bank loans interest rates
Why have bank loan interest rate not dropped, given that the base rate has dropped sharply in recent weeks?
I have always suspected that banks have a minimum they would charge to make a profit. Why bother making loans if you are not going to make at least 5% profit?
I would quit making loans if I could not get 5% back on my money. As a bank, there are many other ways they can make 5% or 6% with a loss less risk.
The same question was all over the news about 10 years ago. From experience, banks are not going to give money away with such low profits. I think we've hit the mortgage interest bottom.
My dad wrote this question to CNN many years ago when interest rates went way down, but home mortgages stayed around 6%. It was read on TV.
It's a good question - write to CNN
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