Here is a video that Kevin Palfrath published on May 8th. He explains that people with approved mortgages at low rates were still pushing the market, that they were followed by people worrying that rates would go up more, but that these are running out now and market is peaking.

What I observed is that the hot affordable markets I am following were still going strong at +1.5% up to that week and the next week had only +0.3%.

It seems that the market indeed peaked, and the explanation that higher rates are biting with delay now is the most likely one.