updated 12/4/2008 8:02:27 AM ET 2008-12-04T13:02:27
BREAKING NEWS

The European Central Bank has cut its benchmark interest rate to 2.5 percent, following similar moves by central banks across the continent.

The rate was previously at 3.25 percent, and some analysts had predicted it could have cut rates even lower in light of the financial meltdown.

The move comes less than an hour after the Bank of England slashed its own interest rates by 1 percentage point. That brings its key rate to 2 percent — the lowest since 1951 — as it, like the ECB, works to ward off a prolonged recession.

The Swedish Riksbank has also cut its key interest rate, by a record 1.75 percentage points to 2 percent, its biggest cut since it started using the repo rate as its key rate in June 1994.

© 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
13.79%
Cash Back Cards 17.80%
17.78%
Rewards Cards 17.18%
17.17%
Source: Bankrate.com