Are you famliar with the 1%=10% rule?

Every 1% change in interest rate affects your buying power 10%.
1% in rate = 10% in mortgage

For example:
Your budget allows you a monthly payment of $1,013

• 4.5%, 30 year mortgage, $1,013/month= $200,000 mortgage
• 5.5%, 30 year mortgage, $1,013/month= $178,476 mortgage
• 6.5%, 30 year mortgage, $1,013/month= $160,326 mortgage

Always remember interest rates are directly linked to your buying power.