Might be good news for people with home-equity credit

Depending on the type of loan and who you bank with, interest rates could change as early as today or at the end of the quarter. Most adjustable consumer lines of credit are adjusted the first day of each month. If your line of credit rate is fully floating, it will likely change immediately. “It just so happens it’s almost immediate here,” said People’s Bank of Commerce chief executive Mike Sickels.

“Since (Wednesday) happens to be the last day of the month, a lot of those lines of credit will beginning (today) see a drop in the rate.” Adjustable rate mortgages may be guided by other factors, he said. Some depend on the London borrowing rate. “I’ve got one adjustable rate loan that went five years before it changed,” Sickels said.

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