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Banks raise prime rate to 4 percent and mortgage effects
Major banks announce a rise in the prime lending rate from 3.75 percent to 4 percent. Tom Adams of Century 21 Adams & Barnes notes homeowners with adjustable rate mortgages near resets will face higher costs, urging a move to fixed-rate loans. The rise, tied to Fed policy, will also affect credit card debt costs and consumer finance charges, with analysts predicting more hikes ahead. Inland Empire economists see limited housing supply buffering the impact while job growth strengthens. The forecast cites consumer debt trends and tax policy expectations under Trump’s program.
MENTIONED IN THIS ARTICLE
Tom Adams
Century 21 Adams & Barnes Realty Network
San Gabriel Valley
Inland Empire
John Husing
Fed
California
Nerd- Wallet
WalletHub
U.S
Husing
EDD
State Employment Development Department
Cal
Ifornia
Congress
Trump
Christopher Thornberg
Beacon Economics
Los Angeles
Home Co Ee
Long Beach Press-Telegram
Media News Group
Long Beach
Press-Telegram
Pena Puasa