Mortgage rates are sharply higher than they were a year ago when the 30-year conventional fixed rate mortgage with a 10% down payment was 3.3 percent. The current rate is 4.4 percent.

If you qualified for a $200,000 loan a year ago and your income has not changed, today your purchase power would be reduced by $25,000.

Rates are still low by historical standards however home prices are rising. Despite the frigid temperatures in Connecticut, homebuyers are still out in force this January. Our advice is to shop early this year and be prepared that you might not be the only bidder. Happy house hunting!