You are a busy person, so I will make this fast.
If you are planning to finance your home purchase:
For every 1% that interest rates increase, your buying power decreases by 10%.
Conversely, for every 1% interest rates decrease, your buying power increases by 10%.
Interest rates are at 4%, & your lender determines you are currently able to make payments on a $700,000 home.
You think about that home for a week. (Is the view just what you want, the trees-are they mature enough? etc)
Over that week, interest rates go up to 5%, now you have a heftier interest payment on the money you borrow, so those same monthly payments will now only get you a $630,000 home.
Conversely, if over that week, interest rates went down to 3%, you would now have the ability to buy a $770,000 home.
Your monthly payments are the same in each scenario.
Interest rate 3% — you are able to borrow/buy a home at $770,000
Interest rate 4% — you are able to borrow/buy a home at $700,000
Interest rate 5% — you are able to borrow/buy a home at $630,000