RALEIGH, N.C. (WTVD) -- Andrew Williams and his wife both work in the heart of Downtown Raleigh. They're trying to move from Apex to the City of Oaks.
Williams said his experience while shopping around is filled with financial roadblocks.
"It's constantly a moving target."
Whether it's new construction or a pre-owned home, Williams' house hunt reveals some of the roadblocks homebuyers run into.
"Homebuilders are requiring a lot more money upfront," said Williams. "It certainly has made me lower my expectations a little bit, but I also might just push it out to next year. My hunch is rates will come back down."
A newly released Zillow report finds that rising interest rates have "pushed unaffordability to new heights."
The average rate for a 30-year fixed mortgage is now about seven percent.
That means, on a $350,000 home in Raleigh, with 20 percent down, you will be spending an extra $700 bucks a month from where rates were last year.
Some realtors tell ABC11 that some clients are opting to get adjustable-rate mortgages instead of fixed ones to save money.
"You're getting a little bit of a better rate right now, but in my personal opinion, it is a little bit of a risk because we don't know when they're actually going to stop increasing," said realtor Hilary Kennedy.
Some of her buyers are lowering their budgets to offset costs.
Kennedy says while you really can't control high-interest rates right now, you can refinance down the line and take some comfort in knowing the Triangle housing market is a solid place to buy.
Amani Hooker is a developer and says the rates aren't slowing down construction.
"There is a shortage of housing so we're still rocking and rolling," he said.
But to off-load properties, Hooker is joining other builders and offering incentives such as help with closing costs.
"Even me personally, closing on my own personal house, you're talking about bringing $10,000 to the closing table. If the builder's willing to pay $5,000, now you only have to bring $5,000 to the table. That makes a huge difference," said Hooker.
See more ABC11 stories on the housing market here.