Interest rates/housing market ?

[Adam Tafel]

How high will interest rates need to climb in order to affect the residential real estate market?  

I'm curious of people's opinions of their specific markets - are we seeing any pullback with rates in the upper 4's? 

In my market (Twin Cities,MN) our ratio of household income/housing values seems much more in line with fundamentals than other markets, many would argue that we have plenty of room to grow. You don't need 25 offers to sell a house, 5 will do just fine. 

What about you? Calling all brokers, lenders, smart-people, economics-majors, battle-hardened landlords who've survived multiple housing cycles... what do you think ??