Competition to Buy a Home Is Decreasing -- but Mortgage Costs Will Continue Rising

As mortgage rates continue to rise, homeownership may be even further out of reach for many Americans.

When interest rates increase, it alsopushes up mortgage rates, making it more expensive to buy a home.

“It’s a real test for the market.

We haven’t seen anything like this speed of [mortgage] rate increases in a generation.”

Mortgage lenders may be more willing to approve larger loans and applications from those with a lower credit score.

You still need to check that it’s possible for you to afford higher mortgage payments, however.

That’s a difference of $585 a month.