In general, when interest rates go up, the cost of borrowing money increases, which means that mortgage rates will also go up. 

This can make it more expensive to buy a home or refinance your mortgage, as your monthly payments will be higher. 

For example, let’s say you’re considering a 30-year fixed-rate mortgage for $300,000. If the interest rate is 3%, your monthly payment would be around $1,265. 

But if the interest rate were to increase to 4%, your monthly payment would rise to around $1,430 – an increase of $165 per month. 

Conversely, when interest rates go down, mortgage rates will also go down, making it less expensive to buy a home or refinance your mortgage. 

This can result in lower monthly payments, which can save you money over time. 

It’s important to note that interest rates are just one of the factors that determine the cost of your mortgage. 

Other factors include the length of your mortgage term, the amount you borrow, and your credit score.