Owens Cross Roads resident Carol Morring and her husband Levoy were hoping to sell their home and downsize when their daughter Makennah got married.

They wanted to do so not only because of the space, but for smaller mortgage payments that would “make retirement a bit less stressful financially.”

“Now, it’s impossible to downside,” she said. “Yes, we could make a profit off of our current home. However, taking that profit and applying it to today’s market prices would have us in less of a home with the same, if not more, mortgage payment.”

Ben Wales of Gateway Residential Services calls the increase in interest rates one of the biggest challenges for home buyers. Interest rates rose from 3% during the record housing market boom in 2021 to more than 6% in recent months.

“That’s added a couple of hundred dollars on to the payment,” he said.

That is the case for Cody Turner, who works at Mazda Toyota Manufacturing, who is seeking to refinance his home in Lawrence County. He’s looking at an increase of about $300 in mortgage payments.