| Show federal land bank reduces interest rate rake on farm loans the federal land bank of berkeley will voluntarily reduce the contract interest rates made on loans through the national farm loan As to 4 per cent effective june 30 1944 ab according cordIng to willard D ellis president this will be of particular interest to utah land bank borrowers said he to know that they are assured of continued low rates of interest during the life of their loans interest on loans outstanding of will be affected by this change chang in utah arizona nevada and california fornia this action by the land bank now equalizes all interest rates prior to june 1935 most of the loans were made for higher rates some at 5 and 6 percent per cent but after that date pra practically edical all loans were maae made at 4 per cent the 5 and 6 per cent loans were low cost loans when made they reflected ahe he cost of money in the bond market since then the federal land banks have re financed their highest rate I 1 bonds and the voluntary reduction by the banks of the higher interest rates on their older loans is simply passing dpn pl to their borrowers the savings mode made possible by cooperative action |
