What's all the hubbub about mortgage interest rates?

So much has been made of late of the rising rates for residential mortgages and every time I hear a story on the subject I remember my first ever mortgage around 1980 that was at that time at the "very affordable" 14% mark! Mind you, the FAA tells me the average home at that time sold for under $100k, but even so you have to agree there is a lot of room for upward movement on mortgages. Clearly increasing rates will come at the expense of listing prices, which now are said to be at least $350,000 for a typical home - whatever that might be. But as we used to say in Economics 101 - it is all part of an elasticity curve where you have home pricing and APRs putting equal and opposite pressure on the market. Forecast? Rates will go up, prices will moderate. Even with record low inventories the laws of supply and demand will reign supreme. Thoughts?