I think this is an often used argument by real estate professionals and it makes absolutely no sense.

Affordability is a function of all the variables involved in the total cost including interest rates. The variables are all interconnected, if Interest rates rise then downward pressure on prices has to increase so that affordability can be reached.

Tommorow if interest rates reach 20% then decline in prices will accelerate to the point where the typical homebuyer can afford a home at 20% interest rate.

In addition, job losses are accelerating, the economy is getting worse, inflation is rising and income is not growing as quick. All these elements put downward pressure on prices.

The argument that you should buy because interest rates are rising is very silly.