Mortgage prospects have decreased as interest rates have reached their highest in nearly 23 years. Rising interest rates signal to lenders that they can charge more for home loans, so lenders require borrowers to have higher credit scores, larger down payments, and more proof of their income in order to qualify for a loan. Experts also note that rising rates make homeownership less attractive because monthly payments become more expensive. This has caused some potential buyers to wait, as they decide whether they can afford a home purchase in the current climate.
Mortgage demand shrinks as interest rates hit the highest level in nearly 23 years
