The news media, the doomsayers, and other miscellaneous talking heads have declared the real estate market as terminally ill with rising interest rates. Hmm, all because rates are now at the 50 year average. Not above average, not the soaring double digit nightmare that was the late 1970s and early 1980s. No we're are 'plagued' with average interest rates. I'm sorry friends, 7% mortgage rates will not tank a real estate market. This slight slowdown in units sold is a typical adjustment period after coming off a long period of low rates, in fact the lowest mortgage rates in the history of 30 year loans.
When you look at the historical housing market you see it has had a few bumps in the road over a 50 year history of going up, up, and up. You juxtapose that with the 50 year mortgage rates chart which shifts position more than a politician in a purple state. You see that this "crisis" is completely manufactured. The media and notably other organizations that have something to gain from negative news about real estate, may be behind it.