MIAMI.– The increase in mortgage interest rates in the United States, which reached 6.38% for 30-year loans, is beginning to impact the real estate market in Miami-Dade, where despite the rise in credit prices, home sales and prices maintain sustained growth.
Mortgage rates in the US registered their fourth consecutive week on the rise, reaching their highest level since September 2025.
According to Freddie Mac data published this Thursday, March 26, the average rate on a 30-year fixed mortgage rose to 6.38%compared to 6.22% the previous week.
Although this figure is still below the 6.65% recorded a year ago, the recent increase represents a significant change in behavior after falling below 6% just a month ago.
15 year mortgage
The increase also impacted 15-year mortgages, commonly used for refinancing. These went up to 5.75%compared to 5.54% the previous week, which reflects a general increase in the cost of mortgage credit.
Inflation and oil price
One of the main triggers for the rise is the rise in oil, driven by geopolitical tensions, particularly the conflict with Iran, which raises inflation expectations.
10-Year Treasury Yield
Specialists say that mortgage rates usually follow the yield of the 10-year Treasury bond, which rose to 4.39%, from 4.26% the previous week, putting upward pressure on the cost of borrowing.
Monetary policy and financial markets
The Federal Reserve’s decisions and market expectations also play a key role in the behavior of rates. Additionally, recent volatility has forced entities such as Fannie Mae and Freddie Mac to intervene to stabilize the market.
Impact on home buyers
The increase in rates affects the real estate market. The monthly cost of mortgages increases, reducing buyers’ purchasing power and limiting access to higher-value homes. At the same time, many potential buyers choose to delay their decisions due to market uncertainty.
Despite this scenario, current rates are still slightly lower than a year ago, which maintains a certain appeal for those with sufficient financial capacity.
February: Real estate market in Miami-Dade maintains growth
According to data from Miami Realtors, the South Florida real estate market, especially Miami-Dade, showed resilience in February 2026. Total sales increased 9.6% year-over-year, increasing from 1,440 to 1,578 properties.
In the single-family home segment, transactions grew by 4.27%, while condominium sales registered an increase of 14.65%, consolidating a positive trend in real estate activity.
The luxury segment also remains strong. Sales of properties valued at more than one million dollars experienced increases of close to 19% in both houses and condominiums, reflecting the dynamism of high-net-worth buyers.
Likewise, the market continues to attract international buyers, who represented 49% of new construction sales in South Florida, evidencing Miami’s global appeal as a real estate destination.
Home prices in Miami: upward trend with recent adjustments
Single-family houses
The median price of single-family homes rose to $685,000, an increase of 4.58% year over year.
Condominiums
Although condo prices have doubled in value in the last decade, in February they recorded a correction, falling from $455,000 to $410,000.
Inventory and supply
For its part, last February, the total housing inventory fell for the first time since September 2023, with a slight year-on-year decrease. For single-family homes, supply increased moderately, while condominium inventory decreased 2.01%.
This reduction in supply, especially in the condominium segment, could generate upward pressure on prices in the coming months, in a context where demand remains active.
Structural obstacles in the Miami market
One of the main challenges of the real estate market in Miami is limited access to financing. Only 21 condo buildings in South Florida are approved for FHA loans, representing just 0.9% of the total.
This situation significantly restricts purchasing options for many buyers, especially those who depend on this type of financing. Added to this is that Florida requires a 25% down payment in certain cases, well above the 10% required in other states, which further raises the barriers to entry into the market.
Outlook: rising rates, Live Local Act and resilient market
Forecasts suggest that mortgage rates could continue to increase in the coming months due to geopolitical factors and inflationary pressures. However, the Miami real estate market continues to show remarkable resilience even in this more expensive financing environment.
Part of this resistance is explained by structural factors such as the migration of capital from states with high tax burdens, the high volume of cash transactions and the sustained interest of international buyers.
Added to this is the impact of Live Local Act from Florida, legislation that incentivizes the construction of affordable housing by allowing developers to increase density if they allocate at least 40% of the units to affordable prices.
Specialists consider that this boost to supply, focused on the multifamily segment, could contribute to somewhat relieving pressure on prices and improving accessibility in the medium term in this type of housing.
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