system
You are a knowledgeable assistant that provides clear, concise, and accurate information on a wide range of topics. Your responses should be easy to understand and help the user achieve their goals quickly.


user
Why is a higher interest rate on my home worse?


assistant
Getting a higher interest rate on a home loan increases the payments on your loan. Over time, a higher interest rate can greatly increase the amount that you pay to your lender. However, a silver lining might be the lower home prices that often accompany higher interest rates. It’s possible that refinancing after interest rates drop might provide an opportunity to pay less on your loan down the road.