Mortgage rates are rising. Here’s how to adjust your housing budget

Homebuyers are feeling the squeeze of rising mortgage rates. On top of that, housing prices remain high. That may lead many to rethink their budget.

“As mortgage rates go up, it raises the cost of buying a home with a mortgage,” explained Danielle Hale, chief economist at Realtor.com.

“For many homebuyers, higher mortgage rates equal a higher monthly cost, especially for those taking out a large mortgage.”

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The rate for a 30-year fixed mortgage is now 5.65%,…