If you’ve been waiting for South Florida mortgage rates to come down, this week didn’t help.
On September 16, the Federal Reserve raised its benchmark interest rate by a quarter point, to a range of 3.75% to 4%. It’s the first increase since 2023, and the Fed pointed to inflation that is still running high, driven in part by energy prices.
South Florida mortgage rates have been climbing for weeks, and they aren’t waiting on the Fed. So let’s break down what’s actually happening in our market, and what it means for you.
South Florida mortgage rates: where they stand right now
Freddie Mac’s weekly survey put the 30-year fixed mortgage rate at 6.95% for the week ending September 17. That’s up from 6.76% the week before and 6.26% a year ago, and it’s the highest reading of 2026 so far.
What that does to your monthly payment
Let’s use a real South Florida example. The median single-family home in Broward County sold for $650,000 in August. With 20% down, the loan is $520,000.
- At last year’s rate (6.26%), principal and interest is about $3,205 a month.
- At today’s rate (6.95%), it’s about $3,442 a month.
That’s roughly $237 more per month, or about $2,800 a year, for the exact same house.
(Principal and interest only. Taxes, insurance and HOA dues are extra. This is an illustration, not a loan quote.)
South Florida is really two markets
The headline numbers hide a big split between houses and condos.
| August 2026 | Broward | Miami-Dade |
|---|---|---|
| Single-family median price | $650,000 (up 4%) | $680,000 (up 3.8%) |
| Condo median price | $257,500 (up 4%) | $408,000 (down 0.5%) |
| Months of supply, single-family | 4.2 | 5.1 |
| Months of supply, condos | 10.6 | 12.7 |
Median prices: Miami Realtors. Months of supply: PBP Real Estate / BeachesMLS, as of September 15.
Houses: Supply is tight. Active single-family listings in Broward are down about 23% from a year ago, and homes are selling faster. Prices are still rising.
Condos: There is far more to choose from, and the supply numbers lean toward buyers. Buyers have more room to negotiate, but they’re also being careful. Closed condo sales in Broward fell 9% from last August.
The high end: Luxury is on a tear. Broward home sales of $1 million and up rose 22.6% year over year in August, and Miami-Dade has already recorded 194 sales of $10 million or more this year, putting it on pace for a record.
One more number sellers should notice: about 43% of active single-family listings in Broward have already dropped their price below the original asking price. Buyers are selective, and homes that start too high are getting corrected.
If you’re buying
- Shop your rate. Lenders can differ by a meaningful amount. Get more than one quote, and ask about rate buydowns and seller-paid closing costs.
- Get pre-approved before you fall in love with a home. You’ll know your real budget, and you’ll be a stronger buyer.
- Buying a condo? Look at the building, not just the unit. Ask about reserves, special assessments, insurance costs and HOA financials before you make an offer.
- Use your leverage where you have it. Condos and homes that have sat on the market give you room to negotiate. Well-priced houses may not.
If you’re selling
- Price it right from day one. With so many listings cutting price, the first two weeks matter most.
- Expect selective buyers. Presentation, condition and pricing carry more weight than they did when rates were lower.
- Talk to us about what you could offer. Concessions like closing cost help can make a payment more workable for buyers.
- If you’d rather skip the showings and repairs, we can also get you a cash offer to compare against selling on the open market.
On the November 3 ballot: Amendment 3
We’re not here to tell you how to vote. But if you own a home in Florida, or plan to buy one, you should know what’s on the ballot.
Amendment 3 would raise the homestead exemption on non-school property taxes to $150,000 starting in 2027 and $250,000 in 2028. It needs 60% of the vote to pass. A few details that often get missed:
- School taxes aren’t included, and they make up roughly 40% of the average tax bill.
- People who are permanent Florida residents as of December 31, 2026 would qualify for the larger exemption right away. People who become permanent residents after that date would start with the current exemption and phase in over five years.
- Nothing changes on anyone’s tax bill unless it passes, and the first bills reflecting it would arrive in November 2027.
Talk to a tax professional about how it could affect your situation.
If your monthly costs are getting hard to keep up with
Rising insurance, taxes, HOA dues and interest rates are putting real pressure on some homeowners. Nationally, foreclosure filings were up 13% from a year ago in August, according to ATTOM, and Florida had more foreclosure starts than any other state. Overall activity is still below historical norms, but if you’re behind on payments or worried you’re about to be, please don’t wait. The earlier we talk, the more options you have, and the conversation is confidential.
The bottom line
- Rates are up, but South Florida house prices are still rising. Limited supply is holding them up.
- Condos are a different story. More choice for buyers, and more careful pricing needed by sellers.
- The right move depends on your situation. Not on the headlines.
Want to know what your home is worth in this market, or what you could afford at today’s rates? Call or text us at 954-309-0918, or visit thefortuneteam.com. We’ll walk you through it, no pressure.
This post is for general information only and isn’t financial, tax or legal advice. Market data is from the sources below and can change; median prices reflect the mix of homes sold in a given month.
Sources: Federal Reserve / CNBC (Sept. 16, 2026 rate decision); Freddie Mac Primary Mortgage Market Survey (Sept. 17, 2026); Miami Realtors + RWorld, August 2026 Miami-Dade and Broward reports; PBP Real Estate / BeachesMLS market reports (as of Sept. 15, 2026); Echo Fine Properties, August 2026 Broward market updates; ATTOM August 2026 U.S. Foreclosure Market Report; Florida TaxWatch and Pinellas County Property Appraiser summaries of Amendment 3 (HJR 1F).