Most owners are on fixed rate mortgages, and therefore do not experience rate hikes as interest rates change. They only care about the market if they try to se

Most owners are on fixed rate mortgages, and therefore do not experience rate hikes as interest rates change. They only care about the market if they try to sell, try to refinance, or it impacts their jobs. If there is a crash and they didn't lose their jobs, they may wind up under water. Meaning that they can't afford to move. But they still don't experience rate hikes. The minority of owners on ARMs do experience interest rate risk. But the fact of that risk is exactly why consumers prefer the 30 year fixed mortgage.