How do mortgage rates impact my monthly mortgage payment?

Mortgage rates directly impact the monthly mortgage payment. Generally, when mortgage rates are low, the monthly payment on a mortgage will also be lower. Conversely, when mortgage rates are high, the monthly payment on a mortgage will be higher. This is because the interest rate is a key factor in calculating the monthly payment on a mortgage loan. A lower interest rate means that less interest will accrue over the life of the loan, resulting in a lower monthly payment. On the other hand, a higher interest rate means that more interest will accrue over the life of the loan, resulting in a higher monthly payment.