After today’s .50% increase in the target range for the Fed Funds Rate, banks increased their Prime Rates with a corresponding increase from 3.50% to 4.00%. These changes are effective for most banks tomorrow May 5, 2022.
In addition to interest rate increases for commercial loans and credit cards, expect rate increases in many consumer loans which are based upon the Prime Rate – for instance home equity loans, car loans, and personal loans.
