Yes, in the short term, monthly rates have gone up due to the time it will take for the benchmark rate to push asset prices down. Eventually (at least that's the idea), unaffordable monthly payments should come down to affordable payments as sellers are forced to accept lower prices due to what wages can support. Increased supply would help, which is why if you must buy, new construction is preferable to used homes. New builders must sell what they build to remain in business, existing real estate owners can afford to wait (some longer than others).