I think it will take a month or two before you see any effects from the higher rates. That being said, rates are still very low, so am not sure we’ll see much of an effect on pricing just yet. IMHO, the 10-year needs to get to around 4% before we see any real movements, and since the govt is the mortgage market, they just might find a way to keep the spread between the 10-year and mortgage rates very low.
Remember, higher rates are a GOOD thing if you’re a buyer. It’s best to sell when rates are low, and best to buy when rates are high, all else being equal.
