Home Mortgages Go To The 4% Range in 2011

Written By Arman Zulhajar on Sunday, February 19, 2012 | 12:52 AM

By Lance Mohr

Upticks in mortgage interest have been occurring, even though it seems they are at a slow pace. Procrastinators may find it costs them more money to obtain financing on a home purchase, if they are waiting for the bottom in the housing market. There are signs stabilization is occurring in home prices and sales. Freddie Mac just recently announced 30-year mortgage rates nudged up to 4%, from 3.99%, in mid-November. From a rate of 3.94%, just six weeks ago, indications are that NOW is the best time to purchase a home in Tampa.

When financing $100,000, a 1% uptick can cost thousands of dollars, over the term of the loan. For most people, mortgages exceed this amount, although there are plenty of Tampa homes to be purchased, in lower price ranges. Even though the Florida housing market has been gradually bottoming out, there are some areas that have seen increases in sales and median sales prices, with the Tampa area being among them.

The estimates by Freddie Mac are calculated using averages charged by mortgage lenders, all over the country. It's possible to locate cheaper mortgage interest rates, if you use the services of real estate professionals, such as a Tampa Realtor. Since they are the most up-to-date on the lowest interest loans, cheapest home insurance and discounted houses on the market, this makes them a logical choice, for the smartest home buyers. You may save thousands of dollars and their services cost a home buyer NOTHING!

While the average fees on 30-year and 15-year mortgages were unchanged at 0.7%, home buyers should realize the average mortgage rates don't include extra fees or points, which are used to obtain the cheapest rates. Each point is a percent of the purchase price and finding lenders which offer low rates and low origination fees or points can make a difference in your home's overall cost. Tampa Realtors have researched the best mortgage lenders, for these types of cost savings.

For anyone who is waiting on the sidelines to purchase a home in Tampa, housing prices and mortgage rates are near historic lows; however, upticks in prices and interest rates mean additional costs. Procrastinators may be waiting for the bottom of the decline to occur; however, many analysts believe that has already happened. Purchasing at the bottom of price declines, for the lowest interest rates in history, could soon become a thing of the past.

Some of the smartest buyers have seized the best opportunities and purchased homes with the lowest-priced mortgages, seen in decades. As the Florida housing market stabilizes, foreclosure homes won't be as easy to find. Tampa foreclosures never were as plentiful as other areas, offering highly-desirable pieces of real estate. Short sale arrangements can save money and astute home buyers are taking advantage of these discounts.

The Tampa Bay area provides the ideal location for homebuyers, since the economy and Tampa housing prices aren't as drastically-affected as places, like Miami. Sunny climate, warm Gulf waters, discounted homes and affordable interest rates, on a 30-year mortgage, are something a Tampa Realtor can tell you all about!

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WhatHouse.co.uk said...

Do you mean 2012 not 2011 for mortgage rates in the title?

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