In spite of talk from the Fed ... Housing is still a great buy, though existing home prices are inching up The Dow Jones is up. The Dow Jones is down. It seems as though every announcement from the Federal Reserve prompts some change in the stock market. The National Association of Realtors predicts that the ups and downs will have little impact on housing, which has recently shown bigger increases in the value of existing homes than in any quarter in recent years. The downside is that means you'll probably pay a little more for a home than you would have. But every deal is different. Existing homes With home prices rising, there is an upside: a certain percentage of people who have waited to put their homes on the market will do so now. That means a nationwide shortage of existing homes for sale will be eased somewhat. If you're looking for an existing home and haven't found what you wanted, you'll have a few more choices now. New homes Even as many stocks went wobbled with announcements from the Fed, business experts were reporting home builders were in good shape. Their stocks weren't greatly affected, and the stock market will have little influence on pending deals. Home buyers already have money for their homes available and don't intend to change their plans. Mortgage interest rates As you may know, the best deals on mortgage interest have gone from something under 4 percent to 4 percent and a little more. Just as a decrease in Fed backing was no surprise, rising interest rates were no surprise either. The rate is still the lowest it's been in decades. If a bank or mortgage company has preapproved a mortgage for you, the deal will most likely still go through. Lenders have been careful to preapprove only qualified borrowers, so the rate increase won't matter that much.