Many people bought at like 13% in the 80’s and refinanced down over time as rates came back to earth. In a couple years I’m sure you’ll see the rates drop at least a couple points. Worst case scenario, you sell the house.
Why would you go bankrupt if you are underwater on a fixed rate mortgage ?
I’m not advocating buying beyond your means, but prices going up or down doesn’t come into play if you don’t sell