UPDATED November 3rd, 2025 The hard truth is that anyone renewing their 5 year old mortgage right now is getting a higher interest rate, meaning their mortgage payment is going to go up. If you’re in that situation, it can be a painful truth to face. Thankfully, rates have come down from the highs of 2022 and 2023. But you’re still going to face a higher mortgage payment than you’ve been used to for the last 5 years. So what are your options? It will be hard to keep your budget intact with that higher payment, especially given current inflation levels. There are, however, a few ways to lower your…