Share this story
Close X
Switch to Desktop Site

Chase bank ups its prime a full percentage point

Chase Manhattan Bank, the nation's third largest, raised its prime rate to 15 1/2 percent from 14 1/2, reflecting "deliberate and aggressive" moves by the Federal Reserve which analysts say could push mortgage rates back to 16 percent. Other banks are expected to follow, and analysts say the end is not in sight. They had said banks were waiting until after the presidential election to make a move that should have been made last Monday, according to formulas used to set this key rate.

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.