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Lance@tampa2enjoy.com
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30-Year Mortgages Touch The 4% Mark in 2011
Published by Lance Mohr | Filed under Mortgages
For those people thinking about buying a Tampa home, NOW may be the best time to get serious. Not only has the market seemed to hit some stabilization, but Freddie Mac just announced that the rate on 30-year mortgages ticked up to 4%, from 3.99%, in mi-November. This may not seem like a significant move to the average person, but it is definitely an upward trend from a rate of 3.94%, just six weeks ago.
When financing $100,000, a 1% uptick can cost thousands of dollars over the term of the loan. For most people, mortgages exceed this amount, although there are plenty of Tampa homes to be purchased, in lower price ranges. Even though the Florida housing market has been gradually bottoming out, there are some areas that have seen increases in sales and median sales prices, with the Tampa area being among them.
To calculate average mortgage rates, Freddie Mac composes their estimate based on lenders across the country and some Tampa real estate agents can find slightly cheaper mortgage rates. In fact, experienced home buyers realize that Realtors are privy to the best deals on houses, insurance and mortgage loans. For this reason, home buyers in Tampa and elsewhere, should consult with real estate professionals, when looking for the cheapest way to purchase a home and cover expenses associated with it.
While the average fees on 30-year and 15-year mortgages were unchanged at 0.7%, home buyers should realize the average mortgage rates don’t include extra fees or points, which are used to obtain the cheapest rates. Each point is a percent of the purchase price and finding lenders which offer low rates and low origination fees or points can make a difference in your home’s overall cost. Tampa Realtors have researched the best mortgage lenders, for these types of cost savings.
For anyone who is waiting on the sidelines to purchase a home in Tampa, housing prices and mortgage rates are near historic lows; however, upticks in prices and interest rates mean additional costs. Procrastinators may be waiting for the bottom of the decline to occur; however, many analysts believe that has already happened. Purchasing at the bottom of price declines, for the lowest interest rates in history, could soon become a thing of the past.
In the Florida housing market, many bargain hunters have already snapped up the best deals, but there are plenty of great homes to choose from in Tampa. While Tampa foreclosures may not be as numerous, as in other parts of Florida, there are plenty of existing homes available for short sale arrangements, which can save money.
Since the Tampa Bay area has a stable and diverse economy, many economic problems aren’t as pronounced, as they are in other areas, like Miami. You can still get great climate, warm Gulf waters and a Realtor can help you find the best home for your family, at the most affordable interest rates, for a 30-year mortgage.
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