Real Estate in Tampa: Why You Should Lock in a Mortgage Rate Now
Political ideology aside, one thing is for sure: If Washington can’t resolve their problems, we could very well see a credit rating downgrade. What would a downgrade mean to the average American? In short, if our government’s costs go up, so do ours. The cost to borrow money will go higher for everybody because Uncle Sam will now have to pay a higher rate to bond investors. If this happens we can expect to see mortgage rates rise, thus lowering consumers buying power in Tampa Real Estate.
With mortgage rates already at historic lows, it is highly unlikely they will go much lower. The average rate for a 30 year fixed loan was 4.55 percent at the end of last week. Given that fact and that our elected officials seem completely inept at tackling our issues, rates have nowhere to go but up. For borrowers on the fence, it would probably be a wise decision to lock the rates in now.
When listing or buying a property it is essential to have a Realtor who knows the community, understands market data and can price a home correctly. If you are interested in buying or selling real estate in the Tampa area, I would love the opportunity to work with you. Please call me 813-924-4468 or use the contact form on the left side of the page.