Mortgage rates near seven percent are putting pressure on people trying to buy a home. A higher rate can increase the monthly mortgage payment, making an already expensive home harder to afford. Some buyers are pausing their search due to the higher rate.

Housing experts say that homeownership is still possible despite the higher rate. There are down-payment assistance programs and other financing strategies that can help qualified buyers. Further details on these programs and strategies are available, which may help reduce upfront costs or lower monthly payments for qualified buyers.