Dec
15
All Types of Loans Cost More Just One Day After Fed’s Rate Hike
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JPMorgan, Bank of America increase prime lending rate to 3.75%
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Banks don’t feel pressure to raise deposit rates, analyst says
It’s been less than 24 hours since the Federal Reserve raised interest rates and already bank customers are paying more for loans.
JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. and other big lenders raised their prime lending rate to 3.75 percent from 3.5 percent following the Fed’s decision on Wednesday. Prime rate is what banks charge their best commercial customers, but it also affects credit cards and home-equity loans….
All Types of Loans Cost More Just One Day After Fed’s Rate Hike
