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Rushing Toward Zero
“The Incredible Shrinking Interest Rate!”
Well, you’ve probably heard about the Fed slashing its key interest rate by 0.75% to historic lows, with the federal funds rate (the interest banks charge each other on overnight loans) now hovering between 0.25% and zero.
The prime lending rate used to peg rates on home equity loans, certain credit cards and other consumer loans should move lower, which could help you as a consumer if you’re a borrower. However, a 30-year fixed rate mortgage is still 5.53%, a car loan more than 6%, a home equity loan more than 8% and credit interest rates more…
19Dec2008 | Oxbury Research | 0 comments | Continued
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