When interest rates go up, mortgage payments also go up, and when interest rates go down, mortgage payments go down.

[{"selector":"#anim-16b51cf7-31db-4418-bdfb-94250a31daf4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-2cecfb3b-9f8e-4658-ab9e-55d6cef16ec8","keyframes":{"transform":["translate3d(-103.38542%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f4ac92f7-a458-4693-9095-39c9d881f1b8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fe4a1d42-f6ad-4455-96cd-d9bae093610c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-9886aeb2-df38-4355-8f6b-a5ab887eb4bd","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6a367516-f74c-4a39-9abf-cbfa5f73d521","keyframes":{"transform":["translate3d(0px, -656.73187%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The reason for this is that the interest rate determines the amount of interest that you will pay on your mortgage each month.

[{"selector":"#anim-3cdd7772-df83-4dab-afe6-59885377f007","keyframes":{"transform":["translate3d(-103.38542%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-22bfce66-da77-4b50-89f2-0d34ae7f20cf","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f17b35f3-c86b-4605-8dd0-7d62b8bc70b6","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-7d75eb67-b497-43e0-ba0c-fbad166e121f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cfe99610-087b-4485-9aab-fa7eb1815b14","keyframes":{"transform":["translate3d(0px, -858.15948%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-282b55bd-5d07-415c-a658-94515e9bc21d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-3.552713678800501e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] When you take out a mortgage, you will be charged interest on the amount of money that you borrow.

For more finance related information join our group

[{"selector":"#anim-7ce42a9e-1bb6-4037-8607-e190c32a9070","keyframes":{"transform":["translate3d(-103.38542%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-eb653a4e-a495-4e87-81b0-a99ef8158f41","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b197682a-431d-4722-ab4a-52e360070925","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-89057ad6-605e-42e7-b415-a48010e2ff8c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-53d4868f-657f-4b99-afdd-e3c543b8de85","keyframes":{"transform":["translate3d(0px, -531.98328%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-27e22b45-aa4c-40da-b0cb-b0817b603c31 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The interest rate that you are charged will be based on a number of factors, including your credit score, the type of mortgage that you are getting, and the current market interest rates.

[{"selector":"#anim-e5212ed9-862e-4d3c-90eb-e10d18fb36de","keyframes":{"transform":["translate3d(-103.38542%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-135a06f8-968a-40b1-b2c1-a4f2dae1783c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0f3565c8-2e97-460d-bdce-6ab942ed839f","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-ac51523d-fa52-4b88-bd61-f5650ddd3114","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5b419877-67a8-4669-89cc-4802a8e0c1a7","keyframes":{"transform":["translate3d(0px, -1281.4809%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ba8406e8-15ab-49ed-9b84-22c3e1c27dde [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(11.095528812805528%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] If interest rates go up, the interest rate on your mortgage will also go up. Learn more

[{"selector":"#anim-51356b5b-d628-44a2-bdcd-e36d670341d4","keyframes":{"transform":["translate3d(-103.38542%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a1f47c6a-ded0-4cec-8738-83bf510c7467","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8a4a1d9f-3ab3-447f-8c0d-49dc6c859c91","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-83e73088-d969-4556-a3b3-980deea74512","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9da8a9c2-882d-412d-a322-29d5fb257060","keyframes":{"transform":["translate3d(0px, -856.597%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-46d7eb9d-6065-41ec-8a16-cc3f4cc45d80 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] This can make it more difficult to afford your monthly mortgage payment and can put a strain on your finances. Learn more

For more finance related information join our group

[{"selector":"#anim-f78fde48-1ad1-471c-bffe-c88ac030455e","keyframes":{"transform":["translate3d(-103.38542%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b8492d1d-638a-4879-8f26-6738156dc00f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-87e9e3c3-9bb3-4c13-9c02-82c0f500749e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-00d280aa-173c-4a85-ad62-50076f6bf697","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7318a5cc-9016-45b4-a86b-e70227b83944","keyframes":{"transform":["translate3d(0px, -856.597%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f1c2b851-306d-4e9b-8ead-656fe177dc61 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(14.21646573292864%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] On the other hand, if interest rates go down, the interest rate on your mortgage will also go down. Learn more

[{"selector":"#anim-bb605fa0-ab39-43e2-99b7-1ba30a476bea","keyframes":{"transform":["translate3d(-103.38542%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-74e6f17b-f276-474c-95d1-87689135718f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-807f53cb-3711-4cf4-90e5-dc55616c8eee","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-1df58df0-3fef-4fab-9d68-146034cd0de0","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6246c990-3242-42ac-a1fc-d410d71be90e","keyframes":{"transform":["translate3d(0px, -856.597%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-99c9af3a-0979-4bda-87e5-af2d8309952d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] This means that you will pay less in interest each month, and your mortgage payment will decrease. Learn more

For full article click here

[{"selector":"#anim-961efed8-cd63-4641-a3cc-c434e761800a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0f430dd5-d29e-4a69-ac62-edb50be28070","keyframes":{"transform":["translate3d(129.61538%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]