Easier Credit

The tight-money market is loosening fast. Last week, after two months of steadily declining interest rates for its short-term borrowing, the Treasury sold $1.5 billion in 91-day bills at a rate of 1.39%, lowest in 2 1/2 years. The new rate was not much more than half of the peak of 2.41% reached early in June.

Other signs of easier credit: P:General Motors Acceptance Corp., Commercial Credit Co. and C.I.T. Financial Corp.--the "big three" of the finance business--last week cut the interest rates they pay for short-term loans to 2 1/4% and 2 5/8%. This was 1/8% below the peak rates, set in May.

P:On the open market, the Treasury's 3 1/4% bonds moved to a record high of 103 6/32 bid, up nearly 5 points from their low set in June.

P:President Emanuel M. Spiegel of the National Association of Home Builders told a meeting of N.A.H.B. directors in New Orleans that there are "hopeful signs" of a letup in the mortgage money pinch, though the easing had not reached "the builder end of the credit pipeline."

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