Buyers who may have prequalified for a home loan but have had difficulty finding a house to buy may have the interest rate offered for a loan expire. Higher interest rates could affect the size of a home loan for which they qualify, meaning a larger down payment or finding a lower-priced house, real estate experts said.
Rising interest rates “impacts people who are trying to become homeowners,” said Rachel Flint, vice president of Hubbell Homes Inc. “When the rates go up, they may no longer qualify for that home loan because the rates have changed.”
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