Prime Rate Now 7.5%

The prime lending rate was lowered to 7.5% which is good news for those shopping for Home Equity Lines of Credit or who currently have a line of credit tied to prime. This is the index that is used for many 2nd mortgages and lines of credit. It is not tied directly to 30 year fixed mortgage rates which move along with the 10 year bond. Actually mortgage rates increased late Tuesday and Wednesday but are still widely availale in the low 6s.