I dont know if well ever see high interest rates for a while. We are facing the same deflationary pressure you see in Japan and (to a lesser extent) Europe.
I think you are probably right.
But this may be an excellent time to rent. For starters, It makes you more mobile.
If I were not in my “forever” home, I’d be renting. I’d probably even sell my place to rent, if I were not in my forever home.