July 5, 2005 LOS ANGELES -- As predicted, interest rates for home loans wound up without change by the end of trading Thursday. As was widely forecasted, the Federal Reserve continued its campaign to increase interest rates by bumping the long-term benchmark rate by 25 bps.
There is minimal economic data to be released this week by the Fed, but those watching the market closely may want to keep their ears savvy to hints given by Friday's forthcoming employment report. If the measuring stick this month is congruent to last month at employment report time, we could be in for a surprise or two with respect to 30-year fixed and 15-year fixed home lending rates.
Nonetheless, I believe interest rates will wind up in-line with last week's final rates and stay on an even keel. Changes in rates may not be seen until Monday if the employment report swings things in either direction.
- Article by Stockton Marquette for CMR Home Loans.
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