I saw a purchase within the past week that had an interest rate over 4%... I've read that loan apps are down, which isn't surprising given rising rates, and it seems like most title companies are working through much of their backlog, if they're not already there.
In my area, lack of affordability has been added to low inventory, grinding things to a crawl. At some point, I suspect that bidding wars for properties on the market will end and some motivated sellers will start to lower asking prices. And, of course, we'll still see some HELOC and cash-out refi activity. But I believe it will be a long time before we see the kind of activity we've seen in the past few years. The cycle continues...
In the meantime, I'm getting more and more calls from realtors asking me if I want to sell - and hearing more and more robo calls and TV and radio ads trying to drum up loan apps, since LOs are having to work for the business again. Got another robo call as I was writing this; from "Ken" (no last name or company name), claiming that I asked him to get back to me (NOT) and that interest rates are under "2" again. Yeah, right! Can anyone say 'bait and switch'? 
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