in Utah and in other growing areas.

And higher still when rates hit 7%.

The money will be there to buy from somewhere.

At some point it will stop.

There are differences between now and the 1970s. Labor unions were forcing wages up considerably and energy costs were escalating. Today real land cost is higher due to increased scarcity and government regulatory costs are much higher. Lumber, copper, and other materials might rise at least as fast.

But rising finance costs are usually exceeded in influence by rising inflation expectations. It might also depend on what the stock market is doing. In the 1970s, the stock market was in the middle of the 1966-1982 bear market. Stocks were not seen as a smart place to be. RE was the only game in town to hedge inflation, where you can leverage 5:1 (same as Archegos Capital).

Until mortgage rates reach double digits, interest rates are often overrated. Though rates do have an influence on home prices, other factors tend to be more important until rates go extreme.