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The Fed Lowers Rates—What Does that Mean?

Did you hear the great news about the Fed's recent rate decrease? We just wanted to clarify that the news DOESN'T mean that if you have a current loan it is now 0% interest, however, it DOES mean that over time, consumer loan rates may decrease (Yay!). Here are a few things we know about this:

  • The rate will have effects on variable-rate loans and credit cards tied to Prime Rate.
  • Mortgage and Home Equity rates are usually affected by these changes.
  • Due to this rate change, the Prime Rate has been lowered to 3.25%
  • Extra Credit Union will update rates on Home Equity Lines of Credit effective April 1.

This USA Today article has some additional helpful info on this and breaks the change down in how it affects mortgages, student loans, credit cards and other financial products. Check it out

As always, we're here for you, so give us a call if you have any questions: 586.276.3000.

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