The Mortgage Statement

Is renting or buying right for you? The decision to buy or rent depends on your current financial situation, your future plans and the lifestyle you want to live. Both options have their own set of benefits and potential drawbacks that should be carefully evaluated. I had the chance earlier this week to talk with Fox 16's Deedra Wilson on air about what you should consider when deciding to rent or buy.

If you are about to move to a new area, you need to think about a few things before you sign a lease on an apartment or put a down payment on a mortgage. The decision to buy or rent depends on your current financial situation, your future plans and the lifestyle you want to live. Both options have their own set of benefits and potential drawbacks that should be carefully evaluated.

It's the first week of April and rates have changed, but have not increased. We promise this is not an April Fool's joke! Our 30-year fixed rate has dropped from 3.625 percent to 3.5 percent. Our 20-year fixed rate has fallen from 3.5 percent to 3.375 percent. And our 15-year fixed rate stepped down from 2.750 percent to 2.625 percent.

In a recent study released by Freddie Mac, 27 percent of borrowers refinanced during 2012's fourth quarter to a shortened payment term and 95 percent switched to a fixed-rate loan. With rates more likely to rise rather than fall, it is wise to choose a fixed-rate loan over an adjustable-rate loan. For more information, read the entire study on Yahoo! Finance. And if you are considering a refinance before rates climb higher, be sure to consider a fixed-rate at a shorter term.