Wachovia cuts prime rate |
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Wed, 31 Oct 2007 20:13
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NEW YORK (AP) - Wachovia Corp. on Wednesday lowered its prime interest rate by a quarter of a percentage point after the Federal Reserve cut its key interest rate.Charlotte, N.C.-based Wachovia said its prime rate is now 7.5 percent, down from 7.75 percent. The Fed cut the federal funds rate, which is what banks charge each other for overnight loans, to 4.5 percent from 4.75 percent previously.The prime rate is what banks charge their best customers, and serves as the benchmark for lending rates to all customers for mortgages, credit cards and other products.Most banks typically raise or lower their prime rate by an amount equal to the Fed's rate action within minutes of its decision.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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