House hacking with a high interest rate

[Codey Wendel]

Hello everyone. I just started the mortgage application process and have been pre-approved for a loan with a 6.75% interest rate. I was planning on purchasing a duplex this summer and going the FHA route, but now am not sure if it's the right decision with how high interest rates are. My price range is 200-250k and my total interest paid when it's all said and done will exceed the purchase price. I don't want to sit around waiting for interest rates to drop and pass on some good opportunities, but I'm also not sure if I want to pay that much in interest.

Does anyone have any opinions on this? Would refinancing a few years after purchasing make my numbers look better? 

Thank you in advance.