Multiple important mortgage rates decreased in the Tampa area this week.

Key 30-year rate slides in Tampa

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Tampa area slid to 4.11 percent, according to Bankrate’s national survey of large lenders. While the local rate still eclipsed the national average rate of 4.09 percent, it was down 6 basis points from last week. A basis point is one-hundredth of 1 percentage point.

The mortgages in the survey for this week had an average of 0.40 discount and origination points.

The drop in the 30-year fixed will benefit those who waited to lock on a rate, as their decision paid off.

Monthly payments on a hypothetical $165,000 mortgage slid to $798.23, slipping $5.74 from last week, corresponding with the drop in mortgage rates.

No clear direction for other Tampa mortgage types

The average rate for 30-year jumbo mortgages fell this week, down 15 basis points to 4.31 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Tampa area, that limit is $424,100.

The average rate for 15-year fixed-rate mortgages fell 2 basis points as well, dropping to 3.67 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates lower, dipping $1.63 to $1,193.38.

The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this downward trend in the 15-year fixed, a refinance will be more advantageous to some homeowners.

The popular 5/1 adjustable-rate mortgage rate remained consistent at 3.60 percent this week. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most popular type of variable-rate mortgage.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate’s survey of mortgage lenders conducted December 13, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Tampa area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 4.11% 3.67% 3.60% 4.31%
Change from last week: -0.06 -0.02 N/C -0.15
Monthly payment: $798.23 $1,193.38 $750.16 $2,101.24
Change from last week: -$5.74 -$1.63 N/C -$37.21

Methodology: The “ National Average,” or “national survey of large lenders,” is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”