Mortgage Rates Are Falling Down, Falling Down, Falling Down
Christmas has apparently come early because rate relief arrived quicker than we thought! Realtor.com just reported that the Freddie Mac rate for a 30-year fixed-rate mortgage fell by 0.26 percentage points to 6.47% in August—the lowest level since May 2023.
This is fabulous news for everyone since there happens to be a good amount of inventory on the market. Buyers who were priced out due to larger mortgage payments can now afford to buy, and sellers can look forward to getting their property sold so they can get into a new home, too!
What’s the Story Behind the Declining Rates?
First, positive inflation has affected the market, and ergo, this affects rate cuts. Second, we had unexpectedly low employment statistics in July, which scared folks into thinking we may be headed toward a recession. This caused a move toward the bond market and away from 10-year treasuries. If this is a lot of financial speak, just know that the bottom line is this: the market has had a few unexpected turns, so mortgage rates have fallen sooner than economists predicted.
The Tampa Real Estate Market Remains a Great Investment
Overall, Tampa is a resilient real estate market despite all the mortgage rate ping pong that’s been played these last few years with stable home prices. What’s exciting is that the decline in rates may attract more buyers into the market this fall, a time when the market typically cools. With an increase in affordable inventory, potential buyers have more options, and the market is well-positioned to absorb any unexpected demand.
Now is the Time to Buy in Tampa
Get ready for what we all hope will be a nice feeding frenzy of Tampa real estate! With mortgage rates at their lowest in over a year, coupled with a stable real estate market, now is the time to strike while the iron is hot.
Let’s Get You Real Estate Market Ready For the Upturn
As a third-generation Tampa native with over 20 years of real estate expertise, I have a vast knowledge of this market that I share with my clients. Plus, I just love to chat about all things Tampa! I genuinely love living here, and for anyone investing in this market, I know you will, too.Ready to get the keys to your new home? Give me a call today, and I’ll be happy to show you the best Tampa has to offer in terms of listings and neighborhoods.