With Interest Rates at 7%, Here’s How Much More You’re Paying for a $500K House

Source: Motley Fool — 

If you’re in the market for a new home, you’re probably well aware that mortgage rates are on the rise. In fact, they’ve more than doubled since the beginning of the year and are now at their highest level in nearly 15 years.

Mortgage rates have doubled

This means that if you’re taking out a mortgage to buy a home, you can expect to pay more in interest than you would have just a few years ago. Since the beginning of the year, mortgage rates have more than doubled to 6.92% from 3.11%.

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