Last week in an emergency meeting The Fed cut the federal funds target rate .75% (the rate that private banks lend to other banks) and cut the discount rate .75% (the rate at which member banks can borrow short-term money from the Federal Reserve). Today, The Fed cut the Federal Funds Rate by another .5% in an effort to continue to ward off recession. The numbers are in for Q4 2007 with a very slow .6% growth rate, yes I meant 3/5ths of a point.
Here is the release by the Associated Press.
I found a couple of websites, one that shows up-to-date rates, and the other that shows not only the current prime rate (at the bottom), but also a history of the prime rate since August 1955. The highest it was was in December of 1980 at 21.5% (wow) and at the lowest it was 3.25% in August 1955. Pretty cool info.
Also, click here for a link to the current fixed and adjustable rate mortgages.Print Story