Interest rates increasing

Interest rates are increasing. Housing doomers say that this is good because it will bring prices down, and there is truth in it. Higher interest rates are good for people who can/ want to make large down payments. Higher interest rates reduce the purchasing power, even more so, if the prospective buyer has only a small amount available for down payment.
Doomers say that you can always refinance into a cheaper loan, but you cannot re-negotiate if you paid too much. The second part is true, the first part may be true or not, because it might take very very long until mortgage rates come down again. Right now they are still low by historic standards. Quite a few experts think that double digit mortgage interest rates will come back. It might take 10 years until you can finance a your primary residence for under 6% again.
If you wait now to time the exact bottom (which is nearly impossible, at best one can wait until the recovery has started), then you may end up with a high interest rate that cannot be refinanced into a lower rate for many, many years.
Ideally the prospective buyer will use this waiting time to build up a bigger down payment, a concept known as 'saving', but from my experience, this is not a popular strategy.