The effects of rising interest rate, relative to real estate

As interest rates begin to rise the yield on the 10 year U S treasury bill will rise a well.  What this means is that it will cost more for home owners each month when buying a home.  For example a $850 mortgage could see a rise of $8.50 on a one point change.  A rise in the rate could also force the first time homebuyer out of the market.  

The bigger  questions is how high will the rise be and will there be more increases to follow?   On Friday, it opened at 2.76% and hit a high of 2.86% before closing at 2.83%.  The yield on 10 year U.S. Treasuries is up nearly 120 basis points since the beginning of May, and almost everyone on Wall Street seems convinced that it is going to go much higher.