The pitch is dependent upon 3 things.
Unit mass or m/l (mass divided by length)
Tension
Length
Logically a guitar string under tension will not increase greatly in length, it is not as boingy as a rubber band. The rubber band however, dependent upon it's makeup, can increase enormously in length.
It is quite complex to work out three parameters that change but that's the problem we have here.
So f=(√ (T/(m/l)))/2l
This is assuming a half wavelength. As you see from the formula if we double the tension and the band doubles in length for example, the top line of our equation remains constant, when we root it and then divide by double the length we have affectively reduced the frequency.
The main consideration here is "How boingy is your rubber band?" i.e. how much does it stretch in comparison to tension. Extremes would have a rubber band act just like a guitar string, for example when there is very little stretch left in it, you measure the frequency of the wave and then apply a tiny bit more tension, almost to breaking point. At this point the band is nowhere near as stretchy as is was in it's rest position and would very much act like a guitar string, the pitch (or frequency) rising. Now consider the alternative extreme. Double the tension, 6 million times the length.........
Hope this helps.
http://hyperphysics.phy-astr.gsu.edu/Hbase/waves/string.html
This might be useful for the formulas