Calculate how much more mortgages will cost as interest rates rise

Mortgage rates are near their highest point since the Great Recession, adding thousands in costs for would-be home buyers. The average interest rate for a 30-year fixed mortgage has risen to 5.3 percent as of July 7, according to the Freddie Mac, up from an average of about 3 percent in December.

Below, you can see how this jump affects the monthly cost of a typical mortgage. If you already have a mortgage, plug in your existing interest rate to see how much more expensive it would be if you signed today.

While the principal — the amount borrowed that needs to be paid back — stays the same, the change in interest payments can be enormous. Over the course of a 30-year mortgage, additional interest can add up to hundreds of thousands of dollars.

The 5.3 percent figure is just the average 30-year rate. The actual rate that a home buyer gets depends on other factors such as income, debt, credit history and the size of the down payment.

To tame inflation, the Federal Reserve has been aggressively elevating interest rates. This makes shopping for a house even more costly in a market the place dwelling values have been skyrocketing. However, the housing market seems to be cooling, with May gross sales down 10 p.c year-over-year, in line with Redfin. But dwelling costs in most metro areas haven’t but been affected.