US homeowners now pay around 7 percent on their new 30-year mortgages

Many have loans far less cheaper. Good for them. 

On the other  hand, as economists like to say, if inflation returns to 2 percent, the real rate on new loans will be 5 percent for many years.

Elementary? Yes. But important.

What 7% Mortgage Rates Mean for Home Buyers

Higher interest rates mean your housing budget won’t go as far, so potential buyers may need to adjust their price range downward, if they haven’t already.

This is no doubt difficult for some buyers to accept if they have seen their friends buy bigger homes with lower mortgage rates,

Bloomberg 16 August 2023

https://www.wsj.com/personal-finance/what-7-mortgage-rates-mean-for-home-buyers-c5e88c1b