The Central Bank has increased the fed rate to 4.75% and Bernanke indicated there may be more increases in the comming months. This was not the good news we were all hoping for a few months ago. Everyone expected the current increase - they were just hoping that the message would include an end in sight for future increases.
Most banks lend money at the fed rate plus 3% as their prime rate. Prime is what many Home Equity Lines of Credit and credit card rates are based on.


