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December 1, 2008 Loans - Home | Personal |
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Prime Rate
Historical Graph | Historical Chart | Other Rates/Indexes | Add this Page to Your Favorites (click here)
The last reported rate is: 4.00 % (Effective since October 29, 2008)
[Update October 29, 2008 - 3:00 p.m. Pacific -- We have confirmed all major banks lowered the Prime Rate to 4.00% and have updated our published rate. Update October 29, 2008 - 2:45 p.m. Pacific -- Citibank has lowered its Prime Rate to 4.00% and we now renew our expectation that others will follow along. We are still waiting for one more major bank to make the change. Update October 29, 2008 - 2:00 p.m. Pacific -- Some banks (Bank of America, BNY/Mellon, PNC) have reduced their rates to 4.00% effective today, others have not yet made their announcements. It's not certain at this time that all will lower their prime rates today. In the past, many banks have quickly made their announcements promptly after the Fed decision. Not so today. We will continue to monitor. Alert -- October 29, 2008 - 11:18 a.m. Pacific -- The Fed Funds Target Rate was reduced by .50% today. We expect the Prime Rate will drop to 4.00% later today and will update this page upon completion of our bank survey. Update October 8, 2008 -- The Prime Rate was lowered from 5.00% to 4.50%.]
What is the Prime Rate? The Prime Interest Rate is the interest rate charged by banks to their most creditworthy customers (usually the most prominent and stable business customers). The rate is almost always the same amongst major banks. Adjustments to the prime lending rate are made by banks at the same time; although, the prime rate does not adjust on any regular basis. The Prime Rate is usually adjusted at the same time and in correlation to the adjustments of the Fed Funds Rate. The rates reported below are based upon the prime rates on the first day of each respective month.
Historical Graph
Historical Chart
| Prime Rate | |||||||||||
| Month/Day | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 |
| Jan 1 | 8.50% | 7.75% | 8.50% | 9.50% | 4.75% | 4.25% | 4.00% | 5.25% | 7.25% | 8.25% | 7.25% |
| Feb 1 | 8.50% | 7.75% | 8.50% | 8.50% | 4.75% | 4.25% | 4.00% | 5.25% | 7.50% | 8.25% | 6.00% |
| Mar 1 | 8.50% | 7.75% | 8.75% | 8.50% | 4.75% | 4.25% | 4.00% | 5.50% | 7.50% | 8.25% | 6.00% |
| Apr 1 | 8.50% | 7.75% | 9.00% | 8.00% | 4.75% | 4.25% | 4.00% | 5.75% | 7.75% | 8.25% | 5.25% |
| May 1 | 8.50% | 7.75% | 9.00% | 7.50% | 4.75% | 4.25% | 4.00% | 5.75% | 7.75% | 8.25% | 5.00% |
| Jun 1 | 8.50% | 7.75% | 9.50% | 7.00% | 4.75% | 4.25% | 4.00% | 6.00% | 8.00% | 8.25% | 5.00% |
| Jul 1 | 8.50% | 8.00% | 9.50% | 6.75% | 4.75% | 4.00% | 4.25% | 6.25% | 8.25% | 8.25% | 5.00% |
| Aug 1 | 8.50% | 8.00% | 9.50% | 6.75% | 4.75% | 4.00% | 4.25% | 6.25% | 8.25% | 8.25% | 5.00% |
| Sep 1 | 8.50% | 8.25% | 9.50% | 6.50% | 4.75% | 4.00% | 4.50% | 6.50% | 8.25% | 8.25% | 5.00% |
| Oct 1 | 8.25% | 8.25% | 9.50% | 6.00% | 4.75% | 4.00% | 4.75% | 6.75% | 8.25% | 7.75% | 5.00% |
| Nov 1 | 8.00% | 8.25% | 9.50% | 5.50% | 4.75% | 4.00% | 4.75% | 7.00% | 8.25% | 7.50% | 4.00% |
| Dec 1 | 7.75% | 8.50% | 9.50% | 5.00% | 4.25% | 4.00% | 5.00% | 7.00% | 8.25% | 7.50% | 4.00% |
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Source: Federal Reserve Board
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