How hard is it to get financing when market turns?

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With market being so high and reasonable rate currently, if/when market turns, will rate go down since the economy needs a boost, or will it go up and become difficult to get financing?

We currently have enough money for a down-payment, is it wise to take advantage of the reasonable rate and buy at a high price or best to wait for price to go down and risk with difficulty getting a loan.

Thanks for any input

We bought our first house at 8%.  My husband's first boss bought his first house on a credit card, since it was a better interest rate than the 18% on the open market.  

My first deal was in the 90s, and hubby's boss bought his in the 1980s.

There is no "rate crystal ball," but we can look at past cycles.