The lending rates between banks in the U.S. and Europe have dropped to the lowest levels in over a month as credit markets continue to improve.

The rate on three-month loans in dollars has slumped 0.23 percentage points to 3.83%. The so-called European Interbank Offered Rate for three-month euro-denominated loans has fallen 0.03 percentage points to 4.968%.

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That is the first time the euro rate has dipped below 5.00% since Sept. 18, when it shot higher after U.S. investment bank Lehman Brothers collapsed.

Interbank rates are important because they affect the cost of loans to businesses and individuals. They skyrocketed in recent months as banks worried that other lenders might collapse.

After massive intervention from governments and central banks, that worry is slowly fading.