The Fed, this week, again lowered the Fed funds rate by another 0.75% to 2.25% making the prime rate now 5.25%! This is good news for consumers and holders of Home Equity Lines of Credit that are tied to the Prime interest rate.
Last Friday the Fed reduced the discount rate by 0.25%. This came as a surprise as Friday (after-hours) rate decreases by the Fed haven’t happened in the last 30 years. The reason they did this was to help Bear Stearns and their investors.
Attached is this week’s rate update! Please call with any questions and remember I’m never too busy for any of your referrals! Make it a great and productive weekend!
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