The COVID-19 pandemic ushered in a new era for the Tampa Bay housing market. Rapidly rising home prices and mortgage rates have kept many would-be buyers on the sidelines over the past few years.
But last week, some saw a glimmer of hope when the Federal Reserve cut interest rates for the first time since March 2020. The average 30-year fixed mortgage rate also fell to 6.09%, the lowest it’s been in over a year, according to Freddie Mac.
“By the end of the year, if the Federal Reserve does more cuts, we do expect the mortgage rate to come down more hopefully,” said Lei Wedge, associate professor of finance at the University of South Florida’s Muma College of Business…