241 and offers a balanced lifestyle.
Mortgage Rates in Other Florida Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Miami, Florida area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.