If you're searching for the current state of the Miami real estate market or South Florida mortgage rates this week, here's the honest read. While rates climb, the money keeps moving. MIAMI REALTORS' brand-new August report shows million-dollar sales up 12.8% year-over-year, year-to-date sales up 7.5%, and single-family prices at record August levels.
And the headline of the week: Palm Beach County broke its annual $10 million-plus sales record in just eight months — 170 ultra-luxury closings, topping last year's full-year record. Wealth migration into Miami-Dade, Broward and Palm Beach isn't pausing for the rate cycle. Translation for your fence-sitting buyers: the market they're waiting on keeps getting more expensive.
The national average 30-year fixed interest rate jumped to 6.95% this week per Freddie Mac's survey — up 0.19 from 6.76%, a bigger move than a typical week and the fourth straight weekly increase. A year ago it was 6.26%. (That figure is an average interest rate, not an APR; APRs run higher and vary by loan.)
Expect the "7% MORTGAGE RATES" panic headlines everywhere this week. Your buyers will see them. The question is whether they hear the headline from a scared feed, or the plan from you.
MIAMI REALTORS' own chief economist expects rates to stay above 6.7% through year-end — and notes that well-priced homes are still selling quickly. Put that next to record prices and record luxury volume, and the math is blunt: a buyer waiting for rates to drop is really volunteering to pay tomorrow's price.
The play: take the fence-sitter conversation head on. One, show them the data above — South Florida prices are not waiting. Two, get them pre-approved at today's number so they know their real buying power, not a guess. Three, structure the payment — seller credits, buydowns and program options can bring the monthly down now, and if rates improve later, refinancing is an option (subject to qualification). Waiting is a strategy with a price tag. A plan beats a prediction.
If you've got a buyer frozen by the headlines this week, that's the conversation — and I'll run their real numbers with them, no pressure, English y Español.
What is the average 30-year mortgage rate right now (September 2026)?
The national average 30-year fixed interest rate is 6.95% for the week of September 17, 2026, per Freddie Mac's Primary Mortgage Market Survey — up 0.19 in one week and the fourth straight weekly rise. The 15-year average is 6.26%. These are national average interest rates, not APRs; your rate and APR depend on credit, program and fees.
Is the Miami housing market slowing down in 2026?
It's split. Single-family inventory in the Miami–Fort Lauderdale metro has tightened sharply year-over-year with median list prices up about 6.5%, while the condo market carries roughly 12+ months of supply — a buyer's market with real negotiating leverage.
Is it smart to wait for mortgage rates to drop before buying in South Florida?
Waiting carries its own cost here. MIAMI REALTORS reports million-dollar sales up 12.8% year-over-year, year-to-date sales up 7.5%, and record August prices — while its chief economist expects rates above 6.7% through year-end. Buyers who wait for a lower rate may face higher prices. Getting pre-approved and structuring the payment today, with the option to refinance later if rates improve (subject to qualification), is often the stronger plan.
Who writes this market update?
Ronald Cepeda is a bilingual (English/Español) mortgage loan officer in South Florida — NMLS #407464, FL License LO35864 — with Pioneer Mortgage Funding (NMLS #1980), serving Miami, Fort Lauderdale, Hollywood, Aventura, Miami-Dade, Broward and Palm Beach counties. He specializes in Non-QM lending: bank statement loans for self-employed buyers, DSCR investor loans, foreign national loans, jumbo, new construction and zero-down doctor loans. Reach him at (305) 785-3915 or applywithronald.com.
Send them to me. Real numbers, real plan, no pressure. English y Español.
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