As anticipated, the 50 bps drop of the federal funds rate yesterday has resulted in a drop of the Prime Rate from 8.5% to 8.0%.
Short-term borrowers (those with HELOCs, credit card debt, etc.) should soon see some much-needed relief via lower rates in the coming days/weeks.
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Sure, anything that automatically adjusts based on the prime rate+margin.
Those locked into fixed rates may want to wait for more reductions before refinancing and it will take some time for FIs to adjust their rates accordingly.
