One thing that this article glosses over is that mortgage rates and the rate of home valuation increase have a loosely inverse relationship, as most people judge what they can afford based on their monthly payment. So, when borrowing is cheap, home valuation increase typically accelerates, and when borrowing is expensive, home valuation increase typically contracts.

Obviously this effect is outweighed by supply/demand, and mortgage rates have a major impact on the size of the pool of buyers (and hence demand) as well.