February 8, 2016
While the term may suggest otherwise, variable-rate loans have been far from variable for nearly a decade. Month after month, year after year, variable rates remained unchanged – until December 2015, that is.
For the first time in eight years, the Federal Reserve made the decision to increase the Fed funding rate at the end of 2015. With so much time between rate changes, the event likely triggered a great deal of questions from lending staff who had never dealt with the like.
Read the full article at CUInsight.