The concern about interest rates is tied to everything else that is happening. Brexit, the tariff games, the issues with the special counsel, price of housing, etc.
People have taken all of that and said that they need stability in the economy, their job, home prices and rates when it comes to buying. The other issue is refinancing. People would have to take less money out of their properties to do improvements, etc. and that effects the economy at large. Rates are about 25% higher than they were about 18 months ago and interest rate increases for the long end is an issue.
In the world of what’s old is new, is the forward promotion of the 2nd mortgages in the form of a credit line, aka HELOC. As the Fed keeps raising the Fed Funds rate, the HELOC payment goes higher and takes a bigger bite out of spending.
Personally, I do not think the Fed understands inflation in the computer age. If I see something for $20 in a store that I can get for $12 online, I will buy it online and save the inflation. The Fed should stop raising rates immediately. I think they should drop by a quarter and stay there. Let’s get our boost back!