The bottom comes not long after the media/NAR/people stop making bottom calls. It'll work the same as the stock market bottom calls did back in '01-03. I don't expect it for a while.

Mixxalot

Of course if the FED raises interest rates, it may be even longer unless price drops a lot.

First realize that the FED does not set true interest rates and they especially do not set mortgage rates. Watch the ^TNX 10 Year treasury for trends in mortgage rates and especially look at the trend in the last week and a half. That is likely where the rates are heading and they are heading there fast!