DWCAP –
This is a very short term effect and I would expect it to be followed by a slack in demand. Net effect would be a shift in demand forward by a month or two. Yes, there is pressure for those making offers now or in escrow to close before rates spike higher.

People who have been in the market and may have made several offers and have already made a decision to buy are the ones I refer to. Those who are planning to buy in 3-6 months or more in the future are probably more compelled to hold off because of a spike in rates.

Anyway, its just an opinion, based on anecdotal evidence and hearsay.