Thoughts on rate?

We are early in our search and just got preapproved with a soft pull. We excluded my spouses income because they work in a field that has significant nontax stipend income and lender said we’d try to get approved on mine alone. We got approved for up to $480k with just me ($130k income, 2 auto loans in my name ~$1100/month, no other debt). We are looking to put 20% down and are natural savers, so our assets we have could basically buy the house outright. Credit score is over 800 and no bad marks.

The rate came back at 7.25% for 30 year conventional! I asked if including my spouse’s income would make a difference and she said “not materially”. I realize rates are skyrocketing again but this just seems extremely high to us. We will obviously shop around but I wanted to see what everyone’s thoughts were and if anyone had similar data points. Apologies if I left any important info out, I’ll edit to add if needed. Thanks in advance.