REDUCTION IN NEW YORK.
(Received 7th February, 11 a.m.) NEW YORK, 6th February. The Federal Keserve Bank directors have announced a reduction of the rediscount rate from 4% per cent, to i per cent.
MORTGAGE INTEREST RATE
(By Telegraph.) (Special to "The Evening Post.")
DUNEDIN, This Day.
If-a rise is made in the interest rate on the mortgages—a question that is being discussed in Dunedin—it will be primarily because of the Government putting out debentures at 5% per cent., and secondarily because the banks are now charging 7 per. cent, on overdrafts. The present mortgage rate of 6 per cent, has stood for several years. Should an advance be made it will probably be to 6% per cent. It commonly runs % per cent, below the bank rate. There can be no doubt that for some reason or other, or perhaps for seyeral reasons, money has become scarcer than it was. In regard to the raising of the bank rate it must be remembered that the banks are now paying % per cent. more for deposits.
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Evening Post, Volume CIX, Issue 32, 7 February 1930, Page 12
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174REDUCTION IN NEW YORK. Evening Post, Volume CIX, Issue 32, 7 February 1930, Page 12
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