Mortgage rates near seven percent are putting pressure on homebuyers. A higher rate can increase monthly mortgage payments, making homes even harder to afford. Some buyers are pausing their search due to the higher rate.

Housing experts say homeownership is still possible despite the higher rate. Various programs and strategies can help qualified buyers reduce upfront costs or lower monthly payments.

Further details on down-payment assistance programs and other financing strategies are available, offering potential help for those affected by the higher mortgage rates.