Could interest rates fall? Here’s what experts think about what it means for the Tampa market

TAMPA, Fla. (WFLA) — With interest rates currently hovering between six and seven percent in Tampa Bay, potential home buyers are facing tough decisions.

USF professor of economics Michael Snipes said a lower rate could be a big deal.

“Even a 1% difference in interest rates can make a huge difference over 30 years, and most mortgages are going to be 30 years,” Snipes said.

Joe Goodyear with Tampa’s Edge Home finance said he expects lower interest rates will bring more buyers back into the market.

“More people are going to start coming off the sidelines as those rates go down so it will become more difficult to, you know, to get some of those properties that are out there because you’ll have more competition,” Goodyear said.

As the Federal Reserve’s decision nears, experts advise buyers to weigh both mortgage rates and rising home prices.

“It is possible that if interest rates go down, mortgages might become cheaper, the loan might become cheaper, but the price of the home that could still go up,” Snipes said.

However, real estate agents like Anthony Caracappa with Homegrown Reality said that for now, buyers have a rare advantage.

“It’s really a buyer’s market,” Caracappa said. “There’s a lot of opportunity to get a price lower than list price and be able to work and negotiate, to be able to get that dream home that you want.”

The Federal Reserve meeting is set to take place on Sept. 17 and Sept. 18.

For the latest news, weather, sports, and streaming video, head to WFLA.