Rates are continuing to trend upwards. The last 3 months have been the quickest rate spike since 1994. Those who were in the market back in the mid 90s are laughing at the new home-buying generation complaining about the rate spike… sounds like a very millennial thing to do (I am a millennial myself).
1994 and 2022 are tied at the moment for the most short-term damage done to mortgage rates. As you can see in the figure below, we are seeing a dramatic rise in both instances. 2013 as well as 2017/18 also saw sharp rate hikes, but nothing compared to what we are seeing currently.