Rates Moved Up Slightly, but Florida Housing Activity Is Still Building

The Big Picture

The cleanest weekly benchmark we have is Freddie Mac’s Primary Mortgage Market Survey, which showed the average 30-year fixed at 6.11% for the week ending March 12, 2026, up from 6.00% the week before. A year earlier, that same survey was 6.65%. Daily rate trackers later in the week were running a bit higher, around the low-6.3% area, which tells us rates have firmed up modestly, not collapsed or spiked.

So the real story this week is simple: rates are still close to 6%, but they have edged a little higher from the recent low.

That matters because it reminds buyers and sellers that mortgage rates are still being shaped by inflation concerns, global uncertainty, and bond market expectations — not just by Fed headlines.

Why Rates Ticked Higher

Mortgage rates follow the bond market more than the Fed Funds rate. Right now, the market is balancing three realities:

  • Inflation is lower than its peak but still stubborn
  • Growth is slowing, but not enough to trigger a recession panic
  • Significant increase in oil prices

That mix tends to keep mortgage rates in a narrow but choppy range. So instead of a straight march downward, we’re seeing rates move a little lower one week, then a little higher the next.

Florida Housing Market — What Changed

Florida’s February housing data was actually constructive. Florida Realtors reported that closed sales rose year over year for the sixth straight month, new pending sales also increased, and median prices continued to ease, but at a slower pace. At the same time, another Florida Realtors summary said the state saw sales rise while inventory dropped, which suggests the big inventory surge that started in 2022 may be cooling off.

That gives us a more nuanced market than the headlines suggest:

  • inventory is still better than it was in the tightest years,
  • buyers still have negotiating room, but
  • the market is not getting weaker across the board.

South Florida Snapshot

Palm Beach County

Palm Beach County had a strong February. Total home sales were up 9% year over year, with single-family sales up 7.93% and condo sales up 10.66%. That tells you buyers are still active when product and pricing line up.

Broward County

Broward’s higher-end market also showed life. Miami Realtors reported Broward sold 1,578 homes in February 2026, with total dollar volume up 5.48% year over year to $1 billion. Condo supply is still a bigger issue than single-family, but activity is there.

Miami-Dade County

Miami-Dade kept its long streak of price resilience on the single-family side. February 2026 single-family median prices were reported at $685,000, up 4.58% year over year. Luxury buyers are still selective, but Miami hasn’t rolled over.

Condo Watch

The condo story is mixed. WLRN reported that South Florida condo pricing got a lift from price drops and lower rates, and Palm Beach County condo sales jumped 8.7% even as inventory moved to a seven-month high. That tells us buyers are there, but they are demanding value.

What It Means for Buyers

  • Rates are currently workable, but they’re not drifting lower in a straight line.
  • Florida has become more negotiable than it was a year or two ago.
  • Palm Beach and Broward both showed real transaction volume in February, so good homes are still moving.
  • On condos especially, buyers have more room to ask harder questions about fees, reserves, and future assessments.

If you’re a buyer, this is not the kind of market where you should freeze because you’re waiting for a magic number. It’s the kind of market where you get fully prepared, know your payment comfort zone, and move when the right property shows up.

What It Means for Sellers

  • The market is not weak, but it is less forgiving.
  • Florida sales improved in February, yet buyers are still comparing and negotiating harder than they did in the frenzy years.
  • If your home is priced right and shows well, it can still move.
  • If it is priced like it’s 2022, it will likely sit.

Bottom Line

This week’s Mortgage Minute is about a market that is working again:

  • mortgage rates still near 6%, though a bit off the recent low,
  • Florida sales are still rising in key areas,
  • buyers are negotiating harder,
  • and sellers need to be realistic.

That’s not weakness.
That’s normalization.

And in a normalized market, strategy matters a lot more than hype.

Author Attribution
Clay Edmonds is the Corporate Educator and Senior Complete Mortgage Advisor at Complete Mortgage LLC in Hollywood, Florida and the chief content creator at MortgageSimplified.Net which helps consumers and real estate professionals to make better, more informed decisions.

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