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In the majority of the Tampa Bay area, property values have steadily increased since late 2012 and have continued to slowly increase. Along with higher property values, recent reports by Mortgage News Daily also highlight that sales prices seem to have peaked at only about 5% to 10% less than the highs in 2006. However, increases seem to have generally slowed down, at least for now.
Mortgage interest rates waffled back and forth for most of 2014 with conventional rates hovering between 4.00% and 4.25% while FHA mortgage interest rates steadily hovered around 3.75%. However the last couple of months of 2014 saw conventional rates finally drop below 4.0% again with most FHA loans reaching back to lows at 3.25%!. And the conventional rates kept getting lower to almost 3.5% during January and part of February. Mortgage interest rates then turned upward again in mid-February 2015 and in the first week of March we saw a significant increase bringing Conventional mortgage interest 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 mortgages. Most of June and July we had rising rates, with a small decrease in late June followed by them exploding more than .1% to bring Conventional rates to around 4.20% and FHA at 3.85% which is where they were a year ago. Just when we thought rates would continue on a slow steady climb, instead in the last couple of weeks they have decreased slowly and now are approaching 4.0% for conventional and 3.75% for FHA.
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 as you can see based on the synopsis above. 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!
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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!