Mortgage interest rates are on the rise... they were 3% two years ago, 6% a year ago, and just above 7% today.

Let's see how those 7-ish percent mortgage rates translate into some mortgage payments these days.

All of these illustrations are for homes in the City of Harrisonburg, and (since I'm not a lender) they are not offers for mortgages with specific terms...

$250K purchase with 5% down = $1,833 / month

$350K purchase with 10% down = $2,449 / month

$450K purchase with 20% down = $2,850 / month

$600K purchase with 30% down = $3,400 / month

Working backwards for a moment, if you were trying to keep your mortgage payment under $1500 (for example) you'd be looking at a $205K purchase price with a 5% down payment.

With current mortgage interest rates above 7%, it's more important than ever to talk to a lender sooner rather than later to determine how much you can afford in a mortgage payment -- and/or how much you want to spend each month on your mortgage payment.

If you need a recommendation for a great local lender, just let me know.