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Current Mortgage Rates Today in Indian River County, Florida

A mortgage rate is an interest rate charged by a lender to a borrower for a loan used to purchase a property. The rate is calculated as the combination of two factors: the interest rate, which represents the actual amount charged by the lender, and other fees, which represents the total expense associated with lending money.

What drives mortgage rates?

Mortgage rates are the cost of borrowing money from a bank, credit union, or another lender. They're usually expressed in percentages and can be either fixed or variable.

How do you know what type of mortgage is best for your situation? It depends on several factors, including how long you plan to be in your home and whether you want to adjust your monthly payment based on interest rates.

Today's Low Mortgage Rates

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30-year Fixed 15-year Fixed
Avg. 7.44 6.76
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Are you a first-time homebuyer? Learn more about the available FHA home loan options in Indian River County, Florida.

Loan Type

There are four different types of mortgages. The first two are the most common, with FHA and VA loans accounting for about 12% of all home loans in 2018. Conventional mortgages make up the remaining two-thirds of home loans.

  • Conventional mortgages typically require a down payment between 5% and 20% (or more) of the sales price, and they have an interest rate that fluctuates with market rates.

  • The Federal Housing Administration offers low down payments and flexible guidelines for borrowers who need assistance getting a mortgage on their first home. FHA loan requirements include credit scores between 500-640, a minimum 3% down payment, and an ability to pay back your mortgage even if you lose your job or experience other financial hardship.

  • USDA is another loan program available only to people who plan on living in rural areas without easy access to public transportation—that is, places where it's difficult or impossible to commute into city centers each day for work purposes—and those who earn less than 80% of area median income (AMI).

  • Veterans can apply for VA loans through their bank or lender; no one else can get this type of mortgage unless they've been honorably discharged from active military service within 24 months after discharge date or 48 months after being medically retired due to a service-related injury.

Interest type

With Fixed-rate mortgages, you can predict your payments by locking in an interest rate that doesn't change.

Adjustable-rate mortgages (ARMs) are loans with initial fixed interest rates that can change at regular intervals and vary according to market conditions.

Hybrid mortgages combine fixed-rate elements with adjustable ones, such as a starting period of lower payments followed by higher ones — or vice versa — based on certain factors.

Interest-only mortgages are loans that allows you to pay only the interest on it for a set period, then switch to paying off both principal and interest when it ends.

If you don't want this shift from paying just the monthly bill each month, consider refinancing before it happens so that you'll have more manageable payments afterward; otherwise, you could face significantly higher monthly payments (and possibly negative equity if rates rise).

Amount of down payment

When you apply for a mortgage, lenders will look at your total debt and income to determine how much money you can afford to borrow. The principle behind this is that it's easier for you to pay off a house if the amount of borrowed money is smaller.

Lenders want to see that you have enough savings or income left over after covering all your expenses and necessary monthly payments before they approve you for a home loan. They'll also want evidence of steady employment and an ability to meet financial obligations on time.

The more money that goes toward paying down principal rather than interest, the longer it will take before you're free of monthly payments. If possible, try putting 20% down instead of 5% so that less money goes toward interest each month (and more goes toward principal).

Loan term

The loan term is how long you're borrowing the money. Longer terms usually mean lower rates, and shorter terms usually mean higher rates.

This can affect the total cost of your loan. If you decide to pay off your mortgage early, remember that it may cost more than if you had chosen a longer-term loan with a low rate and interest rate cap (like 5 or 7 years).

For example, let's say that today's annual rate for 15-year fixed mortgages is 4%. If a borrower chooses this option rather than their 30-year fixed rate at 3%, their monthly payment will be $1,000 lower each month -- but they'll end up paying $70K total versus $30K total.

So choosing a more extended term might save them money if they plan on staying in their home for many years (and would benefit from not having to pay another mortgage down the road).

Home price amount

The home price amount is the most significant factor that impacts mortgage rates today. The more expensive your home, the higher your mortgage rate today will be. Why? Because with a more expensive home, you'll need to put down more money to secure financing. And paying cash isn't an option for most people because who have piles of cash lying around?

Regarding how much time and money it will take to save up for a down payment on your home purchase, it all depends on how much money you can save each month and what kind of loan program you choose (FHA or conventional).

You may consider a shorter-term loan if saving up for a larger down payment is an issue. Doing so means paying less interest over time than getting into debt faster by taking out bigger loans with more extended repayment periods.

If you have blemishes on your credit history or no credit history at all (like many first-time homebuyers), then getting approved for financing could prove challenging without having good credit scores in place first—and those go hand-in-hand with having enough cash saved up as collateral when applying for mortgages through FHA or conventional programs alike!

Credit score

Your credit score ranges from 300 to 850, indicating your creditworthiness. A higher number means a better score, and it's based on your credit history. The lower your score, the more risk you pose to creditors as a borrower.

The mortgage interest rates depend heavily on the borrower's creditworthiness as determined by their FICO® score. Lenders use credit scores to determine what interest rate individual borrowers will receive; a low score can mean high-interest rates, while high scores can lead to attractive loan terms and discounts on some fees.

Federal Reserve monetary policy

The Federal Reserve (the Fed) is a federal agency that serves as the central bank of the United States. The Fed sets monetary policy, which can influence mortgage rates today by adjusting the money supply.

The U.S. economy is driven by consumer spending; therefore, many factors affect how much consumers spend and save on housing each month.

Housing supply and demand

The market is also driven by housing supply and demand. If there are more buyers than sellers, prices will rise. If there are more sellers than buyers, prices will fall. The economy has a significant effect on this factor.

When unemployment is low, and people have jobs, they're more likely to buy homes because they have money to save for one. Fewer people can afford to buy houses when unemployment is high, or incomes stagnate (or fall).

Location, location, location

Location, location, location. It's valid for homes. It's true for mortgages. The more expensive an area is to live in—the higher its cost of living—the higher the mortgage rates today are likely to be.

Similarly, there is a relationship between property values and interest rates. If you're buying a home that costs less than $100K on average per year in your area, you'll probably be paying lower interest rates than someone buying one worth $500K or more annually (on average).

So, what does this mean? In general terms: if you want low mortgage rates today (and thus high savings on your monthly payments), buy in an affordable place where prices tend to be lower overall and as close as possible to where you work so that transportation costs are minimal!

Wooden cube block with percentage symbol and arrow icon for mortgage rates

The current mortgage rate today for 30 year fixed mortgage

The current mortgage rate today for a 30-year fixed mortgage loan in Indian River County, Florida, is 5.40%. The current rates are provided by the nation's top lenders, including Bank of America, Wells Fargo, and Chase Bank.

The current mortgage rate for 15 year fixed mortgage

The current 15-year fixed mortgage interest rate is 4.98%. The interest rate on these loans remains the same over 15 years, so they don't tend to fluctuate as much as other types of mortgages. However, they come with higher monthly payments than other options because you're paying off your principal and interest over an extended period.

This means that if there are any unexpected expenses or large expenditures in your life that you need to take care of before the end of the term (like sending your child off to college), it could potentially put a lot more stress on your finances than if you had taken out another kind of loan with lower monthly payments.

The current mortgage rate today for a 5/1 ARM mortgage

If you're looking for a 5/1 ARM mortgage, the current rate is 4.63%. This is a fixed rate, but if your credit score exceeds 740, you could qualify for an adjustable-rate mortgage (ARM). An ARM has a lower initial interest rate than a standard 30-year fixed loan, but it's subject to increases in the future.

The 5/1 ARM mortgage program was designed with shorter-term loans in mind—the average term of these mortgages is only 5 years.

Tips for finding the best mortgage interest rates today for your situation in Indian River County, Florida

  • Find out what your credit score is. A high credit score will help you get a better interest rate on your mortgage.

  • Find out what your down payment is. The lower the down payment, the higher the interest rate for a mortgage loan will be.

  • Find out your monthly income and expenses you plan to pay with this new home purchase or refinance a mortgage loan in Indian River County, Florida.

  • Find out the current mortgage rate for loans similar to yours by calling up some lenders in Indian River County. Ask them for their best rates today as of August 2022 - remember that these are not fixed, so there may be changes later, especially if house prices go up or down, but they seem pretty stable now.

Which types of mortgages have the best interest rates in Indian River County, Florida

If you're looking for a reasonable interest rate, here are some of the most popular types of mortgages:

  • 30-year fixed mortgages - These have the lowest monthly payment and long-term stability but less flexibility regarding when you can sell your home or pay off the mortgage early.

  • 15-year fixed mortgages - This type has lower interest rates than longer-term loans and shorter payments during repayment. Still, it also means that you'll pay more over time because your payments go toward interest rather than principal balances (the amount owed to lenders).

  • 5/1 ARMs (Adjustable-Rate Mortgages) - The monthly payment on 5/1 ARMs starts lower than other types but changes periodically based on market conditions. That said, this type can be more affordable at first since it's often lower than other options with similar terms like 40-year amortizations; however, these loans typically come with higher upfront costs as well because lenders need collateral, including credit scores above 680 FICO score range.

How to calculate how much house you can afford based on the mortgage rate

Use a mortgage calculator to determine how much house you can afford based on your income and credit score. The first step is to enter your annual household income. The next step is to enter your monthly debt payments. This includes any credit card payments, car loans, student loans, or debt you consistently pay off monthly.

After entering these two numbers into their respective fields, click calculate, and you will be shown how much house you can afford based on both factors above.

Mortgage rate predictions for Indian River County, Florida 2023

The Federal Reserve is expected to raise interest rates again in 2023. This will increase the cost of borrowing money and make mortgages more expensive.

The economy is expected to continue expanding, so inflation will be higher than usual. This will also increase mortgage rates as home prices rise, making it harder for people to afford homes and increasing demand for loans with higher interest rates.

Interest rates change constantly, and the above rates change without notice.

Interest rates are constantly changing. They change daily, monthly, and yearly. They can change when you refinance your mortgage or buy or sell your home. That's why it is essential always to get the latest and most accurate information on current mortgage rates in Indian River County, Florida, today!

5 Great Activities for Children in Indian River County, Florida

Indian River County is full of fun things to do and see. Whether you're visiting the area or planning to spend some time there, here are five great activities for children in Indian River County.

Environmental Learning Center

The Environmental Learning Center is an excellent place for kids to learn and explore the environment of Indian River County. The center has several programs, including hiking, kayaking, and other outdoor activities.

The center also has a Discovery Room where kids can play games, read books and do arts and crafts. Many other activities are offered throughout the year, such as nature walks, guided hikes, and more!

McKee Botanical Gardens

This botanical garden features exhibits from around the world that showcase plants from all different climates, including succulents from arid regions and tropical plants from rainforests.

There's also a butterfly house where you can see thousands of butterflies fluttering around inside their habitat! The gardens are open daily from 9:00 a.m. to 5:00 p.m., except on Thursdays when they close at 3:00 p.m., through December 31st (closed on Christmas Eve & Day).

Indian River Kayak Company

Indian River Kayak Company offers kayak tours along Indian River Lagoon, which flows through Indian River County into the Atlantic Ocean at Sebastian Inlet State Park (about 25 miles south).

The lagoon is one of Florida's most biologically diverse estuaries because it has one of the most extensive mangrove forests in North America and many other types of vegetation such as salt marshes, pine forests, and hardwood hammocks, and coastal prairies.

An Adventure on the Go with Traxx!

There's something for everyone at this fun family destination! This is one of our favorites because it's so close to home! If you're in Vero Beach or Fort Pierce, head to Traxx Indoor Entertainment Center. They have laser tag, batting cages, mini-golf, and more.

Children's Museum of the Treasure Coast

The Children's Museum of the Treasure Coast is one of the best places for hands-on learning in our area. They have an incredible collection of exhibits that will help kids learn about science, art, and culture in a fun environment.

It's also great for adults who want to get back into learning! Their newest exhibit is about sharks and takes visitors through a coral reef ecosystem where they can touch everything from sharks to sea turtles.


We hope you now better understand how mortgage rates today are determined. In short, several factors can cause them to rise or fall. Some factors are outside your control, but your decision-making can influence others.

If you're considering buying a home in Indian River County, Florida and want to know what kind of interest rate you can expect on your mortgage, contact us today!

With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.

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