Mortgage Rates for ZIP Code 33118 — Miami, Florida — March 2026
Updated March 2026 | Based on local lending data for ZIP code 33118 in Miami, FL
ZIP code 33118 is located in Miami, Florida, serving a population of approximately 38,914 residents. The current 30-year fixed mortgage rate in this area is 6.72%, which is 0.07% above the national average. With a median home price of $564,025 and a 20% down payment of $112,805, homebuyers in ZIP 33118 can expect a monthly principal and interest payment of approximately $2,918.
Current Mortgage Rates in ZIP Code 33118
Below are the current average mortgage rates available in ZIP code 33118 (Miami, FL) as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.72% | 6.65% | +0.07% |
| 15-Year Fixed | 5.95% | 5.89% | +0.06% |
| 5/1 ARM | 6.13% | 6.15% | -0.02% |
| FHA | 6.35% | 6.25% | +0.1% |
| VA | 5.99% | 6.05% | -0.06% |
| Jumbo | 6.89% | 6.85% | +0.04% |
Housing Market in ZIP Code 33118
The housing market in ZIP code 33118 (Miami) is competitive with prices well above the national median. The median household income in this area is $43,585, and the cost of living index is 123 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $143,400 to comfortably afford the median-priced home in this area, which exceeds the current median household income.
Monthly Payment Breakdown for ZIP 33118
Based on the median home price of $564,025 with 20% down ($112,805), here is what you can expect to pay monthly in ZIP code 33118:
15-Year vs. 30-Year Mortgage in ZIP 33118
Choosing a 15-year mortgage in ZIP code 33118 at 5.95% instead of a 30-year at 6.72% would save you $367,380 in total interest over the life of the loan. However, your monthly payment would be $3,795 instead of $2,918 — an increase of $877 per month.
Calculate Your Mortgage Payment for ZIP 33118
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About ZIP Code 33118
What are the current mortgage rates in ZIP code 33118?
As of March 2026, the average 30-year fixed mortgage rate in ZIP code 33118 (Miami, Florida) is 6.72%, while the 15-year fixed rate is 5.95%. FHA loans average 6.35% and VA loans 5.99%. These rates are 0.07% above the national average of 6.65%.
What is the median home price in ZIP code 33118?
The median home price in ZIP code 33118 is $564,025 as of 2026. With a 20% down payment of $112,805, the estimated monthly mortgage payment is $2,918 for principal and interest, plus $428 in property taxes.
How much income do I need to buy a home in ZIP 33118?
Using the 28% rule, you would need an annual income of approximately $143,400 to afford the median-priced home in ZIP code 33118 at $564,025. The median household income in this area is $43,585. This means most households would need to either earn above the median or consider homes below $564,025.
How do mortgage rates in ZIP 33118 compare to the national average?
The 30-year fixed mortgage rate in ZIP code 33118 is 6.72%, which is 0.07% above the national average of 6.65%. Local rates can vary based on regional lending competition, property values, and economic conditions in Miami, Florida. This area has a higher cost of living (index: 123) compared to the national average of 100.
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Last updated: March 2026. Rates are approximate averages based on regional lending data for ZIP code 33118 in Miami, Florida. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.