Jacksonville, Florida Mortgage Refinance Interest Rates
Discover the latest mortgage interest rates to make informed decisions about your home refinancing.
Average mortgage rates in Jacksonville, Florida
15-Year Fixed
5.26%from 5.30% last week
-0.03%30-Year Fixed
6.15%from 6.16% last week
-0.01%30-Year Fixed Jumbo
6.46%from 6.59% last week
-0.13%Interest rate over time in Jacksonville, Florida
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Jacksonville, Florida
Showing results for: 15-Year Fixed refinance offers for Single Family or Townhome properties in FL, total loan amount of $228,000.
| Lender | APR / Rate | Monthly Payment | |
|---|---|---|---|
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
Should You Refinance in Jacksonville?
7.8% annual appreciation
Jacksonville's growing market (7.8% annual appreciation) suggests homeowners have been building equity. Refinancing to a lower rate could provide substantial monthly savings while your home value continues to grow.
Local Market Context
Jacksonville, Florida homes have a median value of $325,000, with 7.8% year-over-year appreciation. Steady home value growth means homeowners are building equity, which can improve refinancing terms and open up options like cash-out refinancing for home improvements.
Property Tax Impact
Property taxes in Jacksonville, Florida average 0.91% of home value, which is moderate compared to the national average. When refinancing, it's important to remember that your total monthly payment includes these taxes (approximately $247 per month for a median-valued home). A lower interest rate might reduce your principal and interest payment, but your property tax portion stays the same.
Calculate Your Exact Refinance Savings
Get a personalized analysis based on your specific mortgage details, compare multiple offers, and see your break-even point.
Use Refinance CalculatorHow Quickly Can I Build Enough Equity to Refinance in Jacksonville?
With Jacksonville appreciating 7.8% annually, equity builds faster than stable markets. If you purchased a $325,000 home with 5% down, you started with $16,250 equity. After 3 years with 7.8% appreciation and normal principal paydown, your equity could reach $98,475-approximately 30% of home value. This rapid equity growth means many Jacksonville homeowners qualify to eliminate PMI and refinance to better terms within 2-4 years of purchase.
Should I Refinance to Eliminate PMI in Jacksonville's Growing Market?
Absolutely. PMI costs 0.5-1.5% of your loan amount annually-on Jacksonville's median $325,000 home, that's $200-600/month in pure cost with zero benefit. With 7.8% appreciation, if you bought 2-3 years ago with less than 20% down, you've likely crossed the 20% equity threshold. Refinancing permanently removes PMI (unlike asking your servicer to cancel it, which can take months). Even if you get the same interest rate, eliminating $300-500/month in PMI immediately lowers your payment. Calculate your current equity: purchase price + (purchase price × 0.078 × years owned) + principal paid.
When Is the Best Time to Refinance in Jacksonville?
In growing markets, timing matters. Refinance when: 1) Rates drop 0.75%+ below your current rate, 2) Your home has appreciated enough to cross the 80% LTV threshold (typically 2-3 years in Jacksonville with 7.8% growth), or 3) You need to switch from an ARM to fixed rate before adjustment. Don't wait for the "perfect" rate-with Jacksonville's $325,000 median home value, even a 0.5% improvement saves $92/month. If closing costs are $6,500, you break even in 71 months.
Can I Use a Cash-Out Refinance for Home Improvements in Jacksonville?
Yes, and it's especially smart in growing markets where improvements compound with appreciation. With 7.8% annual growth, a $50k kitchen renovation doesn't just add $40k in immediate value-it grows with your home. If you have $97,500 in equity on a $325,000 home, you can typically access up to $32,500 while maintaining 20% equity. Cash-out refinance rates are 0.25-0.5% higher than rate-and-term, but if you're dropping from 7% to 6.5% while pulling cash, you still win. Plus, mortgage interest on improvements may be tax-deductible (consult a CPA).
How Do I Compare Refinance Offers with Jacksonville's 0.91% Property Tax?
Always compare PITI payments (Principal, Interest, Taxes, Insurance), not just rates. In Jacksonville, property taxes add $246/month to a median-valued home. If Lender A offers 6% with $3k closing costs and Lender B offers 6.25% with no closing costs, calculate total monthly cost including the $246 property tax. Then determine break-even: Lender A saves $30/month in P&I but costs $3k upfront (100-month break-even). If you're staying 8+ years, pay the costs for the lower rate. Under 8 years, take the no-cost option.