Yes, but:

1) Historically they have.

2) Most people in the US that haven't purchased very recently are locked in at very low rates. Only 9% of mortgages are over 6%. 61% of outstanding mortages are <4% [0].

3) There are a lot of incentives (and the ability) for governments to ensure home prices continue to increase, although at a rate lower than they are now.

4) We spent over a year with inflation that is double most people's mortgage rates.

5) You have to live somewhere regardless; the alternative is renting. For most of the country, at least until very recently, that was a worse option.

[0] https://apolloacademy.com/the-distribution-of-mortgage-inter...