RE/MAX ACTION FIRST
Florida Licensed Buying & Selling
Real Estate Agent
In the majority of the Tampa Bay area, property values steadily increased from late 2012 and continued to slowly increase until early 2014. Along with higher property values, reports by Mortgage News Daily in early 2014 highlighted that sales prices seemed to have peaked on average at about 5% less than the highs in 2006. However, after about a year of steady home sales prices, in 2015 we have seen steady increases again.
In 2014, Conventional
mortgage interest rates dropped and remained below 4.0% while FHA loans approached near all-time lows at 3.25%! And the conventional rates kept getting lower to almost 3.5% through January and part of February 2015. However from mid-February to the first week of March we saw a significant increase, bringing Conventional rates to between 3.875% and 4% with FHA rates to 3.75%. After about a two week period in late April to the first week of May 2015 when they decreased again, we saw rates shift back upward, rising above 4% for Conventional and 3.75% for FHA. Most of June and July we saw rising rates, with a small decrease in late June followed by them exploding more than .15% to bring Conventional rates to around 4.2% and FHA to 3.85%. Just when we thought rates would continue on a slow steady climb, instead since early August they decreased slowly and now are steadily below 4.0% again for Conventional with FHA rates at around 3.5%.
Just remember that I am referencing 30-year mortgage loans and better rates are available for shorter-term loans.
Here is a recent summary report that includes average rates below:
Since mortgage interest rates are market-driven, volatility is still very possible. Rate projections from the FED may alter this trend of low rates however. If you have been wanting to purchase it may well be worth it to do so soon. I would certainly advise to keep track of them during the window of looking to buy, putting a contract on a home and closing on the sale of the property.
If you have been waiting to put your house on the market, since sales prices generally have stabilized over the last 12 months, it is a great time to sell. Contact me to find out how much your home is worth, to discuss items that may need to be addressed and establish criteria that will assist me on how best to market your home.
If you have been waffling about buying your first home, upgrading or scaling back or purchasing investment property, not only are interest rates reasonable, but inventory is starting to increase which means it is
A FANTASTIC TIME TO BUY!
Don't forget to check out my testimonials and other buyer and seller informational pages in the left buttons!
Whether you desire to buy or sell a single family home, a condominium, villa or townhouse, I welcome the opportunity to let my
experience, reputation and integrity
Tampa Bay real estate agent
help make your goal become a reality!
Let's start building a rewarding relationship!