For the first time in a nearly decade, 5-year fixed mortgage rates have climbed over the 6% mark, marking a significant milestone in the housing market. While this development signals higher borrowing costs, it’s not all negative for first-time buyers.

While those with existing mortgages may feel the pinch of increased interest payments, first-time buyers could find that lower house prices offset the higher mortgage rates, thereby keeping the dream of owning a home alive.

However, it’s critical for first time buyers to consider the overall financial implications as higher interest rates can significantly increase the total cost of a home over the lifespan of a mortgage.