But now if you want a home — and a roller coaster off your stomach — the world looks a little brighter. Yes, your monthly payment will be higher than if you bought it a few months ago. But the low rates of 2020 and 2021 weren’t entirely your friend: They fueled a runaway train of home prices, pushing affordability limits. Soon, buyers may be better off than they have been in a long time.

“I’m very happy” to see the rate increase, said Mr. Miller, adding that “a 5 percent mortgage rate is not a bad thing in terms of sustainable housing markets.”

And remember: rates fluctuate. Unlike the price you pay for a home, which is fixed, the mortgage rate is not. Or, as Mr. Sharga puts it, “Trust us, they’re jealous, but marry the house.”

Not surprisingly, real estate agents who earn their income from home sales are bullish on buying now, arguing that long-term first-time buyers can get a deal.

“You’ve got to be a little bit of a cowgirl,” Brown Harris Stevens CEO Bess Friedman said in her second-quarter market report, predicting that Manhattan is turning into a buyer’s market. While one governor may have been scared of the volatility, another “walked in and said, ‘You know what, now there’s a hell of a chance.’ I have the money, I’m going in, I’m going to negotiate, I’m going to get a great price.’

As the market cools, it may return to pre-pandemic normals with homes taking months to sell and prices slowly rising. Buyers may start making a few reasonable inquiries – for appraisals, inspections and mortgages. And as inventory increases, you may be able to compare a few options before making a decision.