The US federal prime interest rate has been held at one quarter of a percent for the last several years, dropping to that level in an attempt to help recover from the recession of 2008.
The US Federal Reserve Board is expected to increase that rate when they meet next month. Rob Stephenson, President of First Dakota National Bank says they do keep an eye on that…
Stephenson says they don’t expect a rapid rise in those rates….
Stephenson says that means home and car loans will cost more…
The current bank lending rate based on the prime is about three and a quarter percent.