Hello,

I am in college and thinking of buying a house.

What constitutes an excessively high mortgage rate today?

I got an offer of 7.5% APR, which I know is high. But with limited credit history but a great credit score, this is the best offer I have received.

Thank you so much!

You need real estate advice in your geographic area.
The mortgage rate is one thing, but what about the price you are paying? What is the resale value...in college, you will hopefully be moving on....

For these more important issues, I recommend you hire a professional agent..DO NOT RELY on the sellers agent.