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• Mortgage rates in Tampa are influenced by economic conditions and personal financial factors such as credit score.
• Even a slight change in mortgage rates can have a big impact on your monthly payment and the amount you’ll pay over the life of your loan.
• Florida has resources and programs to make the dream of homeownership a reality for first-time buyers and those with limited financial resources.
• Fixed-rate mortgages provide predictability, while adjustable-rate mortgages (ARMs) usually have a lower introductory rate, but adjust up or down after that.
• Fixed-rate mortgages provide predictability, while adjustable-rate mortgages (ARMs) usually have a lower introductory rate, but adjust up or down after that.
Introduction to Tampa Mortgage Interest Rates
Mortgage rates in Tampa are a key consideration for anyone looking to buy a home. They can greatly affect how much home you can afford and what your long-term financial planning looks like. This guide will help you understand how mortgage rates are determined and how you can get the best rate for your situation — it’s especially helpful if you are buying your first home. Step one in your mortgage journey? Understanding where rates in Tampa come from.
Where Mortgage Rates Come From
The rate a homebuyer obtains for their home loan is influenced by a combination of factors, including the economy and the borrower’s financial situation and credit history. Let’s break it down:
Economic Factors Influencing Mortgage Rates
• The bond market, particularly the 10-year U.S. Treasury Note, has historically been a primary indicator of where mortgage rates are headed. When the rates on the note rise, mortgage interest tends to head in the same direction.
• The health of the housing market also plays a role. When the housing market cools and more homes are available than there are buyers, lenders may lower rates to keep attracting customers.
• Inflation and unemployment also play a role in determining mortgage rates. When the economy is strong, mortgage rates tend to rise, reflecting the potential for increased demand for borrowing and potentially higher costs for lenders providing loans to consumers. A recession is usually accompanied by lower mortgage rates.
Borrower Factors Influencing Mortgage Rates
• Your credit score is a significant predictor of the rate you’ll be offered. The higher the score, the lower the rate you’ll likely obtain.
• The amount of your down payment plays a role as well. Making a larger down payment can result in a lower interest rate because borrowers who have more equity in their newly purchased property are perceived as a lower default risk by the lender.
• Your debt-to-income (DTI) ratio is also important. Lenders will look at your income in relation to your monthly debts. In general, mortgage lenders like to see a DTI ratio of no more than 36%, though that is not necessarily the maximum.
The type of home mortgage loan you choose and its term will also impact your interest rate. We’ll get into that in more detail below.
In general, mortgage lenders like to see a DTI ratio of no more than 36%, though that is not necessarily the maximum.
See what factors impact your mortgage.
See how different loan amounts, down payments, and other factors impact your home mortgage with our mortgage calculator.
See what factors impact your mortgage.
See how different loan amounts, down payments, and other factors impact your home mortgage with our mortgage calculator.
How Interest Rates Affect Home Affordability
Mortgage rates have a big impact on the amount of your monthly loan payment, and thus on how much home you can afford as a buyer. For example, a $400,000 loan at a 6.00% interest rate with a 30-year term will cost you $2,398 per month. But if the rate jumps to 7.00%, your monthly payment will increase to $2,661. Over 30 years, that single percentage point difference in interest rates will cost you nearly $100,000 in interest payments. That’s a lot of cash! See how the interest rate and loan term affect payment amounts and total interest on a $300,000 mortgage in the chart below.
Interest Rate
Loan Term
Monthly Payment
Total Interest
6.00%
30-year
$1,799
$347,515
6.00%
15-year
$2,532
$155,683
7.00%
30-year
$1,996
$418,527
7.00%
15-year
$2,697
$185,367
Tampa Mortgage Rate Trends
Historical U.S. Mortgage Rates
The history of mortgage rates in the U.S. is quite a rollercoaster. The 30-year fixed-rate mortgage, for instance, hit an all-time high of 18.63% in 1981. That was a tough time for homebuyers. But after the financial crisis of 2007, rates took a nosedive. In Florida, you’ve been enjoying relatively low rates since then.
To get some perspective on what a “high” and “low” rate have looked like over the last half-century, consider the graphic below. The chart at right shows how Tampa’s rate has compared to the national average in recent decades — as you can see, the local rate is often above that of the state as a whole. (The Federal Housing Finance Agency stopped compiling this city-level data after 2018.)
Year
Tampa Rate
U.S. Rate
2000
8.02
8.14
2001
7.05
7.03
2002
6.55
6.62
2003
5.81
5.83
2004
5.79
5.95
2005
5.92
6.00
2006
6.68
6.60
2007
6.56
6.44
2008
6.18
6.09
2009
5.10
5.06
2010
4.85
4.84
2011
4.65
4.66
2012
3.70
3.74
2013
3.92
3.92
2014
4.26
4.24
2015
4.02
3.91
2016
3.82
3.72
2017
4.15
4.03
2018
4.61
4.57
Source: Federal House Finance Agency
Types of Mortgages Available in Tampa
In Tampa, there are many different types of mortgage loans to choose from. By understanding these options, you can make an informed decision that suits your unique needs.
Fixed-Rate Mortgage
Fixed-rate mortgages are the steady-Eddies of home loans, with an interest rate that remains constant over the life of the loan. This predictability means your monthly payments will stay the same, making it easier to plan your budget. Fixed-rate mortgages are available in a variety of terms, including 10, 15, 20, 30, and even 40 years.
Adjustable-Rate Mortgage (ARM)
Adjustable-rate mortgages, or ARMs, offer lower initial interest rates compared to fixed-rate loans, making them a popular choice, especially for owners who think they might sell before the initial fixed-rate period ends. With ARMs, you’ll enjoy a set interest rate for the first part of your loan, after which it can adjust up or down based on the market. This flexibility can work in your favor if rates are falling, but it also means your payments could increase if rates rise.
FHA Loan
With the backing of the Federal Housing Administration, FHA loans are tailor-made to open the doors of homeownership to a broader audience. They often come with more flexible eligibility criteria, including a low down payment option for those with a minimum credit score of 580. They may be especially appealing to those who qualify as a first-time homebuyer in Tampa.
VA Loan
VA loans are a fantastic opportunity for those who have served our country. This loan is available to eligible active-duty military personnel, veterans, reservists, National Guard members, and surviving spouses. One of the main benefits of a VA loan is that they don’t require a down payment. This is a great option for those who may not have a large amount of money saved up. VA loans also offer competitive rates, which can help keep the cost of your mortgage down.
Jumbo Loan
In Florida, with the exception of Monroe County (home of Key West), a conventional mortgage loan is capped at $806,500 for a single-family home (Monroe’s cap is $967,150). If you’re eyeing a property that’s well beyond this price point, a jumbo loan is what you need. While jumbo loans might come with slightly higher interest rates and more stringent qualification requirements, they’re the key to unlocking the door to your dream home.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Should You Wait for Interest Rates to Drop?
For those of you in Tampa and across Florida who are considering a home purchase, you might be wondering if you should wait to see if interest rates will fall. Given current economic uncertainties, it’s hard to say. In April 2025, forecasters were anticipating that the average interest rate for a 30-year fixed-rate mortgage would end 2025 at 6.50%.
Keep in mind that if you buy now and rates fall in the future, you can always consider a mortgage refinance to take advantage of the lower rates. It’s also important to consider your personal needs: Is the lease on your rental expiring? Is renting an apartment costing you roughly what your mortgage payment might cost each month? Are you eager to build equity? These are all factors to weigh.
The overall cost of living in Tampa has an impact on home prices and how you fit mortgage payments into your budget. Here’s how Tampa compares to other Florida cities on an index where 100 equals the average cost of living in the U.S.
City
Cost of Living
Cape Coral-Fort Myers, FL
104.9
Daytona Beach, FL
99.1
Fort Lauderdale, FL
121.8
Jacksonville, FL
92.9
Miami-Dade County, FL
120.8
Orlando, FL
96.4
Tallahassee, FL
93.0
Tampa, FL
97.6
Vero Beach-Indian River, FL
98.4
Get Your Best Possible Rate in Tampa
To secure the best possible mortgage rate in Tampa, focus on improving your credit score and reducing your debt-to-income (DTI) ratio. If possible, increase your down payment to lower the loan amount and potentially eliminate the need for private mortgage insurance (PMI), required for conventional loans with a down payment of less than 20%. Consider different types of loans, including an adjustable-rate mortgage (ARM), which often has a lower initial rate than a fixed-rate mortgage. Monitoring mortgage rates in Tampa can help you make informed decisions.
Helpful Tools & Calculators
Before you apply for a mortgage, using these tools can help you understand how much house you can afford and what your monthly payments might look like based on different down payment amounts and interest rates.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
How to Evaluate Loan Offers in Tampa
Securing a competitive mortgage rate is a smart move that can save you a substantial amount over the loan’s lifetime. It’s not just about the interest rate; you need to factor in the fees, closing costs, and discount points. Once you hit on a loan offer that feels right for you, go through the mortgage preapproval process so that you are ready to make an offer when you find a home you love.
Tampa Mortgage Resources
Florida offers a wealth of resources and programs to support homebuyers, especially those purchasing for the first time or with limited financial means. These can include down payment assistance programs and closing cost help, which can significantly reduce the financial burden of buying a home.
By taking the time to explore Florida programs for first-time homebuyers, you can make more strategic and financially sound decisions. Remember: Many first-time homebuyer programs consider anyone who has not purchased a primary residence in the last three years to be eligible.
If you’re looking to buy a home in Tampa, you’re probably wondering about closing costs. Typically, you can expect to pay between 2% and 5% of the home’s final purchase price. These costs can vary depending on the property’s value and its location within the city. They typically cover the following:
• Abstract and recording fees: These fees relate to summarizing the title search.
• Application fee: Your lender may charge you to process your loan application.
• Appraisal and survey fees: This is usually in the $300 to $600 range, but could be considerably higher, depending on the home, its location, and other factors.
• Credit reporting, underwriting, and origination fees: The lender may charge anywhere from $10 to $100 per applicant to check their credit score; underwriting fees (often in the $300 to $750 range) may also be added to closing costs. Origination fees can be about 0.5% to 1% of your loan’s value and cover the costs of the lender creating your loan documents.
• Flood certification fee: The lender may require a flood certification, which states the flood zone status of the property.
• Title search and title insurance fees: When a title search is done to see if there are any other claims on the property in question, the buyer typically pays the fee, which is usually in the $75 to $200 range. The lender often requires title insurance as a protection. This is likely a one-time fee that costs between 0.1% and 2% of the sale price.
As you budget for your closing expenses, you may also need to reserve funds for mortgage points. (Each mortgage point you choose to buy costs 1% of your mortgage amount and typically lowers your mortgage interest rate by 0.25% per point.)
The Takeaway
Tampa’s mortgage landscape presents a diverse range of options for prospective homebuyers. By staying informed and up-to-date about current mortgage rates in Tampa, individuals and families can make more strategic and well-informed decisions that align with their financial goals. This ultimately allows them to achieve successful and sustainable homeownership in the Tampa area. Whether you’re a first-time buyer or a seasoned homeowner, exploring the different mortgage types and available assistance programs can be incredibly helpful in finding the best fit for your specific needs and circumstances.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
While it’s tricky to pinpoint the future of interest rates, keeping a close eye on economic factors like inflation and Treasury bond prices can help homebuyers get a sense of where mortgage rates in Tampa may be headed. When rates on the 10-year U.S. Treasury Note rise, rates may be headed up as well.
Will mortgage rates ever be normal again?
History tells us that mortgage rates can vary widely over time, so what is “normal” to one generation may be abnormal to another. While rates have increased in recent years, they are still well below peaks seen in previous decades. So waiting for “normal” rates may be less helpful than examining whether you can afford to purchase a home and asking yourself whether this is the right time to do so based not only on cost but also on your personal situation — for example, whether you are relocating, your family size is growing, or your rental lease is ending.
Will Tampa home prices ever drop?
The Tampa housing market is influenced by a variety of factors, including the overall state of the economy both locally and nationally and the balance of supply and demand. While it is difficult to predict the exact direction of home prices due to the inherent volatility of the market, a real estate agent with local knowledge may be able to help you assess where prices are headed.
Is now the right time to buy a home in Tampa?
Deciding whether to buy a house in Tampa depends significantly on your personal financial readiness and the prevailing market conditions. Current mortgage rates in Tampa play a significant role in overall affordability for prospective homeowners. If you are financially prepared to purchase property and you find a competitive interest rate, it can represent a good time to enter the market and buy a home. However, it’s important to carefully consider your long-term financial goals and the overall economic climate before making such a significant decision about homeownership.
How do you lock in a mortgage rate?
Locking in your mortgage rate can be a smart move. Once you have shopped around and compared mortgage offers from different lenders, zero in on your preferred rate, term, and lender, and ask the lender if you can lock in the rate — typically for a period of 30 to 60 days. This will give you time to close without worrying about rising rates. Rate locks are sometimes free but often cost between 0.25% and 0.50% of the loan amount.
How exactly do mortgage interest rates function?
Mortgage interest rates, presented as a percentage, are essentially the cost of borrowing money to purchase a home. A lender determines how much interest to charge by applying the rate to the existing loan balance. Fixed-rate mortgages maintain a constant interest rate over the loan term, while adjustable-rate mortgages (ARMs) have rates that fluctuate based on market conditions. To see how much of each month’s payment is the interest charge vs. the principal owed, a borrower can review the amortization schedule for their loan.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
