30-year mortgage rates are near 8% with excellent credit. Interest rates have climbed for the past three months straight. The Fed is considering another interest rate increase for November and December, possibly pushing rates up to 8.5% or even 9%. The reasoning is that higher interest rates will "slow down inflation".
Home sales are at a 13-year low. Factor in the higher cost of insurance and the fact that property taxes are going up to unaffordable levels and the very high cost of labor and materials for home construction... and you have a real estate market that's going to crater.
I personally know several homeowners that had their homes listed for sale, but have removed them from the market in the past 2 months. They will wait and hold on to what they have for now. One real estate agent mentioned to a couple that they should keep their house off the market until at least middle of next year and then decide based on market conditions.
I'm suggesting that the U.S. economy is a three legged stool... and one of those legs is housing and private & commercial real estate. If it fails, the economy goes into a deep recession at best.
As a homeowner there is nothing to worry about since there is no reason for anybody who bought more than a year ago to have an adjustable-rate mortgage. Nothing changes as long as you wait a few years before you sell. If you have owned the property more than 5 years you certainly have equity even after this past year's drop in values. When interest start falling more buyers will enter the market making it easy to sell once again. People who bought at the peak of the market in 2022 will need to wait about 5 years before it makes sense to sell.