A mobile wireless communications device may include a portable housing, a printed circuit board (PCB) carried within the portable housing, and wireless communications circuitry carried by the PCB within the portable housing. Furthermore, a folded monopole antenna may be coupled to the wireless communications circuitry. The folded monopole antenna may include a dielectric body having a generally rectangular shape defining a bottom portion adjacent the PCB and a top portion opposite the bottom portion. The antenna may also include a conductive trace having a bottom loop adjacent the bottom portion of the dielectric body, a top loop adjacent the top portion of the dielectric body, and an intermediate wrap-around section extending around the dielectric body and between the bottom and top loops.