Tampa Bay Real Estate News: The Fed is being patient about treasury rates and what it means to Tampa housing and mortgage rates

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Andrew Duncan, Tampa Bay's #1 Realtor and Expert talks to David Diaz from Waterstone Mortgage about the Fed and their statement about interest rates not going to change for the time being and how it impacts the market and consumer confidence on The Duncan Duo Real Estate Show on 970 WFLA.

Andrew asked what impact it would have on mortgage rate. David from Waterstone Mortgage said that the Fed basically has impact on everything. What the Fed says have the ability to move the markets. The market the past couple of years has been volatile as ever. Based on the statement they released, they will not be as "patient" as before in keeping the rates low but are not going to be impatient either which gave more confidence in the market.

Real Estate is very local and as Andrew has highlighted even in previous discussions, what's being reported in the news might not necessarily reflect on what's going on in the Tampa Bay Market. This is the unique part of Real Estate. Sometimes local markets respond differently or have different things going on.

Working with a top agent that has a large company with lots of agents, lots of home sales is helpful for a consumer because they have data they can interpret quicker than the news can. Anything you hear on the news about Real Estate sales or statistics, it's usually 3-month old data. Unlike Andrew, who can provide you with the most up-to-date data about the Tampa Bay market. He can provide consumers with data of what's happening in the market right now! 

David adds that what the Fed talks about regarding the rates doesn't necessarily translate into their rates. The Fed does not control their rates. It does, however, have an indirect effect on the mortgage rates since what the Fed says affects the mortgage backed securities. So whatever inflationary or deflationary comments they make will affect that market and in turn will affect mortgage rates.

For more Tampa Bay Real Estate news and advice, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.