A rise in mortgage interest rates has led to a decline in people applying for home loans and homeowners refinancing.

Here’s the monthly cost of purchasing a typical home today, according to the Realtor.com® mortgage calculator. The typical monthly payment on a median-priced $440,950 home at today’s 6.74% mortgage rate is roughly $2,286. (That’s assuming a 20% down payment and excluding tax and insurance.)

Both HELOC and home equity loan interest rates fell again last week. Here's what potential borrowers should do next.

First-time buyers struggle with high home prices and mortgage rates near 25-year highs. Assumable VA loans offer one option for lower interest costs.

Missing a mortgage payment can have detrimental consequences such as foreclosure. In addition, this can also affect your credit score.

According to St. Germain, the Fed is likely to prioritize its dual mandate of keeping inflation in check, even with the political pressure increasing. As a result, prospective homebuyers shouldn't expect August to usher in much change for mortgage rates.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased. The average rate dropped to 5.87% from 5.92% last week. A year ago, it was 6.07%, Freddie Mac said.