US Prime Rate
The US Prime Rate is the interest rate that banks charge their most creditworthy customers. It is also the rate that banks use to set the interest rate for other loans and lines of credit. The US Prime Rate is determined by the Federal Reserve and is usually updated eight times a year. The US Prime Rate is used to determine the interest rate for mortgages, credit cards, and other types of loans.
History of the US Prime Rate
The US Prime Rate has been in existence since the early 1900s. It was first established by the Federal Reserve in 1918 and has been used ever since to set the interest rate for loans and lines of credit. The US Prime Rate is determined by the Federal Reserve and is usually updated eight times a year. The US Prime Rate is used to determine the interest rate for mortgages, credit cards, and other types of loans.
Table of Comparisons
| Year | US Prime Rate |
|---|---|
| 2020 | 3.25% |
| 2019 | 5.25% |
| 2018 | 4.75% |
| 2017 | 4.25% |
Summary
The US Prime Rate is an important financial term that is used to determine the interest rate for mortgages, credit cards, and other types of loans. It is determined by the Federal Reserve and is usually updated eight times a year. For more information about the US Prime Rate, you can visit the Federal Reserve website or other financial websites such as Bankrate.com.
See Also
- Federal Funds Rate
- Discount Rate
- Interest Rate
- Mortgage Rate
- Credit Card Rate
- Loan Rate
- Treasury Rate
- LIBOR Rate
- Fed Funds Target Rate
- Overnight Rate
