It is very clear that very low interest rates are fuelling demand, because most people don't buy a house paying in cash. They look at the monthly payment and they decide, based on that, what type of house they can afford. Lower interest rates, other things being equal, mean lower monthly payments, and lower rates mean that people can afford to spend more on a house. Therefore, yes, it is creating upward pressures on prices for housing.
On January 31st, 2022. See this statement in context.