Is Now The Time to Buy Real Estate in Tampa Bay?
Is now the time to buy real estate in Tampa Bay?? Judging by today's interest rates for regular mortgages and jumbo loans at a local bank, the answer is a resounding yes.
A 30 year mortgage with no points can be had for an APR or 4.7%. This is for a normal loan, that is less than $417,000. For a 15 years mortgage, the rate can be as low as 4.38% with no points.
If someone wants to go to the higher priced homes for a jumbo loan, the rates are still terrific. A $500,000 mortgage with 20% down could be a low as 6.721 APR for a 30 year note. For a 15 year jumbo loan with 20% down and no points, the interest rate can be as low as 6.015%. And with points, the rates can go even lower.
These are historically low rates and can't continue forever. Yes, this is a great time to buy real estate in the Tampa Bay area.