Mortgage rate hike 'stressful' for Triangle home buyers

Elaina Athans Image
Friday, September 16, 2022
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Mortgage rates are climbing again, making it even harder for people to purchase in this market.

RALEIGH, N.C. (WTVD) -- Mortgage rates are climbing again, making it even harder for people to purchase in this market. The average long-term mortgage rate hitting more than 6 percent this week for the first time since the housing crash of 2008.

The hike is not the best news for Nikki Hayer who just put in a mortgage application.

"It's stressful already," Hayer said.

She is ready to purchase, but said she realizes she probably can't stay in the downtown area, where she lives now.

"I would love to stay in Raleigh, but it's kind of unaffordable to me, so I'm looking to move outside of town. If I could find something here, I would love to stay here," Hayer said.

The City of Raleigh is trying to make home ownership easier through its East College Park development and recently won a state award for the efforts.

A number of single-family homes are already up and people have been getting good deals.

One two-story home was mortgaged for less than $200,000 thanks to a few incentives.

Townhomes are on tap to be built next. The original plan was to build 51 units, but that's now up in the air due to the high costs of building materials.

The City can't say when exactly ground is going to be broken, and officials are still waiting on pricing and predictability in the supply chain.

Amid Green is interested in the prospect. He and his girlfriend have been looking at homes to buy.

"In the Raleigh area, in the market, I know the prices are extremely high. I own a residential moving company, so I'm inside of homes every day," said Green.

Residents interested in purchasing one of the townhomes are being encouraged to reach out directly to builder Evergreen Construction, which is working with the City.

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