Loans and much more
This most recent lowering of the interest rate puts it at the same level as it was in late 2003 and early 2004. In contrast, the end of 2006 and the early part of 2007 saw interest rates soar as high as 5. 25 percent. In any case, borrowers all over the country welcome the lowering of interest rates. Take note however, that the Fed does not actually set the level of interest rates for debts such as mortgages, car loans, and credit cards.