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What Happens When Mortgage Interest Rates Increase?

What Happens When Mortgage Interest Rates Rise?

What happens when interest rates go up?

A couple of things actually…First, it’s going to increase your mortgage payment. Meaning, that as rates go up it’s going to cost you more to own your house.

The other thing that’s going to happen… you can get priced out of a certain price point. Meaning, that you might not be able to afford the house. You might actually have to lower your budget now that rates have increased in order to have the same monthly payment as you could have had when rates were lower.

There’s a saying that says the best time to plant a tree was 20 years ago. The second best time is now.

The same goes true for buying your house and getting the best mortgage rates available.

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