Everything shows we should see a hike in home loan rates due to the way our economy is apparently recovering. But, we are still amazingly low and have been low for a very long time.
However, if rates go up housing prices appreciation will cool down a bit. I don't think our pricing is out of control. We have increased inventory in my market area, so that's helping keep it somewhat at bay.
I can only say, that if rates go up, home prices are still going to go up. Maybe a tad slower, but still go up.
Ask your favorite lender to do the math for you.
How much your home will cost at current rates,
vs. how much it may cost with a 1/2 % or 1 % increase in interest.
Then, you decide what gamble is worth taking.