A lot of things were going on in the early 2020s that at least anecdotally seem to have disproportionately affected software jobs so I’m skeptical it’s purely an interest rate phenomenon. But the consensus does seem to be that software has gone from being a ridiculously easy job market by professional job standards to at least a moderately challenging one.

Software in the US has (aside from maybe finance) been an almost uniquely well-compensated field. That will probably adjust over time especially given the inflow of grads primarily in it for the money.