Not a day goes by that I don't hear some realtor or lending spouting off about how interest rates are going to rise (1st quarter 2016) and when that happens, buyers will not be able to afford as much house so YOU BETTER BUY NOW!
As a real estate professional, this offends me. We don't live in a vacuum - if interest rates DO rise (which I'm not convinced will happen, by the way), that put downward pressure on housing prices. So if interest rates rise 10% and home prices drop 5%, is it really a worse time to buy? I don't think so.
The truth is, none of us know with certainty what's going to happen. What buyers should do is look at their personal situation and buy when it makes sense for them.