Potential homeowners won't let the Federal Reserve's potential rate hike this week prevent them from buying a house, according to Zillow.
In a Zillow-conducted survey, 70% of respondents currently searching for a house said they would still buy, even if the Fed raises rates to 4.5% by mid-2016.
The possible rate hike will have some effect, however. Among current home shoppers, 45% said they would reconsider the type of home they would buy, if rates rise. That includes looking for a smaller home, or a cheaper community.
If rates rise to 4.5% from 4%, it would have a negligible effect on homebuyers. Such an increase would raise monthly payments on the median home by less than $25.
If the Fed raises rates, "there is no need for future homebuyers to feel that they've missed the ideal window of time to purchase a home," Erin Lantz, president of mortgages for Zillow Group, said in a news release.
