Mortgage rates may be on the rise, but it will not hinder the housing recovery from continuing its upward track, Trulia Chief Economist Jed Kolko said in an article from CNBC. 

"The big effect [a higher mortgage] it has right away is it discourages people from refinancing," Kolko added. But on the flip side, he contended, fewer refis could force banks to ease still-tough lending standards to spur loan demand.