Yeah the housing prices and mortgage rates move in opposite directions, but it all depends on market/etc. Also the other thought is that during the time waiting for rates to go to 10% you have to live somewhere so you'll be paying rent somewhere else... What about the idea of buying now, lock in the low rates, live in the house, then when mortgage rates are 10%, CD rates will be around the same and you can put in your cash to make 10% from which you pay the 4% mortgage and pocket the rest?