The Federal Reserve's raising of interest rates last week has so far proved to be a nonevent in the mortgage market. At Freddie Mac, deputy chief economist Frank Nothaft said he was reducing his forecast for loan originations this year by less than 5%. At Fannie Mae, Eileen Neely, manager of economic forecasting, said she saw no need to change her projection.

And one chairman of a mortgage company said the Fed move was distinctly good news.

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