An extreme example to make a point:
For those that only focus on the monthly payment,
on a 30yr mortgage the payment on $400K @ 4.25%
is the same as $612K @ 1.00% AND $328K @ 6.00%

To the buyer with a loan, the total payments on any of these loans over 30yrs will be $708,000, they may not really care what they pay for the house.

But the responsible cash buyer needs to come up with an extra $612,000 when rates are low and only needs to come up with $400,000 where rates are now but only $328,000 if rates were 6%