You face a choice between renting or owning many of the essentials you use every day: your home, your car, even furniture and appliances. So is it better to rent or to own? There is no set answer, because the cost of each depends on a number of variables. It's a question of economics, but the economics come down to your lifestyle.
Because mortgage rates are still near long-term lows, and because prices fell so much after the housing bubble burst and remain low relative to rents even after recent price increases, buying is still much cheaper than renting. That means that the recent jump in rates doesn't change the rent-versus-buy math much.