They are trying to undo their mistake of their over participation in the mortgage markets. Mortgage rates were too low for too long because the Fed was buying

They are trying to undo their mistake of their over participation in the mortgage markets. Mortgage rates were too low for too long because the Fed was buying them up. Home prices went way up because payments were low and supply was somewhat constrained. Now, the Fed has pulled the rug out and is no longer buying mortgages. People with low rates are sitting still and you'll only see people selling who have to. So, supply is heavily restricted keeping prices higher even with the higher rates. Only a large tick up in unemployment will create more forced selling and a maybe some downtrend in pricing. The alternative (but much less likely scenario) is Congress eliminating some of the very generous tax incentives that exist for owning residential real estate as an investment. I wouldn't hold my breath waiting for this one.