Dear DeeDee, how much will my mortgage payment go up if interest rates go up?

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The short answer is a 1% rise in interest rates means about a 10% increase in monthly mortgage costs.

The math for other rate change increments is easy to calculate using the above statistic…

A .5% increase in rates will bring you approximately a 5% increase in monthly mortgage costs.

A .2% increase in rates will bring you approximately a 2% increase in monthly mortgage costs.

With rates slowly inching up, what are you waiting for?