That’s about what I would expect today and historically about typical too. 

Yes rates are still low by historical standard’s but prices aren’t, a 18% interest rate on 100k or whatever is much different than 6% on 600k.

If wages grow faster in 2023 because of inflation (this year 5.1% wage growth vs 9.1% inflation) and rates come down as they always do in a recession (on average 1.8% historically) home prices have more room to continue rise.Inflation will remain the biggest factor, because RE is generally a good hedge against inflation, so as the dollar continues to loose real value, home prices will go up at least at the same rate.

It is rare to time the bottom perfectly, but historically, buying on the way down if you can defend your portfolio is an incredible time to buy. 

I mean have the interest rates ever risen this high in this short amount of time ever before historically?

They will slow down new buyers, but they are still historically low (my first house was bought with 18% rates :-)I think that it is a regional/local thing as much as anything.

Even if the properties go up zero in the next few years, the rents must increase to approach the historical rent to value ratio.  

But if you look at the historic graphs relative to (say) percent of disposable income, the charts are neither abnormal (not records at all) or alarming (mostly not anomalies and follow long term trends).

But historically Kiev has belonged to Russia since 988 AD.

That is still very low by historic standards.