Current Mortgage Refinance Rates in Florida (December 2024)

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Updated: December 13, 2024

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The current average mortgage refinance rates in Florida are 6.57% for a 30-year fixed loan and 5.98% for a 15-year fixed loan. Comparatively, the national average rates are 7.08% for a 30-year fixed refinance and 6.12% for a 15-year fixed refinance.

Whether you're curious about how soon you can refinance or want to know rates by credit score and loan type, MoneyGeek offers up-to-date information on refinance mortgage rates today in Florida, trends over time and practical tips on refinancing your mortgage.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Florida. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Florida

The current 30-year refinance rate in Florida is 6.57%. According to Experian, the average mortgage debt in Florida is $240,113 as of September 2023. Refinancing your mortgage can be a smart way to manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.

If your current mortgage rate is higher, refinancing could save you thousands of dollars. Below are the current refinance rates in Florida to explore your options.

15-Year Fixed5.86%5.98%
30-Year Fixed6.50%6.57%

Mortgage Refinance Rate Trends in Florida

In October, 15-year refinance rates in Florida showed a downward trend, dropping from 5.31% to 5.24%. However, in November, these rates rose to 5.90%. The 30-year refinance rates in Florida decreased slightly from 6.08% to 6.04% in October. By November, the rates increased to 6.65%, reflecting a similar upward trend.

Florida Mortgage Refinance Rate Trends 2024

Data from 2024

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WHY DO INTEREST RATES GO UP?

Interest rates rise for various reasons, such as the U.S. Federal Reserve's monetary policy, economic growth and inflation. These factors also impact refinance rate trends in Florida. Understanding these elements can help you stay informed about changes in interest rates.

How to Refinance a Mortgage in Florida

Refinancing your mortgage in Florida can lead to lower monthly payments or a shorter loan term. It's a straightforward process with the following steps:

  1. 1

    Check Your Credit Score

    Credit scores affect the rates you qualify for, with a higher score getting you better rates. Consider paying down debt or disputing errors if your credit rating is less than ideal. The average credit score in Florida is 708.

  2. 2

    Determine When to Refinance

    Compare your existing mortgage terms with today's market rates. Current refinance rates in Florida are 6.57% for a 30-year fixed loan and 5.98% for a 15-year fixed loan. If today's rates are lower than yours, refinancing might be a worthwhile decision. Consider how long you plan to stay in your home.

  3. 3

    Gather Necessary Documents

    Gathering documents like your current mortgage statement, tax returns and pay stubs can streamline refinancing and avoid delays.

  4. 4

    Shop Around for Lenders

    Comparing lenders can help you find the best rates and terms. Look for lenders with competitive rates, low fees and good customer service.

  5. 5

    Understand the Costs

    Be aware of costs like closing costs, origination fees and appraisal fees. According to the National Association of Realtors, the average closing cost in Florida is $3,821.

  6. 6

    Apply for the Loan

    Submit your application with the chosen lender. Ensure all documents are accurate and complete to avoid delays. Use online tools for faster processing.

  7. 7

    Lock in Your Interest Rate

    Secure your rate to avoid market fluctuations. A mortgage rate lock ensures your rate remains the same until closing. Monitor rates closely to lock in at the right time.

  8. 8

    Close on Your New Loan

    Complete the closing process by signing the final documents. Ensure all terms are as agreed. Use a checklist to keep track of required documents.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments on your new loan as scheduled. Set up automatic payments to avoid missing due dates and incurring late fees.

  10. 10

    Reevaluate Whether to Refinance Again

    Periodically review your mortgage terms and market rates. Refinance again if it can save you money or better suit your financial goals. Keep an eye on rate trends.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

How soon you can refinance a mortgage in Florida depends on the type of loan. You can usually refinance a conventional loan immediately, but a cash-out refinance often requires a six-month seasoning period. USDA loans typically require a 12-month waiting period before refinancing.

Between May and August, refinance rates in Florida dropped by 149 basis points, making August a good example of when refinancing can be beneficial. However, refinancing comes with additional closing costs that can take many years to recover. So, although you could refinance a mortgage within a year, it's usually not worth it unless there's a drastic reduction in interest rates.

When to Refinance a Mortgage

You should consider refinancing your mortgage whenever current market conditions could lead to better rates or lower payments overall. Beware of potential closing costs that might offset these savings. Knowing when to refinance a mortgage in Florida ensures you benefit financially. Explore the following scenarios where refinancing could be a smart move:

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    Lower Interest Rates

    Most people refinance when interest rates are lower because it reduces your monthly payments. Visit local banks and credit unions to negotiate the best possible rates — they often offer competitive rates to attract new customers.

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    Increased Home Value

    Refinancing is sensible when your home's value is higher, as it increases home equity. For example, making home improvements can boost value. The average home value in Florida is $399,130.

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    Improved Credit Score

    Refinancing can be wise when your credit score improves, as better scores qualify for lower rates.

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    Shorter Loan Term

    Refinancing can give you a shorter repayment term, which reduces total interest paid and builds equity faster. In Florida, the average refinance rate for a 15-year fixed loan is 5.98%, compared to 6.57% for a 30-year fixed loan.

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    Switch Loan Type

    Refinancing to change your loan type — such as moving from an adjustable-rate mortgage (ARM) to a fixed-rate one — can be advantageous. A fixed-rate mortgage provides predictable payments, making budgeting easier.

Mortgage Refinancing in Florida: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Florida by Credit Score

Your credit score can significantly impact the rates you qualify for in Florida. For example, the current average refinance rates in Florida for a 30-year fixed-rate loan with a loan-to-value ratio of 80% or lower equate to 6.94% for credit scores between 680 and 740, compared to 6.57% for scores above 740. The table below lets you see what rates you might get for different loan types in Florida.

Data filtered by:Results filtered by:
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Loan Type:15-year Fixed
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Credit Score Range:680 - 740
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Loan-to-Value Ratio:80% - 95%
5.79%6.10%

Mortgage Refinance Rates in Florida by Loan Type

Loan type is another factor affecting the rates you qualify for in Florida. For example, Florida's current refinance rate for a 30-year fixed-rate loan is 6.57%, while the average for a 30-year FHA fixed-rate loan is 8.01%. The table below shows average APRs for various loan types in Florida.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
5.70%5.86%

FAQ: Today's Mortgage Refinance Rates in Florida

With market conditions constantly changing, it's natural for Florida homeowners to question how these rates can impact their mortgages and refinance options. We've gathered and addressed the most commonly asked questions about refinance rates in Florida, providing you with clear and factual information.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Jacksonville?

About Zachary Romeo, CBCA

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Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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