Yes watch earnings and inflation numbers next month.
Mortgage rates already near 6.5% is a red flag.
Historically that is not high, but.....house prices are way more inflated than when mortgage was 8%.
Affordability for buying a house has deteriorated very fast.
My daughter bought a house for $740k but has 30 year fixed at 2.75%
No way in hell she can afford $640k at 6.5% mortgage.