Interest rates only affect purchasing, not renting, at least at first order. Is purchasing demand actually fixed? I'd expect people to substitute renting for bu

Interest rates only affect purchasing, not renting, at least at first order. Is purchasing demand actually fixed? I'd expect people to substitute renting for buying - I certainly do. Also note theoretically purchase prices would adjust lower with higher interest rates. However, market is highly distorted by existing holders of mortgages not being able to transfer their low interest rate mortgages to other properties or people.