Prime Interest Rate Cut Today |

Prime Interest Rate Cut Today

Posted on January 22, 2008
Filed Under Finance, News |

Tags: bank of america rate cut, fed funds rate, federal funds rate, federal open market committee, mortgage rates lowered, prime interest rate, prime interest rate cut today, prime rate, prime rate dropped

The Prime Interest rate cut today by Bank of America. Bank of America cut the borrowing rate from 7.25% to 6.50%. This was all started because the Federal Open Market Committee lowered their loan percentage down to 3.50.

Many other banks will most likely cut their prime interest rates soon and follow behind what Bank of America did. The Federal Open Market Committee decided to lower the percentage again to help the economy. Many believe and worry that the country will go into a recession.

Prime interest rate cuts have also been done by the Wachovia Corporation, another large financial company. Many have been hurt by their interest rates on credit cards and home loans recently, so hopefully this will help the US economy in the long run. Stay tuned for breaking news on this story and other financial issues.

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