Rent or Buy? Mortgage Rates Up To 5.84%

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(Image credit: Apartment Therapy)

Rent. We just read that “a positive economic report and an influential bond fund manager sparked a rise in mortgage rates this week.” Indeed, mortgage rates are slowly ticking up, but they are still low. And apartment sales are slowing…..

However, we have come to feel that (and this may be obvious to some) despite great mortgage rates, this is no time to buy. This is a great time to sell, but with the market this high, it is time to wait and buy when it comes back down.

Will it?

It will.

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(Image credit: Apartment Therapy)

That doesn’t mean the market will crash – we don’t know about that – but the market will inevitably balance itself out by dropping and then there will be good deals again. This is what Warren Buffet does, and it works for him. Always wait for a good deal, and save up your money until you do. (via Bankrate) MGR

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