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Current Mortgage Rates Jacksonville FL

Current Mortgage Rates Jacksonville FL

Current Mortgage Rates Jacksonville FL – Jacksonville, Florida, is a thriving and appealing city that has captured the interest of many homebuyers. However, when it comes to securing a mortgage, the ever-changing landscape of interest rates can make the process daunting. To help prospective homebuyers and current homeowners make informed decisions, it’s crucial to have a clear understanding of the current mortgage rates in Jacksonville.

In this comprehensive guide, we will explore the real estate trends and current mortgage rates in Jacksonville while offering tips for comparing mortgage options. Let’s delve into the captivating world of homeownership in Jacksonville, FL.

Things To Know About Jacksonville FL

Nestled along Florida’s Atlantic Coast, Jacksonville is a vibrant city offering diverse attractions and homebuyer opportunities. Whether you seek laid-back beach living or prefer a bustling urban environment, this city has something to cater to everyone’s tastes. Let’s get into a list of things you should know about Jacksonville before making this place your home.

  • Living Standard and Culture: Jacksonville boasts a high living standard, embracing a rich blend of cultures. Its diverse population creates a vibrant atmosphere, celebrating various traditions and festivals. From historic charm to modern development, Jacksonville caters to all tastes.
  • Education: For families seeking a top-notch education, Jacksonville boasts excellent public and private institutions. Reputable universities offer excellent academic initiatives and programs that create a motivating environment for learners to thrive.
  • Healthcare: Thanks to its top-notch facilities and respected hospitals, Jacksonville does excellent in the healthcare sector. It serves as a focal point for cutting-edge medical research, assuring locals of reliable and thorough healthcare services.
  • Employment Possibilities: The city’s thriving economy has led to a large number of employment opportunities in industries including banking, healthcare, logistics, and technology. Located in a thriving environment with diverse job prospects, Jacksonville stands as the ideal location to elevate and advance your profession.
  • Economy: Thanks to Jacksonville’s significance as a port and a transportation center, its varied economy thrives. By providing a supportive climate for business, this place encourages investment and entrepreneurship, contributing significantly to its thriving economy.
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Real Estate Trends In Jacksonville, FL

Jacksonville, Florida, which also happens to be the largest city in terms of area in the contiguous United States, serves as the county seat of Duval County. In June 2023, the local property market saw substantial adjustments that gave buyers and sellers useful information regarding the real estate market.

Zillow’s key statistics can be utilized to gauge the number of buyers and sellers present in the market as of May 31, 2023. The average sale-to-list ratio is 0.988, with 57.1% of transactions occurring below and 20% occurring over the stated price. Jacksonville’s appeal is evident from its impressively short median days to pending, with properties typically being snatched up in just 28 days.

According to data from Zillow, the Jacksonville housing market looks good as of June 30, 2023. The average property worth is $295,729, and it has increased by a modest but encouraging 0.3% over the past year. The market’s unwavering growth showcases its resilience, proving to be advantageous for both investors and homeowners.

Updated Mortgage Rates In Jacksonville

Mortgage rates directly influence how much it costs to own a home and what you pay each month, which ultimately affects property affordability. To make informed decisions about homeownership, potential buyers need to understand the current mortgage rates in Jacksonville. Below are the latest mortgage rate insights based on typical borrower requirements and general mortgage qualifications. (Updated by Zillow on July 31, 2023)

  • Florida mortgage rates today are 1 basis point lower than the national average rate of 6.60%.
  • The current average 30-year fixed mortgage rate in Florida decreased 3 basis points from 6.62% to 6.59%.
  • Additionally, the current average 15-year fixed mortgage rate in Florida decreased 1 basis point from 5.86% to 5.85% and the current average 5-year ARM mortgage rate is down 6 basis points from 6.40% to 6.34%.
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Note: It’s essential to keep in mind that individual mortgage rates may vary based on factors such as credit history, qualification, loan type, loan size, and monthly instalments. Prospective homebuyers are encouraged to research Jacksonville’s current mortgage rates, trends, and laws to secure a competitive interest rate on their mortgage.

Types Of Mortgage Available In Jacksonville, FL

When considering homeownership in Jacksonville, FL, understanding the different mortgage types available is essential. Each mortgage type offers unique features and benefits, catering to the varying financial needs and preferences of homebuyers. Let’s explore some common mortgage types you may encounter in the Jacksonville real estate market:

1. Fixed-Rate Mortgage

A fixed-rate mortgage is a popular option for consumers seeking stability and consistency in their mortgage. Throughout the loan’s length, the interest rate won’t vary, ensuring consistent monthly principal and interest payments. Although there are different durations available, the typical fixed-rate mortgage terms are 15 or 30 years. This gives borrowers flexibility in choosing their payback terms.

2. Adjustable-Rate Mortgage (ARM)

An adjustable-rate mortgage, or ARM, offers a fixed-rate initial term that normally lasts between five and ten years. The interest rate is then periodically adjusted to reflect the situation of the market after this. As a result, monthly payments may alter as interest rates fluctuate over time. Before the initial fixed-rate period ends, ARMs can assist homeowners who wish to move or refinance, but it’s crucial to carefully consider potential rate revisions.

3. FHA (Federal Housing Administration) Loan

FHA loans are government-backed mortgages aimed to help first-time homeowners and individuals with low down payment cash or credit ratings. The FHA has flexible qualification rules, making homeownership more accessible to a wider variety of consumers. To provide the lender with additional insurance protection, borrowers often pay an upfront mortgage insurance premium (MIP) as well as an annual MIP.

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4. VA (Department of Veterans Affairs) Loan

Only qualified military service members, veterans, and their spouses are eligible for VA loans. These loans, which are supported by the Department of Veterans Affairs, frequently include advantageous features including no down payment needed and low-interest rates. For veterans seeking to purchase a house in Jacksonville, Florida, VA loans are a fantastic option.

5. USDA Loans

The United States Department of Agriculture offers loans to encourage homeownership in suburban and rural communities. With a USDA loan, qualified borrowers can take advantage of low or no down payment alternatives. USDA loans are great for homebuyers looking to acquire a property in an approved rural location near Jacksonville.


Finally, Jacksonville, FL, is a city with a bright future, making it an appealing destination for both inhabitants and potential homebuyers. Its lively culture, diversified society, and thriving economy make it an ideal place to live, work, and raise a family.

You should not make the decision to buy a home in Jacksonville lightly. Buyers must thoroughly assess their financial situation before leaping into homeownership. A reasonable budget and cautious financial preparation are essential for a successful and enjoyable homeownership experience.

To navigate the complexities of mortgages and secure the best deal, prospective homebuyers can rely on the expertise of Reliance Financial. With a commendable track record spanning over 19 years, we have earned a reputation for providing top-notch service and offering some of the lowest interest rates in the region.