Higher interest rates cost you more money and you will end up paying much more for that credit over time than a consumer with better credit. (rebuildcreditscores.com)
Additionally, a greater percentage of these mortgages were variable - rate, increasing the chance that borrowers would not adequately plan for future increases in interest rate costs. (wealthlift.com)
If rates are rising, borrowers typically seek to lock in lower rates of interest to save on interest rate costs over time. (investopedia.com)