According Yahoo! Finance, homebuyers are trying to figure out the best time to lock-in a mortgage rate, with the Fed giving the market some reprieve from asset tapering this month. After the Fed's announcement, real estate stocks rallied and mortgage rates fell, but what does this mean for housing overall?

"Clearly the Fed has been spooked by the extent of the surge in long-term interest rates over the past couple of months and the impact that now appears to be having on the housing market," said Paul Ashworth at Capital Economics. "But there is a dangerous circularity here because the initial rise in long-term rates was largely a response to the Fed hinting that it would begin to reduce its asset purchases sometime in the second half of the year."