Rent a home or buy? Depends where you live

Source: Today   As the housing market stages an uneven recovery, whether it is cheaper to rent or buy a place depends on where you live. In addition, just because it's cheaper to buy in some markets doesn't mean potential homeowners will be able to qualify for a loan—especially if they’re one of the 7 million former homeowners who lost their property to a foreclosure or short sale. Read the full story

3 reasons cheap mortgages won't help first-timers

Source: CNBC Mortgage rates hit a record low about a year ago, but they are still pretty cheap, making now a good time to get into the market, according to Anika Khan, Wells Fargo Securities senior economist. However, these cheap mortgages are still out of reach to many first-time home buyers due to tight lending requirements, low inventory, and high prices pushed up by investors. Read the full story

Happy Father's Day

What a mortgage calculator won’t tell you

Source: MarketWatch   Resources like mortgage calculators can help you figure out the price range of homes you may be able to afford and estimate your monthly mortgage payment. However, the math alone won’t always tell you if you’re ready to buy a home, since other big factors are credit standing, job security, family plans, and other financial goals. Read the full story

Interest Rate Update

30 Year Fixed up to $417,000 3.99% to 4.50%
30 Year Fixed “Agency” up to $625,500 4.125% to 4.625%
30 Year Fixed FHA up to $417,000 3.50% to 3.75%
30 Year Fixed FHA “Jumbo” up to $729,500 3.625% to 3.875%

The Search for Affordable Housing Is Pushing Middle Class to Exurbs

Source: The Atlantic The median family needs to devote up to nearly 40 percent of its income on mortgage payments for a median home in metros like San Jose (36 percent); San Francisco (39 percent); and Los Angeles (40 percent). The locations of homes that are within reach for the median family vary substantially, which indicates the uneven nature of housing prices across several major U.S. cities and metros. Read the full story