Best Mortgage Rate's Tampa Florida
June 2019 Mortgage Trends
According to the mortgage bankers association refinance applications were up 47% week over week according to the mortgage bankers association. Mortgage agency Freddie Mac says average 30-year mortgage rates hit 3.82% in June, the lowest level in nearly two years.
This is one of if not the best time in history to refinance your home loan?
But will rates stay low?
President Trump’s current pressure on the Federal reserve combined with low inflation, and the recent lackluster economic data with more expected, has one commentator believing that we’ll see some of the lowest rates ever over the next 12 months. How is that for a forecast?
Are you ready to capture a historic low interest rate? Take advantage of today’s low rates.
Choosing The Best Mortgage For You
Popular Tampa Mortgage Types Include
|INTEREST RATE||UNIQUE BENEFITS||MORTGAGE INSURANCE||BEST FOR|
|30-year fixed Rate||Fixed rate constant for the life of a loan||Steady, predictable payments||PMI (Private mortgage insurance) typically required if down payment is < 20%||Those who prefer a fixed rate and a lower monthly payment than a 15-year loan|
|15-year fixed Rate||Fixed interest rate for the life of a loan||Lower interest rate & less interest paid than a 30-year loan||PMI typically required if down payment is < 20%||Those who want to pay off their loan faster & pay less interest and total principal|
|5/1 ARM||Fixed rate for 5 years, then may change every year thereafter based on an index.||Lower interest rate for a set period of time||PMI typically required if down payment is < 20%||Those who will sell before 5 years, or are comfortable with mortgage payments that can change|
|7/1 ARM||Fixed interest rate for 7 years, then might change every year thereafter||Lower interest rate for a set period of time||PMI typically is required if down payment is < 20%||Those who will sell before 7 years, or are comfortable with payments that can change|
|VA loan||Can be fixed rate or adjustable||$0 down (in most cases), no PMI, competitive interest rates||Not required; but a VA funding fee is required||Qualifying veterans or active service members|
|FHA loan||Can be fixed rate or an adjustable rate||Down payment as little as 3.5% and a less strict credit score requirement||Upfront and monthly MIP is required. (Mortgage Insurance Premium)||Those with a lower credit score or lower down payment|
|Jumbo loan||Can be a fixed rate or adjustable rate||Loan amounts that exceed the current conforming loan limits||PMI requirements vary by lender||Those buying a home that exceeds $453,100 (or higher in some markets)|
As the 30-year fixed-rate mortgage rate dropped below their lowest rate since September 2017, just about six million home mortgage borrowers are able to benefit from refinancing their loans into a lower rate.
This includes 950,000 homeowners who closed on their mortgage loans last year, according to analytics firm Black Knight. The average of the monthly savings is spproximately $271 per person, which is a savings of approximately $1.6 billion dollars per month. This rate drop is also good news for current home buyers who want to save money on home mortgage costs and lock in the best mortgage rates during the peak home buying season.
According to Trulia, Tampa real estate market trends indicate an increase in market value of 7% or $15,000 in median home sales prices. Rents are currently flat per month over the past year. The average price of a home in Tampa Florida rose to $160.00 from $147.00.
With a population of greater than four million, Tampa Florida is not only an attractive metropolitan area but also a very popular tourist destination. There are a number of economic and development projects going on in the local are market and Tampa Florida was described as one of the hottest real estate markets in the United States in 2018. The consensus is that is a great time to buy in Tampa and the markets will continue to climb through 2021. Mortgage rates in Tampa Florida being at some of the lowest levels in history make it a great time to invest in your future and obtain a mortgage loan in Tampa.
In many parts of the country home buying is slowing down even as mortgage rates are dropping. This is not true in Tampa Florida. As more business move to the Tampa area more houses are being built and more of the retirement community continues to flock here. The weather and quality of live are continuing to draw young families to Tampa as well. All indications are that the Tampa market will continue to thrive.
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