You have to have lived through it to understand the psych. People buy immediately because prices would be 20% higher in a year. Never mind interest rates. I was an econ major and the profs/literature told us rising interest rates would force prices down.

After about 10 years of rates going to 16-18%, that did break the inflation expectation back.

But i'll flatly predict that interest rates rising to 5% won't cause prices to decline at all. And if rates rise due to rising inflation fears, the opposite will happen, i.e housing prices will sharply increase.