Interest Rates Rising

Did the new rates price you out of the market you were searching in? Even 1% tick upward can reduce your buying power by $75,000!  But don't let that discourage you. Why not consider a 5 year fixed rate loan at a lower than standard interest rate, which will enable you to buy more?
For conventional loan the rate is 4.375%, but 5 year fixed is 3.34%.  That's a whole point less.  So on a mortgage of $400,000 the payment difference is $1997.14 vs. $1760.64!  You save $230 per month.  You can look at buying a bigger house.
This loan is especially good for those that plan on buying up in the future.  They know this home is temporary and they will be outgrowing it, or just wanting to step up to something bigger and nicer.
So don't be discouraged.  Especially now that the guerilla warfare is over, and houses are sitting longer on the market you don't have to be in such a panic.  No need to compromise.  Find the perfect property, make a good offer, and be happy!!