Five million renters across the US are planning to buy a home in the next twelve months according to the Zillow Housing Confidence Index. This figure is up 25 percent relative to the same time last year. According to additional research by Zillow, typical renters should expect to pay 30 percent of their monthly income to rent. Buyers however can expect to spend only 15 percent of their monthly income on their mortgage payment. This is due to the current combination of historically low interest rates and below-peak home values keeping mortgage payments relatively low. 52,000 of San Diego renters will be looking to buy a home in the next year. Conforming no point 30 year fixed mortgage rates kept averaging close to 3.875 percent, and the 15-year rate once again averaged 3.125 percent. And now for something completely different: Mexico allows painters, sculptors, and other artists to donate part of their annual production of artwork in lieu of paying taxes.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.