The point about interest rates is broadly applicable: we saw the first mortgage bubble pumped up by large investors trying to recover from their dotcom losses, followed by waves of obviously doomed startups and non-solutions like cryptocurrency, all sharing the common desire to find higher returns than have been possible since the turn of the century. Increasing interest rates should encourage better decisions but at least in the United States there are a ton of people who are depending on being able to sell their homes at a hefty profit for retirement, so they won’t be happy to see mortgage rates anywhere near the historic levels.