| Mortgage rates are not dictated by prime rate. they are dictated by the T-Bill rate. Secondary investors. prime rate is the rate that a bank will lend at. usually a 3 point spread. feds charge banks 4.75% to borrow money the bank charges you 7.75% thus earning a 3 pt spread.
bank loans are usually short term 10 yr or less. or in some cases investment or business loans.
The housing market does not care what the banks prime rate is unless it is a heloc or construction loan. | 
