4 Ways To Trim Your Housing Costs Right Now Business Insider
Sell your home and rent instead. While home prices are still in the dumps in many U.S. markets, low interest rates help buyers qualify for larger mortgages. Revisit the economics of selling your home and renting a new home instead of buying another one.
Moody's Analytics issues "buy-to-rent" ratios each quarter on homes in more than 50 major U.S. urban areas. It compares the median price of a single-family home with the annual rental cost of a typical apartment. The higher the ratio, the more it makes sense to consider renting as an option to homeownership. A ratio of 15 is a rough "balancing" point where the affordability of home ownership and renting are similar.
Here are buy-to-rent ratios as of the second quarter of the year:
Lower:
Cleveland, Ohio, 10.79; Pittsburgh, 11.22; Phoenix, 11.45; Detroit, 11.6; Atlanta, 11.79; Minneapolis, 11.8; Orlando, 12.33; Tampa, 12.61; St. Louis, 12.88; Las Vegas, 12.98; Miami, 13.04; Fort Lauderdale, Fla., 13.34; Cincinnati, 13.35; Kansas City, Kan., 13.72, and Chicago, 13.95.
Texas Mortgage: Dallas Mortgage Rates for 30-Year Loans Increase
Texas Mortgage: Dallas Mortgage Rates for 30-Year Loans Increase
http://news.businessweek.com/article.asp?documentKey=1376-LT08HS6K50Z201-015GEF91FKP8USVQC9VCKAMV2H
Dallas mortgage rates climbed from the lowest level on record after better-then-expected economic data and optimism that Europe’s debt crisis will be contained drove up yields for the Treasuries that guide home loans.
The average rate for a Dallas 30-year fixed loan increased to 4.12 percent in the week ended today from 3.94 percent, Freddie Mac said in a statement today. That was the lowest in Freddie Mac records dating back to 1971. The average 15-year rate rose to 3.37 percent from 3.26 percent last week, according to the McLean, Virginia-based mortgage-finance company.
Ten-year Treasury yields, a benchmark for mortgages, rose to a six-week high yesterday after European Commission President Jose Barroso called for a “coordinated approach” to recapitalize the region’s banks. U.S. employers added more workers than forecast in September while the jobless rate held at 9.1 percent, the Labor Department said last week.
“The economic news has not been nearly as bleak as we’ve become accustomed to,” said Keith Gumbinger, vice president of HSH Associates, a loan-data firm in Pompton Plains, New Jersey. “Money has crept its way out of the safe havens of Treasuries and back into equities and there’s been a slight lift in interest rates as a result.”
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