It is commonly believed that higher interest rates will make home prices lower, so there's that consideration.
Nominally, the cost of home ownership is at late-20th Century levels, meaning that the price of homes and the interest rates make the mortgage payments about the same as in the late '90s. Rents are higher.
I am a buyer in this market.
All the best,
The best way to clarify your options is to begin the process of becoming truly informed about your local real estate market, making knowledge your best resource. Using real estate websites such as trulia, working with a realtor, attending open houses, etc. are excellent means of preparing yourself to make an informed decision when the time presents itself.
My personal feeling is (and I say this as a landlord), why pay someone else's mortgage?
On the other side of the coin, you should figure in closing costs and soft costs as opposed to how long you intend to stay in the house; housing rises and sinks are outside of the realm of real prediction.