The Current Prime Rate

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The prime rate is the lowest interest rate available for non-banks to borrow money – similar to the federal funds rate that the Federal Reserve uses to loan banks funds.

The prime rate (aka prime lending rate) is the best interest rate that banks offer the most creditworthy borrowers. Average current prime rates.

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Prime rate (or prime interest rate). The prime rate used to be defined as the interest rate at which banks lend to their most creditworthy (prime) customers. Now.

By Jim Darcy, Treasurer, ESL Federal Credit Union Updated January 4, 2019. The fourth Prime Rate increase for 2018 was approved on December 19, and it's .

The current prime rate is a very important number in the lending industry. It is the rate of interest charged by commercial lenders to large corporations, and many.

United States Prime Rate: The Current U.S. (Fed) Prime Rate is: 5.50% December 19, 2018: The FOMC has voted to raise the target range for the fed funds rate to 2.25% – 2.50%. Therefore, the United States Prime Rate is now 5.50%,

Federal Discount Rate Chart and interest on loans to depository institutions (the rate on which is the so-called discount rate). After paying its expenses, the federal reserve turns the rest of its earnings over to the U.S..

The prime rate is a key lending rate that’s used to set many variable interest rates, such as the rates on credit cards. In December, banks raised the prime from 5.25% to its current level of 5.5%. In December, banks raised the prime from 5.25% to its current level of 5.5%.

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The current Bank of America, N.A. prime rate is 5.50% (rate effective as of December 20, 2018). The prime rate is set by Bank of America based on various factors, including the bank’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans.

Category: Interest Rates > Prime Bank Loan Rate, 4 economic data series, FRED : Download, graph, and track economic data.

Find The Best Mortgage Rates Some may offer low rates for the first few years before adjusting. Others offer a higher starting rate that is unchanged for the length of the mortgage. Decide which type of mortgage will be best for you. adjustable rate mortgage (ARM): a mortgage with an interest rate that changes from year to year. Typically, interest rates will be low for the first few years before increasing.

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The Prime Interest Rate is usually adjusted at the same time and in correlation to the adjustments of the Fed Funds Rate. The graph and chart reported below are based upon the rates on the first day of each respective month over the past decade.