The housing market should stabilize by the end of the year if the Federal Reserve backs off on interest rate hikes, said the chief economist for the National Association of Home Builders Tuesday.

In his midyear forecast for NAHB, Chief Economist David Seiders said stabilizing mortgage rates — which have been climbing steadily in small increments and now stand at 6.79 percent — will stabilize the housing market. But he cautioned that the forecast is tied to the Fed and whether it decides to continuing raising rates.