Mortgage Rates in Memphis Tell Whether or Not Buying Still Makes Sense

"This comes at a time when mortgage rates in Memphis and other metro areas are generally on the rise. The latest national average for 30-year FRM on the first week of November closed at 4.16 percent from 4.10 percent the previous week. Tennessee's average is well below the national at 4.12 percent as of this writing. To understand where Kolko is coming from, however, you need to look at a market's “tipping point.” This cap lets homebuyers know when taking out a mortgage makes less sense based on the local market's health. The tipping point for Memphis, Kolko says, is at 21 percent. This means renting will make more financial sense when rates in Memphis reach or breach that cap."

http://memphis.churchillmortgage.com/blog/2013/12/06/mortgage-rates-in-memphis-tell-whether-or-not-buying-still-makes-sense/