Mortgage figures have climbed roughly half a percentage point to a 16-month high, a result of many shifting economic factors, and ”adding hundreds, sometimes thousands, of dollars to a home buyer’s yearly payments,” according to New York Times writers Patricia Cohen and Conor Dougherty. “The speed and size of the increase took many lenders and borrowers by surprise,” they went on, “and the increase is expected to reverberate across the housing industry, particularly if rates continue to rise next year.” Marcus Hiles discusses renting as an alternative to bearing the rising costs of purchasing a home, as such high rates can make it difficult for home owners to afford the monthly payment within their current budget. Added expenditures such as any necessary repairs, maintenance, and renovations threaten to stretch one’s budget even further. While the total cost of an annual lease agreement may be slightly higher than the average mortgage payments in a given year, the financial burden on one’s shoulders is much lower when renting, a fact noted by the U.S. Bureau of Labor Statistics.

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