The Federal Reserve is expected to raise the prime rate in December. The rate has been at three-point five percent since last year.
Curt Everson, President of the South Dakota Bankers Association, says most banks have been anticipating some type of hike…..

Everson says any increase in the prime rate will trickle down to mortgage and consumer loans…..

With the ag economy slow it may not be the best time to raise rates, but Everson says interest costs are not usually a major expense to most businesses and farmers……

Some economists expect more rate hikes in the next year.