The current state of mortgages and home loans in Gardens, particularly in Miami Gardens, Florida, is marked by rising interest rates, increased home prices, and stricter lending standards. Homebuyers face higher borrowing costs due to Federal Reserve rate hikes, while inventory shortages and competitive demand drive up property values. Lenders have tightened credit requirements, with average credit scores for approved loans now exceeding 720, up from 680 in 2021.

Rising mortgage rates and home prices are the primary factors behind reduced affordability. The 30-year fixed-rate mortgage averaged 7.08% in June 2023, up from 3.05% in early 2022 (Mortgage Bankers Association). Meanwhile, the median home price in Miami-Dade County hit $435,000 in Q2 2023, a 6.5% year-over-year increase (Federal Housing Finance Agency). These trends have pushed the share of first-time buyers to 29%, down from 35% in 2022 (National Association of Realtors). Stricter underwriting, including higher down payment requirements (now averaging 20% for conforming loans), further limits access for lower-income borrowers. The combination of elevated rates, pricier homes, and tighter credit has resulted in a 22% decline in mortgage applications in Gardens since mid-2022 (Federal Reserve). These challenges are expected to persist unless economic conditions stabilize or federal policies incentivize lending.