Interest Rates, Real Estate, and the Stock Market...Oh My!

I spoke with a lender yesterday who mentioned that interest rates, at that particular moment, were at 5.875% for a 30-year fixed mortgage. I told that lender that we haven’t seen rates that high since my husband and I bought our first house in 2002. Couple the rapidly rising interest rates with the rapidly declining stock market and you’ll notice some significant effects on the real estate market. It’s not a complete 180 from the obscene multiple-offer situations and unimaginable over-asking sale prices we experienced three months ago, but it’s turning enough that buyers and sellers are both impacted. What are these effects on the market?