Yes. When borrowing gets expensive, equity-rich buyers pay cash instead, so the cash share rises with rates. The mechanism is simple. When mortgage money is cheap, even buyers who could pay cash often finance, because borrowed money costs almost nothing. When rates climb, the incentive flips: owners sitting on large equity would rather deploy cash than take on an expensive loan. The data tracks it. Per ResiClub's reporting, the cash share climbed to roughly a third of buyers during a recent stretch of higher rates, up from the high 20s a few years earlier when rates were near 3 percent. Equity is the fuel. Many homeowners have seen enormous gains since the mid-2010s, some markets running well past 100 percent, and that equity is buying power that requires no financing at all. Sell one home, roll the proceeds into the next, skip the loan. We see it on the ground too. In one of Jeb's recent Huntington Beach sales, four of the five offers came in all cash, and we've worked with buyers putting more than half down on a step-up purchase rather than financing to the max. Higher rates also change who you're bidding against: a bigger slice of the buyer pool needs no mortgage at all. Worth knowing if you're a financed buyer competing with them.