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US RATE FUTURES-Little changed on April home sales

Fri May 23, 2008 10:13am EDT

CHICAGO, May 23 (Reuters) - Short-term interest rate futures were narrowly mixed on Friday after U.S. April existing home sales were reported slightly stronger than expected.

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Futures suggest the Federal Reserve will keep benchmark interest rates steady for at least three policy meetings before possibly raising target interest rates in the fourth quarter.

Prospects for an October funds rate hike are 56 percent versus Thursday's closing level of 60 percent.

Home sales were reported at a 4.89 million unit annual rate against forecasts for a 4.85 million rate. (Editing by James Dalgleish)

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