The Fed needed to jack up interest rates to counter the inflation caused (mostly) by pandemic disruptions to supply chains. I don't like it either, but I do think it is better than runaway inflation rates.

Several of the increases were made in response to the increase in energy prices following Russia's invasion of Ukraine. Strangling the housing sector can't do anything to undo that source of inflation, and simply hurts the whole economy. Another major source of inflation came from the bird flu epidemic that destroyed millions of birds impacting the primary source of meat and eggs.