Prime Rate Drops Tomorrow to 5.25%

After today’s .25% rate decrease in the target range for the Fed Funds Rate, banks adjusted their Prime Rates with a corresponding decrease from 5.50% to 5.25%. These changes are effective for most banks tomorrow, August 1, 2019, and reverse last December’s controversial rate increase.

In addition to interest rate decreases for commercial loans and credit cards, expect rate decreases in many consumer loans which are based upon the Prime Rate – for instance home equity loans, car loans, and personal loans.

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