Ditech : Should You Own a House Instead of Renting?

Renting a house is a good way of putting a roof over your head, but once you are able to qualify for financing, then it's time to consider purchasing your own home.

Use a mortgage calculator to see how much more economical this is!

The whole idea of a mortgage calculator isn't to give you an exact amount of how much any given property will cost you, but rather to give a guideline of what you can expect to pay a mortgage lender should you decide to buy it.

Waiting to find out the monthly payments for a mortgage on a house can be nerve-wracking, but with a mortgage calculator you can reduce your anxiety levels by having the mortgage calculator give you some idea of the payments you can expect to pay.

If you are considering a home loan, a mortgage calculator will be your best tool for determining the size of the loan you can comfortably afford, estimating your monthly payments, and creating a financial plan to ensure you are able to make all of your mortgage payments in a timely fashion.

The results of using a mortgage calculator will help give you the confidence that buying a home is the best decision for you.

Ditech : Mortgage Applications Decrease

The volume of mortgage applications decreased slightly last week.

Mortgage applications fell as interest rates hit the highest point in four years, according to the Mortgage Bankers Association.

The seasonally adjusted index of mortgage application activity for the week ending June 16 fell by 0.8% when compared to the week prior.

The seasonally adjusted purchase mortgage index was up 0.1%, while the purchase index was substantially below last year's 479.4.

The seasonally adjusted index of refinancing applications was also down by 2.2%. The total share of refinancings among all applications decreased to 35.5 %.

Historically low mortgage rates for the past five years have led to a housing boom. The rise of interest rates and decrease of housing values is a sign of economic slowdown in the market.

The average rate on a 30-year, fixed-rate mortgage was up 0.12 percentage point to 6.73% last week. This is the highest level since May 10, 2002.

Fixed 15-year mortgage rates averaged 6.37%, up from 6.27% one week earlier. Adjustable-rate mortgage rates increased to 6.22%.

The MBA data follows several reports this week in the housing sector. With the pace of U.S. housing construction up, but the builder sentiment down, mixed information points to a period of uncertainty in the industry.