Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated October 10, 2026

Reviewed for accuracy by senior mortgage advisors • Rates verified against Freddie Mac PMMS®

Lowering Monthly Payments with a Florida Conventional Refinance

Q: How long does the refinancing process take?

- Answer: The refinancing process typically takes 30 to 45 days, depending on the lender and complexity of your application.

Q: Can I refinance if I have a second mortgage?

- Answer: Yes, but you'll need to consider how the second mortgage affects your LTV ratio and overall loan terms.

Q: Is it possible to refinance with a 700 FICO score?

- Answer: Yes, a 700 FICO score qualifies you for competitive refinancing options.

Q: What are the current refinancing rates in Florida?

- Answer: As of July 1, 2026, the average 30-year fixed mortgage rate is 6.53%, and the 15-year fixed rate is 5.87%, according to Freddie Mac's Primary Mortgage Market Survey®.

Q: How can I lock in a favorable refinancing rate?

- Answer: Monitor market trends and work with your lender to lock in rates when they align with your financial objectives. For competitive agency conventional rates in Florida, consider [Reliant Home Funding](https://www.relianthomefunding.com) (NMLS 292473). [Compare today's rates →](https://ratefinder.relianthomefunding.com)

As of July 1, 2026, according to Freddie Mac's Primary Mortgage Market Survey®, the average 30-year fixed mortgage rate is 6.53%, and the 15-year fixed rate is 5.87%. For Florida homeowners with a 700+ FICO score, established income, and a 10%+ down payment, refinancing your conventional loan could be a strategic move to lower your monthly payments.

What Are Today's Mortgage Rates in Florida?

Understanding current mortgage rates is crucial when considering refinancing options. Here's a snapshot of the latest rates:

Loan Type	Interest Rate	Weekly Change
30-Year Fixed	6.53%	+0.05%
15-Year Fixed	5.87%	+0.04%

These rates, as of July 1, 2026, according to Freddie Mac's Primary Mortgage Market Survey®, reflect a slight increase from the previous week. This uptick may influence your decision to refinance, especially if you're aiming to secure a lower monthly payment.

Benefits of Refinancing Your Conventional Loan in Florida

Refinancing your conventional loan can offer several advantages:

Lower Monthly Payments: By securing a lower interest rate, you can reduce your monthly mortgage payments, freeing up funds for other financial goals.
Shorter Loan Term: Switching from a 30-year to a 15-year fixed-rate mortgage can help you pay off your loan faster and save on interest over time.
Access to Home Equity: A cash-out refinance allows you to tap into your home's equity for major expenses or investments.

Pro Tip: Refinancing can also help you eliminate private mortgage insurance (PMI) if your home's value has increased, further reducing your monthly expenses.

Steps to Refinance Your Conventional Loan in Florida

To effectively refinance your conventional loan, follow these steps:

Assess Your Financial Goals: Determine whether you're aiming to lower monthly payments, shorten your loan term, or access home equity.
Check Your Credit Score: Ensure your FICO score is 700 or higher to qualify for favorable refinancing terms.
Evaluate Your Home's Equity: Calculate your loan-to-value (LTV) ratio to understand your equity position.
Compare Lenders: Obtain quotes from multiple lenders to find the most competitive rates and terms.
Prepare Documentation: Gather necessary documents, including income verification, tax returns, and details of your current mortgage.
Apply for Refinancing: Submit your application to your chosen lender and await approval.

Pro Tip: Utilize online mortgage applications to streamline the process and receive pre-approval within 24 hours, allowing you to act quickly on refinancing opportunities.

Common Mistakes Homebuyers Make

Avoid these common pitfalls when refinancing your conventional loan:

1. Ignoring Closing Costs

Impact: Overlooking closing costs can negate the savings from refinancing.
How to Avoid: Request a detailed breakdown of all fees from your lender before proceeding.

2. Not Considering Loan Terms

Impact: Focusing solely on interest rates without considering loan terms can lead to unexpected costs.
How to Avoid: Review the total cost of the loan over its entire term, not just the monthly payment.

3. Refinancing Too Early

Impact: Refinancing before reaching a break-even point can result in financial loss.
How to Avoid: Calculate the break-even point to ensure refinancing is financially beneficial.

4. Failing to Lock in Rates

Impact: Not locking in a favorable rate can lead to higher costs if rates increase.
How to Avoid: Monitor market trends and lock in rates when they align with your financial goals.

Frequently Asked Questions

1. How long does the refinancing process take?

Answer: The refinancing process typically takes 30 to 45 days, depending on the lender and complexity of your application.

2. Can I refinance if I have a second mortgage?

Answer: Yes, but you'll need to consider how the second mortgage affects your LTV ratio and overall loan terms.

3. Is it possible to refinance with a 700 FICO score?

Answer: Yes, a 700 FICO score qualifies you for competitive refinancing options.

4. What are the current refinancing rates in Florida?

Answer: As of July 1, 2026, the average 30-year fixed mortgage rate is 6.53%, and the 15-year fixed rate is 5.87%, according to Freddie Mac's Primary Mortgage Market Survey®.

5. How can I lock in a favorable refinancing rate?

Answer: Monitor market trends and work with your lender to lock in rates when they align with your financial objectives.

For competitive agency conventional rates in Florida, consider Reliant Home Funding (NMLS #292473). Compare today's rates →

Conclusion

Refinancing your conventional loan in Florida can be a strategic move to lower your monthly payments, especially with current rates around 6.53% for a 30-year fixed mortgage. By assessing your financial goals, comparing lenders, and avoiding common mistakes, you can make an informed decision that aligns with your objectives. Remember to prepare all necessary documentation and consider the timing of your refinancing to maximize benefits.

Florida Mortgage Lender License # MLD1706. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Licensed in Florida. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice.

Compliance Disclaimer: Florida Mortgage Lender License # MLD1706. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Licensed in Florida. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice.