Mortgage interest rates are on the rise. But is it still cheaper to buy a home than rent? The answer is yes. Considering interest rates are still near long term lows, housing prices have dropped and rent prices have increased, home buying is still cheaper than renting.
Here is a great article from the Forbes website talking about how mortgage interest rates must hit 10.5% before renting will be cheaper than buying. Article Wow, 10.5%! I hope we don't see that.
Home prices in the area have increased and days on market have decreased. The buyers are out and sellers are seeing multiple offers on their property.
Delores Campbell
The Hyde Group, Real Estate
Coldwell Banker Gundaker
636-391-1122
http://delorescampbell.cbgundaker.com
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