Tampa Bay mortgage rates are down. Is it a good time to buy?
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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.