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Higher mortgage rates should be expected to depress the housing market, and the US has just seen one of the steepest rate increases in history.

Would-be homebuyers are facing massive sticker shock, with measures of affordability worsening at the fastest pace on record. The US real estate market has frozen up with the volume of new sales slowing at a faster pace than even during the aftermath of the global financial crisis.

Does this mean that home prices are about to collapse? Will we see a repeat of the Global Financial Crisis of 2007-2008?

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Corrections:
1) A citation to the New York Times Piece on the history of the 30 Year Mortgage was left out of the video Here is the link: https://www.nytimes.com/2023/11/19/business/economy/30-year-mortgage.html . Thanks @aidanrushton5472
2) Charts of Homebuilder Confidence and Price to Rent Ratio which were shown on screen are the same graph but with different titles - Thanks @KMbuilt for letting me know. The Wells Fargo Homebuilder Confidence chart was shown twice by mistake. Here is a link to the Price to Rent ratio chart. https://www.statista.com/statistics/591978/house-price-to-rent-ratio-usa/ A longer series can be found on the OECD website but is behind a paywall.
3) A Viewer requested a link to the James Mackintosh article I mentioned on how changes in interest rates have affected the value of mortgages. Here is the link: https://www.wsj.com/finance/investing/the-trillion-dollar-win-hiding-in-your-mortgage-ae1cd21e?mod=hp_lead_pos3 . Thanks @tomwz5726