RALEIGH, N.C. — A North Carolina real estate agent says mortgage rates will likely remain high for the foreseeable future, but that doesn't mean potential homebuyers should put off a purchase.

Right now, the average rate for a 30-year fixed is 7.12% nationwide, according to Mortgage News Daily, a leading mortgage and real estate source.

What You Need To Know

  • A North Carolina real estate agent says mortgage rates to buy a home will likely remain high for the foreseeable future
  • She says interest rates aren't likely to return to the historic lows seen during the pandemic 
  • Right now, the average rate is 7.12%, according to Mortgage News Daily

Raleigh Realtor Tammie Harris says that despite the high rate, now is the time to buy.

“The reason why is because the interest rates were historically low, and that was because there was a pandemic, and there was an adjustment in the market, so never ever again do I think we will see a 2-point anything,” Harris said.

She says if you are waiting for rates to go down, you have to think about the cost of a home.

Harris says it’s important for buyers to know the three steps to buying a home.

  • Get educated
  • Think about your credit
  • Have a positive mindset

“You want to believe that you deserve a home,” Harris said.

According to the National Association of Realtors, as of 2021, more than 70% of white households in America owned a home. For Black households, the rate that year was just 44%.

Many real estate agents say the rise of homeownership could disproportionately hurt African American homebuyers.

“We’ve had a historical situation, not just when African Americans couldn’t purchase homes due to redlining, but you still have a lot of African Americans that feel a little nervous about lending institutions, about real estate agents and the process in general,” Harris said.

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