Although the era of low mortgages rates are beginning to dwindle away, the housing market is still projected to keep recovering, an article in CNN Money said. 

The article explains that higher mortgage rates will not derail the housing market for three reasons. 

First, interest rates alone do not drive up home prices, with additional factors like unemployment factoring in.

Additionally, investors armed with cash played a large part in the recovery by buying a lot of foreclosed properties with cash, foregoing the need for a mortgage.

Meanwhile, mortgage rates are still low historically.

Rates are close to what they were in Spring 2012, and people thought the rates were amazingly low then, the article said.