Interest Rates are on the Rise... What affect does that have?

When Calculating your Monthly Mortgage Payment, 

there are two primary numbers to look at.

The Cost of the Home, and the Mortgage Interest Rate.

Using an Example of a 30 year loan, Calculating only Payment and Interest.

(but do not forget about Taxes, Insurance, Association Fees and MIP)

If you Financed a $250,000 Home Loan in May 2013,

when Interest Rates were at 3.5

Your monthly Payment would have been $1,122.61

Purchase the same home today at the same price,

with Interest Rates at 4.5

Your monthly Payment will be $1,266.71

That's a difference of $144.10 per month

Reproduced with the permission of Mortgage-X.com

 So in a Market when Prices and Interest Rates are going up.
People want to Buy Now before Rate or Prices get any Higher.