Second Mortgage

30-year Fixed Mortgage Refinance rates in Florida has gone down!

Average rates on 30-year fixed mortgage refinances in Florida have fallen 1 basis point to 5.86, according to a survey. A basis point is one-hundredth of a percent. The mortgages in a survey had an average of 0.71 discount and origination points.

A refinanced mortgage is one in which a borrower pays off his first and/or second mortgage with a new loan. People who refinance their second mortgage usually do so to get a lower interest rate, lower their payments or to take cash out of their equity.

A 30-year fixed mortgage is a loan that has an interest rate that stays the same for the 30-year term of the loan. Someone taking out a $165,000 30-year fixed mortgage refinance at the current average would pay $974.46 a month for the life of the loan.

If you want to get 30-year fixed mortgage after you refinance your second mortgage, you can go to lendingtree.com and find out which one offer the best 30 yr fixed. Just log on to the site and then complete the information they request. Or try supersteals.madebig.com. Go to “shop now”, then on the left hand side, click “finance”. A list of about 50 sites will come up. You can find e-trade mortgages where you can find a good mortgage rate. This is a free site, plus may earn stuff for shopping here. Yet another good source of information is bankrate.com.

The highest rate in Florida on a 30-year fixed mortgage refinance was found at one lender that charged 6.88 percent. One the other hand, the lowest rate was found at another lending institution that charged 5.25 percent. A month ago, the average rate in Florida was 5.76 percent.