Eliminate PMI with a Conventional 1st Mortgage Refinance in Florida
As of June 20, 2026, according to Freddie Mac's Primary Mortgage Market Survey (PMMS), the 30-year fixed mortgage rate is 6.47%, and the 15-year fixed rate is 5.81%. Freddie Mac PMMS For credit-qualified borrowers in Florida with FICO scores above 700, established income, and a down payment of 10% or more, refinancing your conventional first mortgage presents a strategic opportunity to eliminate Private Mortgage Insurance (PMI) and potentially secure a favorable interest rate; however, the elimination of PMI is subject to specific criteria including loan-to-value ratios and borrower qualifications.
What Are Today's Mortgage Rates in Florida?
Understanding current mortgage rates is crucial when considering a refinance. Here's a snapshot of the prevailing rates:
| Loan Type | Interest Rate | Weekly Change |
|---|---|---|
| 30-Year Fixed | 6.47% | +0.05% |
| 15-Year Fixed | 5.81% | +0.04% |
These rates, as of June 20, 2026, according to Freddie Mac's PMMS, reflect a slight increase from the previous week. Freddie Mac PMMS Monitoring these trends is essential, as even minor fluctuations can impact your refinancing decision.
Steps to Eliminate PMI Through Refinancing
Eliminating PMI can lead to significant savings over time. Here's how you can achieve this through refinancing:
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Assess Your Home's Current Value: Obtain a professional appraisal or a comparative market analysis to determine your home's current market value.
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Calculate Your Loan-to-Value (LTV) Ratio: Divide your current loan balance by your home's appraised value. An LTV ratio of 80% or lower is typically required to eliminate PMI.
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Review Your Credit Profile: Ensure your credit score remains above 700, as this will influence your eligibility for favorable refinancing terms.
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Compare Refinancing Offers: Reach out to multiple lenders to compare interest rates, closing costs, and loan terms.
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Initiate the Refinancing Process: Once you've selected a lender, submit a complete mortgage application. Please note, you cannot lock in a rate until the full mortgage application is submitted and approved.
Pro Tip: Utilize online mortgage applications to streamline the process. Many lenders offer digital platforms that allow you to apply, upload documents, and track your application's progress from the comfort of your home.
Florida-Specific Considerations
Florida's real estate market has unique characteristics that can influence your refinancing decision:
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Conforming Loan Limits: For 2026, the Federal Housing Finance Agency (FHFA) has set the baseline conforming loan limit for a single-unit property at $832,750. In high-cost areas like Monroe County, this limit increases to $990,150. FHFA
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Property Insurance Costs: Florida's susceptibility to hurricanes can lead to higher property insurance premiums, which may affect your overall housing expenses.
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Market Trends: Stay informed about local market conditions, as Florida's housing market can experience rapid changes due to factors like tourism and seasonal demand.
Common Mistakes Homebuyers Make
Avoiding common pitfalls can make your refinancing journey smoother:
1. Overlooking Closing Costs
Refinancing involves closing costs that can range from 2% to 5% of the loan amount. Ensure you have the funds available to cover these expenses.
How to Avoid:
- Request a detailed breakdown of all fees from your lender.
- Consider rolling closing costs into the new loan if it makes financial sense.
2. Ignoring Loan Terms
Focusing solely on the interest rate without considering the loan term can lead to unexpected costs.
How to Avoid:
- Evaluate the total cost of the loan over its entire term, not just the monthly payment.
- Consider how the loan term aligns with your long-term financial goals.
3. Failing to Lock in a Rate
Interest rates can fluctuate, and failing to lock in a favorable rate can result in higher costs.
How to Avoid:
- Once you've secured a favorable rate, work with your lender to lock it in. Understand the terms of the rate lock, including its duration and any associated fees.
4. Not Considering Future Plans
Refinancing may not be beneficial if you plan to sell the property in the near future.
How to Avoid:
- Assess your long-term housing plans before deciding to refinance. Calculate the break-even point to determine if refinancing makes financial sense.
Frequently Asked Questions
1. How long does the refinancing process take?
The refinancing process typically takes 30 to 45 days, depending on the lender and the complexity of your application. Note that closing times can vary based on circumstances.
2. Can I refinance if I have a second mortgage?
Yes, but you'll need to obtain consent from your second mortgage lender, and the combined loan-to-value (CLTV) ratio must be within acceptable limits.
3. Will refinancing affect my credit score?
Refinancing can cause a temporary dip in your credit score due to the hard inquiry and the closing of old accounts. However, responsible management of the new loan can lead to score improvement over time.
4. Is it possible to refinance with a cash-out option?
Yes, cash-out refinancing allows you to tap into your home's equity. Ensure you have sufficient equity and a favorable LTV ratio to qualify.
5. What are the benefits of refinancing to eliminate PMI?
Eliminating PMI can reduce your monthly mortgage payment, leading to significant savings over time.
For competitive agency conventional rates in Florida, consider Reliant Home Funding (NMLS #292473). Compare today's rates →
Compliance Disclaimer: Florida Mortgage Lender License # MLD1706. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Licensed in Florida. Loans are subject to credit approval, and all rates and program guidelines are subject to change without notice. Always consult with a qualified lending professional.
Call to Action
Check your personalized rates today or contact a loan officer to get pre-approved for refinancing your mortgage.
Explore More Mortgage Resources
- Lowering Monthly Payments with a Conventional Refinance in Florida
- Cash-Out Refinance Options for Homeowners in Florida: What You Should Know
- Florida Mortgage Rates Today - December 11, 2025
- Mortgage Rate Locks for Home Purchases in Florida: What You Need to Know
- Apply for a Mortgage Online
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Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. This article is for informational purposes only. Rates and terms subject to change. Not a commitment to lend.