Interest rate increase influence on house prices/ rental rates?

[Casey S.]

I havent been around long enough to see high interest rates. How much does it usually affect house prices? Common sense says that when rates go up prices go down but what could we expect to see happen if rates went up to 15% in next 5-10 years? What would we expect to see happen to rental rates?

Any comments from people who were in the game when rates were up in the past would be much appreciated.