MoneyGeek shows you Florida's current mortgage interest rates to help you make the most of your refinance.
Today’s Refinance Rates in Florida
An average Floridian with a mortgage has an outstanding balance of $188,223 and a $1,124 monthly premium. In the Sunshine State, most homeowners opt for mortgage refinance for lower monthly payments or shorter loan terms.
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Katherine Kurtz, PhD
Managing Editor
Katherine Kurtz, Ph.D., is the Managing Editor at MoneyGeek, with 15 years of experience in academic and content editing. She holds a doctorate in philosophy from Villanova University, where she also worked as an adjunct professor and the managing editor of *Hypatia*, a peer-reviewed feminist philosophy journal. Kurtz believes in "education as a practice of freedom" (bell hooks) and seeks to empower herself and others by openly sharing financial knowledge and resources.
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Katherine Kurtz, PhD
Managing Editor
Katherine Kurtz, Ph.D., is the Managing Editor at MoneyGeek, with 15 years of experience in academic and content editing. She holds a doctorate in philosophy from Villanova University, where she also worked as an adjunct professor and the managing editor of *Hypatia*, a peer-reviewed feminist philosophy journal. Kurtz believes in "education as a practice of freedom" (bell hooks) and seeks to empower herself and others by openly sharing financial knowledge and resources.
Updated: February 8, 2024
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Current Refinance Rates in Florida
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Mortgage Rates From Top Lenders
What Is a Good Refinance Rate in Florida?
The refinance rates in Florida are currently lower than average mortgage rates in the nation. For example, the national average interest on a 15-year fixed-rate mortgage (FRM) is 4.92%, compared to Florida’s 4.26%. The same pattern holds for average interest on a 30-year FRM — 5.81% nationwide versus 4.99% in Florida — and 5/1 adjustable-rate mortgage (ARM) — 4.41% nationwide versus 4.13% in Florida.
Understandably, you want to lock in a desirable interest rate when refinancing your mortgage. However, it’s important to realize that a “good” rate is subjective. Your personal information — such as your loan amount, credit standing or income — all play a role in determining your rate.
Comparing quotes from multiple lenders can help you score the best deal for your situation. Once you find a refinance rate in Florida you’re happy with, remember that these change frequently and act fast.
Estimate Your New Monthly Mortgage Payment
You can use MoneyGeek's mortgage calculator below to estimate how much you'll pay each month with a refinanced rate. Put your mortgage information into the calculator and use Florida’s average rates (listed above). Keep in mind that your actual rate may vary after taking into account personal details like your debt-to-income ratio or credit score.
By Mandy Sleight, Licensed Insurance Agent
Frequently Asked Questions About Mortgage Rates in Florida
MoneyGeek gathered the most commonly asked questions about mortgage refinance rates in Florida to better inform your decision to refinance your home.
A good refinance rate in Florida will depend on your unique profile and the going averages. Currently, average refinance rates in Florida range from 4.13% to 4.99% for a 15- or 30-year FRM and 5/1 ARM.
A bad rate defeats the cost-effective purpose of refinancing. Use your original mortgage rate as a reference.
The average refinance rate in Florida for a 30-year fixed-rate mortgage is 4.99%. Depending on your buyer profile, finding something similar (or a little lower) is a good deal.
A rate of 4.26% puts you on par with Florida’s average for a 15-year fixed-rate mortgage loan.
4.13% is the current average interest on a 5/1 adjustable-rate mortgage in Florida.
Read More on Mortgages
sources
- FRED. "Mortgage Rates." Accessed June 24, 2022.