As long as Republicans take a nationalist approach to immigration and the related issues (i.e. English as the official language, zero tolerance for illegal immigrants) they will continue to lose ground with Hispanics
Hispanics are far from a one-issue group that votes en masse for the candidate that supports their issue (immigration). A majority of Hispanics born and raised in the US support the Republican's position on immigration (minus the xenophobia rhetoric). The first generation and second have party registrations that favor Democrats. But by the third generation, they are evenly split between the two parties and independents In fact, they voted in large groups for Democrats because of the mortgage crisis, which disproportionately affected them as they live in states with real estate bubbles (Arizona, Nevada, California).
So, as the mortgage crisis is solved and more Hispanics born in the US enter the electorate, they will become less and less distinguishable from western and Floridian whites.