Tampa Bay One of the Most Affordable Housing Markets but Mortgage Rates Top the Nation

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Listen as Andrew Duncan, Tampa Bay's #1 Realtor and expert talk to David and Arnie Diaz of Waterstone Mortgage about how Tampa Bay can be one of the most affordable housing markets but mortgage rates top the nation.

Though Tampa Bay is one of the most affordable markets in the country with medium and average priced homes hovering under the high $100s and low $200s, depending on where they are, according to an article in the Times, it has one of the highest mortgage rates in the country and why that could happen and how you can differentiate mortgage prices from mortgage costs.

There are a lot of factors that go into determining the interest rate for a consumer like the credit score, down payment amount, type of program and more. It is true though that different geographical areas have slightly different interest rates. David advises consumers to call local lenders and shop around for rates.

Arnie uses Georgia as an example. There the interest rates would be slightly lower because they charge a 1% origination fee which is 1% of the loan amount which will add to your cost. In Tampa Bay, they don't charge that point as a norm so rates would be higher. This is why they encourage consumers to shop around because somebody could advertise a super low rate but you end up paying for a bunch of points, costs and fees into that loan.

The lower the loan, the slightly higher the interest rate needs to be. There's a flat cost that a lender has to incur no matter what the loan is. The lower the price of the loan, the higher the fees need to be to help cover those hard costs.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

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