Rent or Buy? Mortgage Rate Head Rise to 5.75%

Rent or Buy? Mortgage Rate Head Rise to 5.75%

Maxwell Ryan
Oct 5, 2004

Oh, yes, there's a debate tonight. Without wanting to get involved with politics, this is a big month. Mortgage rates moved slightly upward, but are still at record lows. Is it a good time to rent or buy? Depends on how you see the future. Buyers are optimistic (prices will go up). Renters are pessimistic (a real estate crash is coming).

Wachovia economists are calling this the "Rodney Dangerfield Economy," meaning that after so much good economic news (ie. 11 quarters of rising real GDP), the economy still isn't getting any respect (rates are low). Pessimism remains. But why is this surprising? As they also say, "there's a lot of uncertainty, with rising oil prices, the war in Iraq, the presidential election, the war on terrorism and other factors." Those are pretty reasons for uncertainty. (via Bankrate) MGR

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