Mortgage rates rising from their record low levels probably will affect the housing recovery, but how?
It depends on whom you ask.
To economist Robert Shiller, the threat of rising rates will negatively affect housing prices because it's about perception, he said on CNBC's "Closing Bell."
(Read more: US existing-home sales jump to 3-year high)
"Once people think that rates are up, there won't [be this] impetus to demand anymore," Shiller said, adding that rising rates pose a threat to detached, single-family homes, especially in suburban communities, because "people are not so positive" about ownership after the housing bust of 2007-09.
The futures market points to year-over-year increases for home prices in the next five years, but Shiller isn't buying it.