Mortgage Interest rate comment from Mickey, week of 12.04.07

Here is the weekly interest rate comment from Mickey 12.04.07:

Mortgage interest rates have reached new lows for the year as we near year-end. Today, buyers seeking financing can secure 30 year fixed rate conforming (<$417,000) mortgages for rates ranging from 5.75% to 6.5% depending upon loan size and the creditworthiness of the borrower. Rates have improved in spite of last week's stock market gains. Long-term note and bond traders seem more concerned about the likelihood of a recession. Friday morning's employment figures (estimated at 77,000 new jobs vs. 166,000 last month) should be the next big influence on interest rates. Next week, all eyes will be focused on the Federal Reserve meeting. The Fed is widely expected to reduce short-term rates which would have an immediate impact on consumer rates such as credit cards, auto loans and home equity lines of credit.