Home Builder's Question - Will Rising Mortgage Rates Slow the Housing Market?

If rising mortgage rates don't slow the housing market, i'm not sure what will. The 30 year fixed rate mortgage is now at three point seven %. He begis, notice the multiples at which home builders are trading. Why isn't this sector trading hire? Givin the market conditions to bobablaso ly saying, what's going on with home bilders? Cause it looks like they're 20% off the hies or so if you look at the e t f. So dou have an explanation?