Rates are on the rise and borrowers are scrambling to take advantage of the tail end of low rates, an article in the New York Daily News said. 

The article asked a panel of New York real estate agents the consequences of mortgage rates rising.

"When the sting of the Fed's comments wears off and we go back to looking at daily economic trends, it is my belief (and prayer) that the market will calm down a bit and rates settle in to a new normal level. Where that normal will be, though, will take some weeks to resolve," Melissa Cohn, executive vice president at the Manhattan division of Guaranteed Rate, said in the article. 

Additionally, Gary Malin, president of Citi Habitats, was cited saying, "In the near term, I would not expect any dramatic change in rates, but they will continue to tick upwards."