With mortgage rates at their highest levels in a few years and only rising, one must wonder what effect this has on the affordability of homes.

According to a CNN article, "Rates have a direct affect on affordability. For example, a jump in interest rates from 6 percent to 7 percent on a 30-year loan adds about 10 percent to a monthly mortgage bill. A homeowner who financed a loan of $200,000 at 6 percent would pay about $1,200 a month. At 7 percent, the bill would come to $1,330."

As mortgage rates go up, buying power goes down. Do you need a mortgage broker before rates go too high?