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The Fed have been heavy handed in recent years with interest rates. Cutting them severely in 2001 and then raising them throughout 2004, 2005 and 2006.

Now the Fed are cutting interest rates. However, this time they will not be able to avoid the long overdue recession which is just around the corner.

Source: Federal Open Market Committee (FOMC)

Read the latest Federal Open Market Committee (FOMC) interest rate press release

Last updated: 16/12/2008
Next update:   28/01/2009

Typical variable rate mortgages are 2% above the base rate.
Month
Base Rate
Typical Variable Mortgage Rate
Change
FOMC Press Releases
FOMC Minutes
Dec 08 0.00 % 2.00 % 1.00 16/12/2008 N/A
Nov 08 1.00 % 3.00 % 0.50 29/10/2008 19/11/2008
Oct 08 1.50 % 3.50 % 0.50 08/10/2008 19/11/2008
Sep 08 2.00 % 4.00 % 0.00 16/09/2008 07/10/2008
Aug 08 2.00 % 4.00 % 0.00 05/08/2008 26/08/2008
Jun 08 2.00 % 4.00 % 0.00 25/06/2008 16/07/2008
Apr 08 2.00 % 4.00 % 0.25 30/04/2008 21/05/2008
Mar 08 2.25 % 4.25 % 0.75 18/03/2008 08/04/2008
Jan 08 3.00 % 5.00 % 0.50 30/01/2008 20/02/2008
Jan 08 3.50 % 5.50 % 0.75 22/01/2008 20/02/2008
 
Dec 07 4.25 % 6.25 % 0.25 11/12/2007 02/01/2008
Oct 07 4.50 % 6.50 % 0.25 31/10/2007 20/11/2007
Sep 07 4.75 % 6.75 % 0.50 18/09/2007 09/10/2007
Aug 07 5.25 % 7.25 % 0.00 07/08/2007 28/08/2007
Jun 07 5.25 % 7.25 % 0.00 28/06/2007 19/07/2007
May 07 5.25 % 7.25 % 0.00 09/05/2007 30/05/2007
Mar 07 5.25 % 7.25 % 0.00 21/03/2007 11/04/2007
Jan 07 5.25 % 7.25 % 0.00 31/01/2007 21/02/2007
 
Dec 06 5.25 % 7.25 % 0.00 12/12/2006 03/01/2007
Oct 06 5.25 % 7.25 % 0.00 25/10/2006 15/11/2006
Sep 06 5.25 % 7.25 % 0.00 20/09/2006 11/10/2006
Aug 06 5.25 % 7.25 % 0.00 08/08/2006 29/08/2006
Jun 06 5.25 % 7.25 % 0.25 29/06/2006 20/07/2006
May 06 5.00 % 7.00 % 0.25 10/05/2006 31/05/2006
Mar 06 4.75 % 6.75 % 0.25 28/03/2006 18/04/2006
Jan 06 4.50 % 6.50 % 0.25 31/01/2006 21/02/2006
 
Dec 05 4.25 % 6.25 % 0.25 13/12/2005 03/01/2006
Nov 05 4.00 % 6.00 % 0.25 01/11/2005 22/11/2005
Sep 05 3.75 % 5.75 % 0.25 20/09/2005 11/10/2005
Aug 05 3.50 % 5.50 % 0.25 09/08/2005 30/08/2005
Jun 05 3.25 % 5.25 % 0.25 30/06/2005 21/07/2005
May 05 3.00 % 5.00 % 0.25 03/05/2005 24/05/2005
Mar 05 2.75 % 4.75 % 0.25 22/03/2005 12/04/2005
Feb 05 2.50 % 4.50 % 0.25 02/02/2005 23/02/2005
 
Dec 04 2.25 % 4.25 % 0.25 14/12/2004 04/01/2005
Nov 04 2.00 % 4.00 % 0.25 10/11/2004 17/12/2004
Sep 04 1.75 % 3.75 % 0.25 21/09/2004 12/11/2004
Aug 04 1.50 % 3.50 % 0.25 10/08/2004 23/09/2004
Jun 04 1.25 % 3.25 % 0.25 30/06/2004 12/08/2004
May 04 1.00 % 3.00 % 0.00 04/05/2004 01/07/2004
Mar 04 1.00 % 3.00 % 0.00 16/03/2004 06/05/2004
Jan 04 1.00 % 3.00 % 0.00 28/01/2004 18/03/2004
 
Dec 03 1.00 % 3.00 % 0.00 09/12/2003 29/01/2004
Oct 03 1.00 % 3.00 % 0.00 28/10/2003 10/12/2003
Sep 03 1.00 % 3.00 % 0.00 16/09/2003 30/10/2003
Aug 03 1.00 % 3.00 % 0.00 12/08/2003 18/09/2003
Jun 03 1.00 % 3.00 % 0.25 25/06/2003 14/08/2003
May 03 1.25 % 3.25 % 0.00 06/05/2003 26/06/2003
Mar 03 1.25 % 3.25 % 0.00 18/03/2003 08/05/2003
Jan 03 1.25 % 3.25 % 0.00 29/01/2003 20/03/2003
 
Dec 02 1.25 % 3.25 % 0.00 10/12/2002 30/01/2003
Nov 02 1.25 % 3.25 % 0.50 06/11/2002 12/12/2002
Sep 02 1.75 % 3.75 % 0.00 24/09/2002 07/11/2002
Aug 02 1.75 % 3.75 % 0.00 13/08/2002 26/09/2002
Jun 02 1.75 % 3.75 % 0.00 26/06/2002 15/08/2002
May 02 1.75 % 3.75 % 0.00 07/05/2002 27/06/2002
Mar 02 1.75 % 3.75 % 0.00 19/03/2002 09/05/2002
Jan 02 1.75 % 3.75 % 0.00 30/01/2002 21/03/2002
 
Dec 01 1.75 % 3.75 % 0.25 11/12/2001 31/01/2002
Nov 01 2.00 % 4.00 % 0.50 06/11/2001 13/12/2001
Oct 01 2.50 % 4.50 % 0.50 02/10/2001 08/11/2001
Sep 01 3.00 % 5.00 % 0.50 17/09/2001 04/10/2001
Aug 01 3.50 % 5.50 % 0.25 21/08/2001 04/10/2001
Jun 01 3.75 % 5.75 % 0.25 27/06/2001 23/08/2001
May 01 4.00 % 6.00 % 0.50 15/05/2001 28/06/2001
Apr 01 4.50 % 6.50 % 0.50 18/04/2001 17/05/2001
Mar 01 5.00 % 7.00 % 0.50 01/03/2001 17/05/2001
Jan 01 5.50 % 7.50 % 0.50 31/01/2001 22/03/2001