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Best Mortgage Rates In Tampa Florida

Mortgage Rates are dropping in Tampa Florida and around the nation it is time to purchase your dream home, refinance or cash out and refinance.

Florida Mortgage Rates
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How Much Do Florida Mortgage Rates Vary?

The highest and lowest mortgage rates in the Sunshine State cover a range of 163 basis points. The low rate for a 30-year mortgage was 3.50%, compared to a high of 5.13%. To show what this significant difference can mean for your budget, we applied these rates to real dollar amounts and calculated the difference in interest.

Taking a home value of $200,000 as an example, we found that the lowest and highest rates in Florida resulted in a difference of almost $55,152 in lifetime interest. Each month, the principal and interest you pay at the highest rate would be $153 more than the lowest rate. While your own numbers will vary, this example demonstrates the potential value of a lower mortgage rate. 

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Best Mortgage Rates In Tampa

Our research into the mortgage rates in Tampa and around the Florida area show a range of rates. These rates use a lot of factors such as credit, competitive nature of the area and lender. Additional criteria are the personal underwriting which can include  borrowers credit, their tax returns and many  other underwriting criteria that need to be considered in obtaining the best mortgage rate. The above graph is based on today’s rates across a variety of underwriting and after reviewing florida’s largest mortgage lender’s.  

The Best Mortgage Rates In the Hottest Real Estate Market

 If you are looking to move to the Tampa Florida area, you are not alone. Tampa currently has some of the most reasonable housing rates in the country. The Tampa area economy is booming and mortgage rates are extremely low. If you are looking for the best mortgage rates in Tampa or Florida Click this link HERE

 If you are looking to invest in your future into the Tampa real estate market and you would like to buy or invest before prices become out of reach. Tampa Florida keeps  gaining popularity not only due to its hot housing market for both residential purchases but where a lot of investors and a lot of money is turning to fix and flip homes in Tampa. (We are a primary fix and flip lender with the ability to lend 90% of the acquisition and up to 100% of the repair costs). Whether you are a home buyer looking for the best mortgage rates or real estate investor looking to cash in on the boom in Tampa, now is the time to act. , Tampa not only has a track record of historically being one of the best places to invest but the long term real estate outlook is one of the brightest in the US. 

The Tampa real estate market is still growing steadily, prices are still relatively low and for most area properties there is a good chance that they will appreciate well into the future. In 2017, Tampa FL., experienced an 11.1% increase in the value of their housing mostly due to the influx of new businesses and the growth in employment opportunities.

Currently, the average price of a residential property in Tampa market is only around $136,000. However, real estate investors can find properties in the market for as low as $90,000. Ont the rental side, the average rent for a month is approximately $995. Tampa has a growing population of more than 4 million residence. It is not only constantly attracting more permanent residence but one of the most popular tourist destinations.  Additionally, there are a number of development and economic prospects that are set to take the Tampa market to the next level. 

Combining the fact that the Tampa market is as hot as it is with some of the best mortgage rates in years makes it the right time to purchase your dream house, refinance, cash out refinance or if over 65 consider today’s safe reverse mortgages (renamed HECM, Home Equity Conversion Mortgage.)  Let’s dive in and take a closer look at the Tampa real estate market specific forecasts and trends for 2019 & 2020 and look at why it is the right time to make your move to Tampa Florida or invest here.

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In addition to being the best time to buy because of having the best mortgage rates, Tampa Real Estate is one of the most affordable places to buy in the state. Tampa Florida was placed in rank as the fifth hottest markets for real estate rental homes in 2017. There is a tremendous amount of demand to purchase entry level single family homes in the Tampa area. The average home value in the Tampa market today according to Zillow is $221,500.  They continue to say that  Tampa home values have already gone up over 9.8% in the past year and they are predicting that market value will continue to increase an additional 5.3% over the following year. 

The average retail list price per square foot in the Tampa market is $192, which is even higher than the Tampa-St. Petersburg-Clearwater Metro area price of $143. The average home price listed in Tampa Florida is $300,000 vs the average sale price of homes that sold is approximately $300,000. The median home rental rate in the area is  $1,495, which is also lower than the Tampa-St. Petersburg-Clearwater Metro average of $1,500. St Pete/Clearwater number can be thrown off due ot the vacation rental markets. 

The graph to the right shows the average or median home value for homes in Tampa, Florida will increase in value by 5.3% to two hundred thirty three thousand dollars $233,000 in January of 2020. Currently if you look at the The“Zillow Home Value Index” for the same in Tampa is currently $221,500. The Zillow Home Value Index is the median or average Zestimate “estimate” valuation for a specific geographic area on a given day. 

 

The Zestimate or  Zillow’s estimated home market value for a given home is calculated by Zillow for approximately 100 million homes nationwide. It is a decent starting point in trying to determine a home’s value in today’s market and should not be used as an official appraisal.

best mortgage rates in tampa real estate trends graph

Another home trend forecast is conducted by LittleBigHomes.com for home price trends in almost 400 Metropolitan statistical areas. Its forecast for the Tamp area at the end of the 3rd quarter of 2019 shows a positive outlook with a projected accuracy for the Tampa metropolitan area of 85%.  Furthermore the trend reflects an 85% probability that housing prices will continue to rise. So the Tampa market is a safe bet for today and years to come.

Tampa Housing Market Forecast 2019 – 2021

The Tampa market forecast going out three 3 years ending with the 3rd Quarter of 2021 is also showing a positive trend. The Accuracy of this trend prediction is 84%.  To summarize, if LittleBigHome.com forecasts are correct then the values of homes in the third quarter of 2021 will be higher than they are today. 

Tampa Real Estate Market Trends

According to Trulia, The Tampa real estate market trends indicate an increase of $15,000 (7%) in median home sales and a zero percent increase in average rent per month over the last year. The average price per square foot for this same period rose to $160, up from $147. Trulia has over 3,597 resale and new homes that are for sale in Tampa, FL this includes open houses, as well as homes in the pre-foreclosure, bank-owned  or auction stages of the fore-closure process.

The average sale price for homes in Tampa for Nov 7 to Feb 6 was $225,000 which is based on 2,011 home sales. Average price per square foot for Tampa was $160, again an increase of 9% compared to the same period last year. The median rent for apartments per month in Tampa for Jan 12 to Feb 12 was $1,550.00.


This represents an increase of 1% of home inventory since April 2018.

Tampa market trends best mortgage rates

 Checkout Realtor.com for the best Tampa Florida Homes. The best mortgage rates can be found HERE!

 

As always in a hot real estate market houses can sell quickly. Some recent sales sold close to asking and  a few in under 10 days. In early 2019 there were more active buyers looking for houses than homes for sale. To find the home of your dream today in Tampa Florida may require you to work with your lender prior to shopping for a home. In order to best negotiate for your dream house start shopping for your home with a Pre-Qualification letter from www.CambridgeHomeLoan. With a pre-qualification letter you will be taken more seriously by both your realtor and by any homeowner whose home you make an offer on. There are only a few steps required to receive a Pre-qual letter and it does not include running your credit.

Have Home prices in the Tampa Florida Market Peaked??

Following years of steady increases, the site says “home values have likely peaked” in the Tampa Bay metro area.

According to Zillow, two quarters of pricing declines have contributed to the first dip in home values nationwide in nearly seven years, according to the report.

As a company that does a lot of lending in the Tampa metro area  I can tell you that it is very area specific. Saint Petersburg is still booming with prices still climbing.  Some residential areas outside of downtown Tampa and Clearwater may be leveling out.  In either case if you are ready to buy mortgage rates are in your favor and you should get your application in and be ready to lock.  You wont regret it.

Tampa realtor Brian Frey with Pineywoods Realty believes the Zillow headlines are more hype than help.

“I would say that we still have room for prices to rise,” Frey said. “Aggressively or crazy? No. But are prices still on the rise? It really is about supply and demand.”

Interesting thing about that supply: Just because the home prices might be leveling out just a bit, it does not mean that it’s all of a sudden a great time to jump into the market, according to Frey, because the actual homes just aren’t there.

Home values haven’t just decreased, so has Tampa Bay’s inventory for homes for sale. With home pricing stable and mortgage rates still coming down, whether you are looking to purchase a home, refinance or cash out refinance, now is the time to act.

“It cannot be a buyer’s market unless you have a sizeable inventory and there is not a  a sizeable inventory of home available (in Tampa Bay).”

But if you are in the market and want to know where the best value is in the Tampa area. It is in  the Wauchula area. The Wauchula area is a little over an hour outside of downtown Tampa and a single family home there costs an average of about $90,000. Orlando Florida oddly enough in the middle of the state has an average home price of $250,000. Palm Beach Florida and Key West have some of the most expensive homes in the state.

Tampa real estate is booming and so is the Tampa investment real estate market. Wholesalers are gobbling up the single family market and flipping houses to investors, fix and flip and fix to rent real estate investors and real estate investment companies. Real estate investment is on the rise and construction in the area is at an all time high. You can just drive through Tampa or St. Petersburg and see the construction in every direction. Our local investors are taking advantage of the opportunities here and CambridgeHomeLoan.com is providing the financing to make their investment dreams a reality.

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