Comment on How Rising Mortgage Rates Affect How Much You Can Borrow

How Rising Mortgage Rates Affect How Much You Can Borrow

As interest rates rise, homebuyers are discovering that they can't afford as much home as they could have just a few years ago. The 30-year mortgage rate recently stood at about 4.6%, according to a BankRate survey of national lenders, the highest rates have been since 2014.Should mortgage rates continue higher, buyers may have to save more for a larger down payment or simply buy less expensive homes, as each marginal increase in rates has a big impact on how much you can borrow.Image source: Getty Images.Continue reading

 

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