Home sales should rise
Even if rates rise, home sales and home prices will likely increase this spring.
Sales of previously owned homes are expected to rise about 8 percent this year, according to Realtor.com's Smoke. Home prices should continue to increase, too.
"We are forecasting home prices to go up 5 percent," Smoke says, adding that he doesn't expect high rates to deter buyers.
"Part of me believes that maybe a little bit of upward movement in rates can improve things," he says. "It would turn more attention to the purchase market."
New home sales also should rise. The MBA expects a jump of 13 percent in sales in 2015.