A 450k loan with 4K property tax, 500 insurance, and PMI at 5.5% is $3100/mo vs 3.25 is $2500/mo. That’s $600 more on housing.
The average American household is spending $300 more than last year due to inflation per Moody’s.
https://www.cnbc.com/amp/2022/03/14/inflation-is-costing-us-households-nearly-300-more-a-month.html
Rates plus inflation would mean anyone buying a home should expect $900 more per month in expenses than a year ago. These combined factors are going grind the market to a halt.