Prime Rate Falls to 7.75%
Posted on September 20th, 2007 by Jonathan Dalton
Western National Bank reported this morning that its prime rate has dropped 50 basis points to 7.75% in lockstep with Tuesday’s Federal Reserve decision to lower the fed funds rate a half-percent.
Bank of America made a similar announcement yesterday.
What does this mean to you? Check out Dan Green’s take on The Mortgage Reports blog.
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First of all great blog Jonathan - lot’s of great information here and finally rates to fall. Don’t we all need that these days ?
Thanks for this info.
Rates falling will help. Also, I’ve heard some rumblings from loan officers that it’s easier to get a file through underwriting than it has been over the past few months - exactly the opposite of what you might expect.
Thanks for stopping in from the People’s Republic of Chandler.