Local bank raises interest rates on loans
(CNS Business): Butterfield Bank (Cayman) has announced plans to adjust its loan rates in response to the US Federal Funds 25 basis point increase. The KYD and USD prime rates for residential mortgages, consumer loans and commercial loans will increase from 3.50% to 3.75%, the bank announced soon after news broke of the first interest rate increase in America for several years. The rate increase will take effect on 16 December, but the bank said borrowers’ monthly loan and mortgage payments will not increase, as Butterfield is automatically extending the terms of loans and mortgages to assist customers with the rate adjustment.
The bank said customers who want to increase monthly payments to maintain the current term of their loans or mortgages, instead, should contact the Bank.
Yeah and you can be assured that Butterfield would be the first to raise rates!
Well damn!! that was quick. Anyone remembers how long it took for banks to lower the rate when the interest rate dropped?