You're right I shouldn't have said "only", but in my opinion it's the main reason. And of course there are several reasons rates move. When rates were around 3

You're right I shouldn't have said "only", but in my opinion it's the main reason. And of course there are several reasons rates move. When rates were around 3% not so long ago, the monthly payment on a $1M loan was around $4k. Now at current rates the monthly payment is closer to $7k. As a buyer, that's pretty hard to shrug off. It ends up eliminating entire classes of buyers just like it added them when rates were going down.