Although Fisher is not Kudlow, he’s also is not BB either. We also know that FFR doesn’t affect mortgage rates directly, so this might be a nonevent in term of housing of mortgage rate doesn’t move lock step w/ FFR as it rises. Here’s the historical chart going back to early 90s:

[img_assist|nid=7729|title=Historical Rates|desc=|link=node|align=left|width=466|height=234]

If you look between the rising rates of 2003-2005, FFR went up by over 400 points but 30 year fixed rates fluctuated w/in 150 points band.