LITTLE ROCK, Ark. – Prices have sky rocketed due to inflation and some people are closing the door to the idea of purchasing a home, due to interest rates.

For a 30-year fixed rate mortgage it is 7%, causing lots of financial strain.

“It shouldn’t feel like that on your first home, it should be a joyous experience,” said first time home buyer, Valerie Williams.

It all began when Valerie Williams made the decision to move closer to family.

“I was excited, and interest rates were great at the time. It allowed me to look at homes that I wouldn’t be able to look at in Texas… in the span of a month, that changed,” said Williams.

After one month of searching for her first home, Williams said, “I felt discouraged, I think I cried a few times just because I has these hopes and aspirations of what I wanted and I’ve worked so hard for it to have to turn around and say I need to regroup and rethink, and not necessarily get exactly what I want for my home”.

Vice President of Mortgage Lending, Gabriel Womack, said interest rates began to soar in March of this year, and they currently sit at 7%.

“Interest rates are double what they were last year,” and “after they go back up, and who knows when they are coming back down, we may see 5, 5.5% is actually really healthy place and a really balanced place for mortgage interest rates to be,” said Womack.

Interest rates getting close to all time highs, leading to all time low struggles for people like Valerie.

Williams said, “I work from home, I need an office, I need space for myself. I have kids, I need space for them, and so with all of those changes, it became difficult because I kind of felt like there was something I had to give up, what was I going to give up”?

Valerie Williams said she had to make significant compromises.

“I started thinking, if I want the house I want, I may not be able to get food. so I has to really make some adjustments,” stated Williams.

Despite that, she said she is glad she did it now.

“I’m very happy I went ahead and kind of rushed to purchase a home because if I would’ve waited until now, trying to find something I wanted, I would still be in the same position where I wouldn’t be able to afford anything,” stated Williams.

Gabriel Womack agrees, especially if you are weighing the cost of renting.”

“Womack said, “rent is 100% interest, and 7% right now beats 100%”.