Tampa mortgage rates are very close to lows, so it is no surprise that this month pending home sales have risen in the Tampa area. Florida has definitely been hit hard by the housing market, but more first time buyers are hoping to secure their first home purchase.
With rates hovering around 5%, it also isn’t a bad idea to refinance your loan. Even if you have a good rate with an adjustable rate Tampa mortgage, keep in mind that this will eventually reset. Since the average term of a home loan is so long, it isn’t a bad idea to spend the money to lock rates in now with a fixed rate.
Inflation concerns may cause Tampa mortgage rates to rise in the next couple years, which would be a bad situation for those who didn’t take advantage of the opportunity to lock in low monthly mortgage payments for the future.