For the first time in almost a decade, the Federal Reserve has decided to raise interest rates, which means the Prime Rate has changed. The Prime Rate is typically the interest rate that affects short-term loan products.
Though the raise in rates in not significant, and is likely to occur slowly, we want to make you aware of this change and let you know that it could impact you and the savings and loan products you might have. The loan products that will be affected are:
- Home Equity Line of Credit (HELOC)
- VISA Credit Cards
- Other Variable Rate Loan Products
If you have any questions concerning the change in interest rates, please call us at 801.627.8700.