Pittsburgh Mortgage

There will always be debates on this and I doubt anyone can guarantee their answer is correct, but here’s my take:

• Renting makes sense if you know you’ll only be in a certain area for 12 months or less *or* if you can’t qualify for a mortgage for the house you want (renting and paying on time will help get you a mortgage).
• Buying makes sense when you’ll be in an area for a while and want to capture the property value increase and tax benefits.
• In today’s economy you’ll find bargains everywhere - especially foreclosures - and you can own for less than you’d expect.

These are the latest rates as of Oct 11th and I really expect the rates to drop more, but doubt they’ll ever drop to 3% like they were before
Fixed
30 Yr Fixed 6.12%
15 Yr Fixed 5.91%
30 Yr Fixed Jumbo 7.39%
15 Yr Fixed Jumbo 6.59%

ARM
3/1 ARM 5.97%
5/1 ARM 6.10%
7/1 ARM 6.34%
10/1 ARM 6.59%

ARM - Interest Only
3/1 ARM (I/O) 6.18%
5/1 ARM (I/O) 6.16%
7/1 ARM (I/O) 6.63%

Although the rates have gone up from last year, it’s still a great time to get refinanced to pay bills or other items.
You’ll definitely need to shop around more, but there are bargains out there due to the slower business the finance companies have.