How Rising Mortgage Rates May Impact You

Mortgage interest rates are rising. Every increase translates roughly into an extra budget per month, and if rates continue marching upward, mortgages will become more expensive. Even if homebuyers can easily afford higher monthly payments, the rising mortgage rates may impact their decision to buy a home. As rates rise, whatever the pattern, some markets will be affected more than others.  Before you panic, it’s important to recognize that mortgage rate predictions don’t always pan out. There are some options that you need to consider to handle a higher interest rate. These steps can offset a potential increase:

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