What are my options since rates are so high

If you're looking at purchasing, you should NOT wait until rates decrease. As rates decrease, home prices will come back up. When it comes to affordability, you should discuss with your lender a 2/1 buydown which subsidizes your payments for the first two years so that you have a more affordable payment in the first 24 months, and you can look into refinancing when rates do decrease. If it's a refinance you are looking for, waiting may not be a bad idea.

are you trying to refinance / consolidate the two loans ? current rates are close to your present rates - contact a loan officer and review proposals to see if your payment can be dropped ....another option is to sell the present property and buy another or rent

Absolutely 100% - Do NOT Wait. While mortgage interest rates have jumped this past year, we still having a housing shortage, and home prices will not be going down anytime soon. Rates are up as the FED is trying to fight inflation. As that starts working, you should see rates start dropping. So while you may not like it (not one does), as long as you can safely afford the payment today, buy the house and expect to refinance to a lower rate in 18-24 months. I bought my first house in 1981, and paid 16%. I refinance it to 12%, refinanced again at 9%, and bought a different house at 8%. Boy, those were the days. You can potentially ask about a 2/1 buydown, or similar. This is where the rate is 2% lower the 1st year, 1%, lower the 2nd year, then normal the remaining 28-years. This isn't free, and the difference in the payment must be paid for by the seller. Just ask. many will do it to help sell the house. I lend in MN, WI, IA, ND, and SD. I can be found at FirstTimeHomeBuyer-MN.com. Cambria mortgage, NMLS 274132

Hi Rose, I am a local lender in Central Phoenix. I would be happy to chat with you about your home purchase.Bob Heidrich 602-999-6814 NMLS 142165 New West Lending, Inc. NMLS 164722 7310 N. 16th St. Ste. 170 Phoenix, AZ 85020 AZ-BK0018700 | EQUAL HOUSING OPPORTUNITY