The housing market was barely bruised from this weeks rise in mortgage rates, an article in The New York Times stated. 

The article explained that the housing market is made up of a combination of factors and an increase in mortgage rates is only one area. 

Additionally, the article said that a rise in interest rates could cut both ways, with some potential buyers encouraged to try to make a deal sooner to get ahead of further increases.

While home prices are bound to soften if mortgage rates keep rising, at this point in a recovering market, rising prices and even rising mortgage rates are likely to help rather than hurt. In the big picture, they provide some assurance that a house may once again be a prudent investment.