BRANDON, Fla — According to the Federal Reserve, as of February 20, average loan rates have reached their most favorable point in over two years.
Local real estate agent and mortgage loan officer Johnny Reyes, who works with Flat Fee MLS Realty in Brandon, says waiting for rates to drop typically means facing higher home prices, making now an optimal time to purchase.
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"If you're able to buy, buy. Now's always a great time to buy. Rates will always fluctuate up and down," Reyes said. "The nice advantage you'll have is once you lock in a price of a home, you know that you can refinance it every 6 months if you wanted to."
Two Tampa Bay area residents who purchased homes in recent years are benefiting from their timing decisions. Mary Jo Spack bought her home in 2024, while Natalie Mena purchased hers in July 2025. Both secured interest rates of 6.25%.
"I just got lucky, because a friend of mine had just bought a house 6 months before me, and her rate was 7% and change, and I just happened to fall into it at the right time," Spack said.
Mena acknowledged the challenges of buying in a higher-rate environment.
"It was a little scary because obviously the rates are kind of high and you don't want to be locked into that," Mena said.
Reyes, who has been helping clients close loans since 2011, emphasized the refinancing advantages available to current homeowners. He noted that even a 1% reduction in the rate can yield significant monthly savings.
"Even saving them 1% makes a big difference. Potentially, we could be talking about savings between $75 to $100 a month, but that could be the ultimate reason for that family to make that drastic of a decision because it is a savings for them," Reyes said.
While sellers may face increased competition from more buyers entering the market, Reyes stressed that homeowners can still benefit through refinancing opportunities when rates continue to decline.
For those considering a home purchase, Reyes recommends seeking professional guidance despite the additional costs.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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