One strategist told CNBC that she thinks it's still a good place to borrow money despite rising interest rates.
"Although borrowers may have experienced somewhiplash, in seeing mortgage rates go, I don't think that's a problem."
We are living in a very low rate environment and I think when the Fed finishes with its tightening cycle, we will still be in a very low rate environment.
The experience of buying a starter home with her husband was demonstrated by Hooper.
She said that the bank lending officer gave them a plastic mortgage calculator, which was a sliding scale, that showed what the repayments would be for every $1,000 they borrowed. The scale was from 6 to 20%. The range in interest rates for the last several decades was reflected by this.
It was a vestige of the past and reminded me of my parents, who had a mortgage rate of 13% in 1981.
Hooper acknowledged that rising levels of debt might make this cycle of rising interest rates feel higher for some people. The Federal Reserve raised interest rates by half a percentage point in May.
In the third quarter of 2021, the debt levels in the U.S. had risen 5.4% from the previous year. In the third quarter of 2021, mortgage debt increased by 7.6% to $10.3 trillion.
The kind of mortgage products we had prior to the global financial crisis, where there was a reset after a few years, are not available to those who have fixed rates.
It's good news for those with variable rates, but it's going to feel a lot less affordable for those who are still out there buying.
In April, the Mortgage Banker Association's index showed that demand forARMs had doubled to 9% from three months earlier.
A 30-year fixed rate mortgage is riskier than an ARM because of the lower interest rates. Once the term is up to the current market rate, the term can be fixed for five, seven or 10 years.
CNBC's Diana Olick contributed to the report.
The story has been changed to fix the spelling of the name Columbia Heights.
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