Mortgage rates have risen, but also have been stabelizing as of late.  Mortgage rates are actually considered good on average over the course of the last decade.  We enjoyed low interest rates for a few years, but that was not the norm. As the shock of the rate hikes get overwith, homebuyers will come back around.  First time homebuyes will now have more options for sure.

The media is feeding all of us bs as to a housing bubble and its heading for a crash.  This is not like 2007-2008.  We are still low on inventory.  Inventory is coming up slowly.  It will take some time to get to a comfortable level.  We are seeing prices slowly coming down as well, but I don't think we will see a major reduction.

Most existing homeowners are sitting pretty. They were able to cash in on the low rates and high home values to give them equity for high repair items.   As inventory increases, we will see more homebuyers get back into the market once the sticker shock of prices has come to a head.