If you're trying to work with a tract builder (this would be Ivory, Edge, Visionary, Fieldstone, etc) that will carry the construction loan and will lock in the price once you go under contract, it will *probably* be a smoother process than if you were to build a custom home where you carry the construction loan and refinance it into a long-term loan.

Most people that I'm working with that are doing the second option are going over budget, have major delays (tract builders are having delays too) and as rates are rising, they're getting put into tight spots.

Rates are going to continue to rise this year, and likely into next year, but the housing demand won't go down. There is a major shortage here in Utah which will continue to keep prices high. I'd say it's most likely that they continue to rise over the next 2-3 years, a smaller chance of them stabilizing over that time, and a very, very chance that they do go down. Unfortunately with the growth that Utah is seeing, the demand for housing is going to stay high.