Bank of America Corp. and Wachovia Corp., two major lenders with branches throughout Connecticut, today cut their prime lending rates to 4.5 percent from 5 percent effective immediately.
The cut in the prime rate matches the 0.5 percent rate cut the Federal Reserve Board announced earlier in the day. The prime rate usually move in lockstep with the fed funds rate, which is now 1.5 percent.
The prime rate is often used for consumer loans such as car loans and home equity loans.
