Mortgage rates track more closely to 10 year Treasury notes and not by the Fed's discount rate based on my findings of late and tracking mortgages over the past few years.
The Fed funds rate doesn't really do much to near-term mortgage rates (at least it hasn't to me, as a consumer). The market dip in Treasuries (openly traded) depressed yields which drove mortgage rates much lower before the fed acted at all. Lower rates allows buyers to purchase a lot more home than they otherwise would have which has a good chance of being higher than any rise in the market price - especially for less frothy areas.
If you're talking about prices going up as institutional investors buy up property obviously disregard the above as it's a different dynamic.
The Fed funds rate doesn't really do much to near-term mortgage rates (at least it hasn't to me, as a consumer). The market dip in Treasuries (openly traded) depressed yields which drove mortgage rates much lower before the fed acted at all. Lower rates allows buyers to purchase a lot more home than they otherwise would have which has a good chance of being higher than any rise in the market price - especially for less frothy areas.
If you're talking about prices going up as institutional investors buy up property obviously disregard the above as it's a different dynamic.