Because of a wide range of changing economic factors, mortgage figures have increased roughly half a percentage point to their 16-month high. According to New York Times contributors Patricia Cohen and Conor Dougherty, ”adding hundreds, sometimes thousands, of dollars to a home buyer’s yearly payments.” The went on to say that “The speed and size of the increase took many lenders and borrowers by surprise, and the increase is expected to reverberate across the housing industry, particularly if rates continue to rise next year.” Marcus Hiles encourages renting instead of undertaking the rising costs of purchasing a home, as such high rates can make it challenging for prospective buyers to afford the monthly payment and stay within their budget. Added expenditures caused by any necessary repairs, maintenance, or renovations will further stretch one’s finances. While the overall cost of an annual lease agreement may be slightly more expensive than a given year’s average mortgage payments, the overall financial burden is much easier to bear when renting, according to the U.S. Bureau of Labor Statistics.

Read more: http://finance.yahoo.com/news/marcus-hiles-home-mortgage-payments-023200676.html

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