Steady is the Fed's stance - 2004-01-24
By working so hard and so smart, and you'll continue to pay low interest rates for a little bit longer.

"The Fed has said, 'We're staying on the sidelines for a long time,' so we're going to believe that," says Doug Duncan, chief economist for the Mortgage Bankers Association. "Our view is that that's likely to be at least until midyear (2004), perhaps August or later, before the Fed boosts interest rates."
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2001-2003 key interest rate moves - 2004-01-24
Not all rates move in conjunction with the Fed, which influences short-term rates when it adjusts the fed funds rate. Mortgage rates, which are long-term debt, are more aligned to moves in the long-term bond market and are less affected by changes in Fed policy. Other products, such as credit cards, have built-in delays before they reflect Fed actions.
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