When will it Stop?

Since December 14th, 2005, the prime rate has increased 4 times, and now sits at 8.0%.  This is the highest prime rate since February, 2001.

But the Good News!

Although each of these increases in prime would normally cause a .25% increase in all our adjustable loan rates, Synod of the Pacific has decided not to take any of these increases, and has temporarily frozen our interest rates at their current levels!  Line of Credit rates are frozen at between 7.5% and 8.25% (most rates are at or below the current prime rate).  Mortgage rates are frozen at between 7.25% and 8.0% (as much as 0.75% below the current prime rate). 

For Investors

Effective March 21, 2006, investments in Synod of the Pacific Custodial Accounts are currently earning 4.5% with no time or withdrawal restrictions.  This is significantly higher than the average rate paid by other institutions for demand deposits!  In order to prevent our loan rates from continuing to rise, the current interest rates of all investment accounts are currently being discounted to:

Mission Development Term Certificates

This type of discount on interest rates was last used in March, 2000, to prevent loan rates from becoming prohibitively expensive for borrowing churches.  Any further changes in the prime rate will be reviewed by Synod's Interest Rate Subcommittee, and appropriate action will be taken.

Today's rates underscore Synod of the Pacific's commitment to providing above market rates for investing churches, and affordable rates for borrowing churches.  If you have any questions about this temporary measure, please contact Ani Lele'a at (800) 754-0669.