Current Prime Rates And Prime Rate History
What Is Prime Rate Today - December 2024
| Bank | Prime Rate |
|---|---|
WSJ Prime Rate | 7.50% |
JPMorgan Chase | 7.50% |
Bank of America | 7.50% |
Wells Fargo | 7.50% |
Citibank | 7.50% |
Prime Rate Historical Chart
December 18, 2024 - Federal Reserve Update
The prime rates lower to 7.50% as Fed cuts rates. The Federal Open Markets Committee (FOMC) meeting on December 18th, 2024, resulted in Fed Funds Rate decrease by 25bps to 4.25% - 4.50%.
Highlights from the December 18th, 2024 Federal Reserve meeting include:
- The Federal Funds Rate decreased to 4.25% - 4.50%.
- Prime rates lowered to 7.50%.
- Variable and fixed borrowing rates lower due to market expectations of further cuts.
Variable borrowing costs decrease dure to Fed lower the overnight rate while fixed borrowing costs slide due to market expectations of future rate cuts. Borrowers will be affected as new and refinanced mortgage rates decrease, as well as variable rate products such as adjustable-rate mortgages, credit cards, and HELOCs linked to the prime rate decrease. The U.S. housing market has been noticeably affected by high interest rates as higher mortgage costs decreased activity in the housing market. Lower prime rates may bring relief to some but may not restore activity fully.
The financial markets predict the overnight rate will likely stay the same during the next FOMC meeting on January 29th, 2025, according to the CME FedWatch Tool. The prediction may change as economic conditions evolve. If the prediction is true, the prime rate will not change after the next Fed meeting.
What Is Prime Rate?
The Prime Rate is the best interest rate a bank may offer on an unsecured loan. It is a reference rate for many types of variable-interest loans. Commercial banks price financial products such as loans and mortgages as prime rates plus an spread. This spread is likely zero for their most creditworthy customers. These creditworthy customers are often corporate clients with the least likelihood of defaulting on their obligations and payments to the lender. The spread over the prime rate maybe negative for secured loans.
Who Sets the Prime Rate?
Commercial banks set their prime rate. Since commercial banks have to compete with each other, they often set the same prime rates, which is equal to the Fed Funds Rate + 3%. There is no law or rule for setting the prime rate, and each bank can decide on its prime rate based on its interest in lending, so different banks may have different prime rates.
The Wall Street Journal is the most quoted source for the Prime Rate. It surveys the 10 largest banks by assets and posts the consensus prime rate among them. The Wall Street Journal updates the Prime Rate when at least 7 out of the 10 banks update their Prime Rate.
How Often Does Prime Rate Change
The prime rate changes when the Federal Funds Rate changes. The Federal Reserve meets 8 times yearly to determine whether the Fed Funds Rate needs to be changed. The Fed Funds Rate, which US banks charge to lend to each other overnight, determines the Prime Rate. Banks use this Fed Funds Rate as a starting point to determine the Prime Rate for their most creditworthy customers. The prime rate is usually 3% above the Fed Funds Rate.
Wall Street Journal Prime Rate
The Wall Street Journal Prime Rate, also called the WSJ Prime Rate, is based on the prime rate posted by at least 70% of the top 10 largest banks that the Wall Street Journal surveys.
The WSJ Prime Rate is widely used since it shows the prime rate used by the majority of the largest and most influential banks. However, since the Federal Funds Rate heavily influences the prime rate of big banks, the WSJ Prime Rate generally moves in tandem with any rate hike or rate cut announcements by the Fed. WSJ Prime Rate aggregation method makes it an accurate reflection of Wall Street rates. While small and regional banks can always set their own prime rate, they usually use the WSJ Prime Rate for their own lending products.
If the Fed decides to increase the Fed Funds Rate, making it more expensive for banks to lend to each other, the banks will increase the Prime Rate proportionally. Even though the Fed does not officially set the Prime Rate, it does impact it through the Fed Funds Rate.
Recent Prime Rate Changes
As of August 2024, the prime rate has remained steady since July 26th, 2023. On July 26th, 2023, the Fed increased the Fed Funds Rate for the last time before pausing rate hikes. The Prime Rate has been steady at 8.50% for over a year.
In March 2020, due to the negative effects of the COVID-19 pandemic, the Fed initiated two emergency rate cuts to increase investments and spur the economy. These rate cuts decreased the Fed Funds rate target to a range of 0% - 0.25%, which decreased the Prime Rate to 3.25%. That’s the lowest the Prime Rate has been since 2008. Inflation rose above the 2% target in March 2021, and the Fed responded with a series of rate hikes in 2022 and 2023.
How Does Prime Rate Affect You?
Prime Interest Rates affect you because they form the basis for how lenders determine interest rates for financial products such as personal loans, credit cards, and commercial loans. The Prime Rate is also the base or reference rate for Adjustable-Rate Mortgages and other variable-rate loans. If there is an increase in the Prime Interest Rate, in most cases there will be an increase in the interest rates for variable-rate loans.
Prime Rates and Loan Interest Rates
The reason banks charge their most creditworthy customers a different rate as compared to others is mainly because of default risk. Default risk is the risk taken by banks when they lend money to customers who might not be able to pay back the loan or interest payments. Large corporations are less likely to default on their loans, so they receive loans with the Prime Interest Rate. Customers more likely to default, such as individuals with a lower credit score, are charged the Prime Interest Rate plus an additional margin (credit spread) because of higher risk.
What is a Credit Spread?
Credit spread is the difference between the benchmark interest rate and the interest rate charged on the loan or financial product. The benchmark interest rate is usually one of the Fed Funds Rate, Prime Interest Rate, 5-year Treasury yield, or London Interbank Offered Rate (LIBOR). Benchmark rates act as a base rate that may change over time. The credit spread is fixed and it added to the base rate. The credit spread is unique for every customer and is calculated based on several factors such as risk tolerance of the lender, customers financials and the type of financial product. The credit spread is the premium lenders charge customers to offset default risks and make a profit on the loan. Credit spread is measured in basis point (bps).
For example, if the benchmark rate on a loan is 8.5%, and the lender charges an interest rate of 11.5% based on your financial strength, the credit spread is 3% or 300bps.
If lenders notice that their top customers (i.e. corporations) are finding it difficult to repay their debt and their credit is dropping, this can be an indicator of higher default risk. The lenders or banks will increase the credit spread they charge their customers. The higher spread will include the additional risk of lending money and will result in higher interest rates on loans.
Prime Rates Impact on Mortgages and Home Equity Lines of Credit (HELOC)
Prime Rates play a direct role in determining the interest rate you are charged on Adjustable Rate Mortgages Loans and HELOCs. ARM loans are variable rate mortgages where the interest rate charged is divided into 2 portions, the index and the margin. The index is usually the Prime Rate whereas the margin stays constant. Some government-insured mortgages, such as FHA loans and VA loans, have ARM options and allow adjustable rates. This means that ARM FHA loan rates and VA loan rates change depending on the prime rate. Other mortgages can have adjustable rates too, such as jumbo loans and reverse mortgages. USDA loans cannot be adjustable-rate mortgages and must have a fixed rate instead. A Home Equity Line of Credit (HELOC) works in a similar way, except the credit spread is usually higher. If the Fed increases the Fed Funds Rate, the banks will likely increase their Prime Rate, which will increase the monthly payments for ARM and HELOC loans. While the prime rate doesn’t directly affect conventional mortgages with fixed rates, rising prime rates can signify a rising interest rate environment. If you need to refinance your mortgage, higher prime rates might mean that you’ll have to refinance at a higher rate due to higher interest rates for all mortgage loan products in general.
Other countries have their own rates that affect mortgages and other financial products in their country. For example, the UK’s base rate affects mortgage interest rates, including tracker mortgages. Meanwhile, Canada’s prime rate affects Canadian mortgage rates and other loans.
Prime Rate and Credit Cards
Credit cards that have a variable interest rate use the Prime Rate as a base for the interest rate charged. Usually banks charge the Prime Rate plus a credit spread, for example if the bank determines your credit spread is 10%, and the Prime Rate today is 3.50%, the total interest charged on outstanding credit balance is 10% + 3.50% which is 13.50%.
Prime Rate and Credit Card Rates from 1995 - 2024
The above graph shows the relationship between the Prime Interest Rate and Commercial Banks Credit Card Interest Rate in the period 1995-2020. The relationship between the two interest rates shows a pattern where the credit card interest rate follows the Prime Rate. During periods of recession when Prime Rates are low, the interest rate on credit cards are also low as the base rate is low. For example, if your credit spread is 10%, if the Prime Rate is as high as 6%, the total interest rate charged is 16% (6% + 10%). In contrast, during periods of recession, if the Prime Lending Rate was 3.50%, the interest rate of your credit card may only be 13.50% (3.50% + 10%). The average credit card interest rate as of May 2024 is 21.5%, of which the Prime Rate is 8.5% and the credit spread is 13.0%.
Prime Rates and Auto Loans
Auto loans are taken for the purpose of purchasing a vehicle, similar to other short-term loans the Prime Rate impacts the interest charged on auto loans. An increase in the Prime Rate will result in higher monthly payments on the loan. As of November 2021, the average auto loan interest rate for new cars is 8.25%.
Prime Rates and Student Loans
Variable interest rate student loans will be affected by the Prime Rate. Variable Rate loans that were previously taken out and loans that will be currently taken will benefit from the lower Prime Interest Rate in the market today. Variable rate student loans have not been offered by the federal government since 2006, whereas private lenders still offer variable rate student loans. Therefore, a majority of college students on fixed rate loans cannot benefit from the low interest rates prevailing in the markets currently.
Prime Rate History
Prime Rate Changes in 2020's
| Date of Prime Rate Change | Prime Rate | Prime Rate Change |
|---|---|---|
| March 3, 2020 | 4.25% | -0.5% |
| March 15, 2020 | 3.25% | -1% |
| March 16, 2022 | 3.5% | +0.25% |
| May 4, 2022 | 4% | +0.5% |
| June 15, 2022 | 4.75% | +0.75% |
| July 27, 2022 | 5.5% | +0.75% |
| September 21, 2022 | 6.25% | +0.75% |
| November 2, 2022 | 7% | +0.75% |
| December 14, 2022 | 7.5% | +0.5% |
| February 1, 2023 | 7.75% | +0.25% |
| March 22, 2023 | 8% | +0.25% |
| May 3, 2023 | 8.25% | +0.25% |
| July 26, 2023 | 8.5% | +0.25% |
Prime Rate Changes in 2010's
| Date of Prime Rate Change | Prime Rate | Prime Rate Change |
|---|---|---|
| December 17, 2015 | 3.5% | +0.25% |
| December 15, 2016 | 3.75% | +0.25% |
| March 16, 2017 | 4% | +0.25% |
| June 15, 2017 | 4.25% | +0.25% |
| December 14, 2017 | 4.5% | +0.25% |
| March 22, 2018 | 4.75% | +0.25% |
| June 14, 2018 | 5% | +0.25% |
| September 27, 2018 | 5.25% | +0.25% |
| December 20, 2018 | 5.5% | +0.25% |
| July 31, 2019 | 5.25% | -0.25% |
| September 18, 2019 | 5% | -0.25% |
| October 30, 2019 | 4.75% | -0.25% |
Prime Rate Changes in 2000's
| Date of Prime Rate Change | Prime Rate | Prime Rate Change |
|---|---|---|
| February 3, 2000 | 8.75% | +0.25% |
| March 22, 2000 | 9% | +0.25% |
| May 17, 2000 | 9.5% | +0.5% |
| January 4, 2001 | 9% | -0.5% |
| February 1, 2001 | 8.5% | -0.5% |
| March 21, 2001 | 8% | -0.5% |
| April 19, 2001 | 7.5% | -0.5% |
| May 16, 2001 | 7% | -0.5% |
| June 28, 2001 | 6.75% | -0.25% |
| August 22, 2001 | 6.5% | -0.25% |
| September 18, 2001 | 6% | -0.5% |
| October 3, 2001 | 5.5% | -0.5% |
| November 7, 2001 | 5% | -0.5% |
| December 12, 2001 | 4.75% | -0.25% |
| November 7, 2002 | 4.25% | -0.5% |
| June 27, 2003 | 4% | -0.25% |
| July 1, 2004 | 4.25% | +0.25% |
| August 11, 2004 | 4.5% | +0.25% |
| September 21, 2004 | 4.75% | +0.25% |
| November 10, 2004 | 5% | +0.25% |
| December 14, 2004 | 5.25% | +0.25% |
| February 2, 2005 | 5.5% | +0.25% |
| March 22, 2005 | 5.75% | +0.25% |
| May 3, 2005 | 6% | +0.25% |
| June 30, 2005 | 6.25% | +0.25% |
| August 9, 2005 | 6.5% | +0.25% |
| September 20, 2005 | 6.75% | +0.25% |
| November 1, 2005 | 7% | +0.25% |
| December 13, 2005 | 7.25% | +0.25% |
| January 31, 2006 | 7.5% | +0.25% |
| March 28, 2006 | 7.75% | +0.25% |
| May 10, 2006 | 8% | +0.25% |
| June 29, 2006 | 8.25% | +0.25% |
| September 18, 2007 | 7.75% | -0.5% |
| October 31, 2007 | 7.5% | -0.25% |
| December 11, 2007 | 7.25% | -0.25% |
| January 22, 2008 | 6.5% | -0.75% |
| January 30, 2008 | 6% | -0.5% |
| March 18, 2008 | 5.25% | -0.75% |
| April 30, 2008 | 5% | -0.25% |
| October 8, 2008 | 4.5% | -0.5% |
| October 29, 2008 | 4% | -0.5% |
| December 16, 2008 | 3.25% | -0.75% |
Prime Rate Changes in 1990's
| Date of Prime Rate Change | Prime Rate | Prime Rate Change |
|---|---|---|
| January 8, 1990 | 10% | -0.5% |
| January 2, 1991 | 9.5% | -0.5% |
| February 4, 1991 | 9% | -0.5% |
| May 1, 1991 | 8.5% | -0.5% |
| September 13, 1991 | 8% | -0.5% |
| November 6, 1991 | 7.5% | -0.5% |
| December 23, 1991 | 6.5% | -1% |
| July 2, 1992 | 6% | -0.5% |
| March 24, 1994 | 6.25% | +0.25% |
| April 19, 1994 | 6.75% | +0.5% |
| May 18, 1994 | 7.25% | +0.5% |
| August 16, 1994 | 7.75% | +0.5% |
| November 15, 1994 | 8.5% | +0.75% |
| February 1, 1995 | 9% | +0.5% |
| July 7, 1995 | 8.75% | -0.25% |
| December 20, 1995 | 8.5% | -0.25% |
| January 31, 1996 | 8.25% | -0.25% |
| March 27, 1997 | 8.5% | +0.25% |
| September 30, 1998 | 8.25% | -0.25% |
| October 16, 1998 | 8% | -0.25% |
| November 18, 1998 | 7.75% | -0.25% |
| July 1, 1999 | 8% | +0.25% |
| August 25, 1999 | 8.25% | +0.25% |
| November 17, 1999 | 8.5% | +0.25% |
Prime Rate Changes in 1980's
| Date of Prime Rate Change | Prime Rate | Prime Rate Change |
|---|---|---|
| February 19, 1980 | 15.75% | +0.5% |
| February 22, 1980 | 16.5% | +0.75% |
| February 29, 1980 | 16.75% | +0.25% |
| March 4, 1980 | 17.25% | +0.5% |
| March 7, 1980 | 17.75% | +0.5% |
| March 14, 1980 | 18.5% | +0.75% |
| March 19, 1980 | 19% | +0.5% |
| March 28, 1980 | 19.5% | +0.5% |
| April 2, 1980 | 20% | +0.5% |
| April 18, 1980 | 19.5% | -0.5% |
| May 1, 1980 | 18.5% | -1% |
| May 7, 1980 | 17.5% | -1% |
| May 16, 1980 | 16.5% | -1% |
| May 23, 1980 | 14.5% | -2% |
| May 30, 1980 | 14% | -0.5% |
| June 6, 1980 | 13% | -1% |
| June 13, 1980 | 12.5% | -0.5% |
| June 17, 1980 | 12% | -0.5% |
| July 7, 1980 | 11.5% | -0.5% |
| July 25, 1980 | 11% | -0.5% |
| August 22, 1980 | 11.25% | +0.25% |
| August 27, 1980 | 11.5% | +0.25% |
| September 8, 1980 | 12% | +0.5% |
| September 12, 1980 | 12.25% | +0.25% |
| September 19, 1980 | 12.5% | +0.25% |
| September 26, 1980 | 13% | +0.5% |
| October 1, 1980 | 13.5% | +0.5% |
| October 17, 1980 | 14% | +0.5% |
| October 29, 1980 | 14.5% | +0.5% |
| November 6, 1980 | 15.5% | +1% |
| November 17, 1980 | 16.25% | +0.75% |
| November 21, 1980 | 17% | +0.75% |
| November 26, 1980 | 17.75% | +0.75% |
| December 2, 1980 | 18.5% | +0.75% |
| December 5, 1980 | 19% | +0.5% |
| December 10, 1980 | 20% | +1% |
| December 16, 1980 | 21% | +1% |
| December 19, 1980 | 21.5% | +0.5% |
| January 2, 1981 | 20.5% | -1% |
| January 9, 1981 | 20% | -0.5% |
| February 3, 1981 | 19.5% | -0.5% |
| February 23, 1981 | 19% | -0.5% |
| March 10, 1981 | 18% | -1% |
| March 17, 1981 | 17.5% | -0.5% |
| April 2, 1981 | 17% | -0.5% |
| April 24, 1981 | 17.5% | +0.5% |
| April 30, 1981 | 18% | +0.5% |
| May 4, 1981 | 19% | +1% |
| May 11, 1981 | 19.5% | +0.5% |
| May 19, 1981 | 20% | +0.5% |
| May 22, 1981 | 20.5% | +0.5% |
| June 3, 1981 | 20% | -0.5% |
| July 8, 1981 | 20.5% | +0.5% |
| September 15, 1981 | 19.5% | -1% |
| October 5, 1981 | 19% | -0.5% |
| October 13, 1981 | 18% | -1% |
| November 3, 1981 | 17.5% | -0.5% |
| November 9, 1981 | 17% | -0.5% |
| November 16, 1981 | 16.5% | -0.5% |
| November 24, 1981 | 16% | -0.5% |
| December 3, 1981 | 15.75% | -0.25% |
| February 8, 1982 | 16.5% | +0.75% |
| February 18, 1982 | 17% | +0.5% |
| February 23, 1982 | 16.5% | -0.5% |
| July 20, 1982 | 16% | -0.5% |
| July 29, 1982 | 15.5% | -0.5% |
| August 2, 1982 | 15% | -0.5% |
| August 16, 1982 | 14.5% | -0.5% |
| August 18, 1982 | 14% | -0.5% |
| September 3, 1982 | 13.5% | -0.5% |
| October 7, 1982 | 13% | -0.5% |
| October 13, 1982 | 12% | -1% |
| November 22, 1982 | 11.5% | -0.5% |
| January 11, 1983 | 11% | -0.5% |
| February 21, 1983 | 10.5% | -0.5% |
| August 8, 1983 | 11% | +0.5% |
| March 19, 1984 | 11.5% | +0.5% |
| April 5, 1984 | 12% | +0.5% |
| May 8, 1984 | 12.5% | +0.5% |
| June 26, 1984 | 13% | +0.5% |
| September 27, 1984 | 12.75% | -0.25% |
| October 16, 1984 | 12.5% | -0.25% |
| October 24, 1984 | 12% | -0.5% |
| November 8, 1984 | 11.75% | -0.25% |
| November 28, 1984 | 11.25% | -0.5% |
| December 19, 1984 | 10.75% | -0.5% |
| January 15, 1985 | 10.5% | -0.25% |
| May 20, 1985 | 10% | -0.5% |
| June 18, 1985 | 9.5% | -0.5% |
| March 7, 1986 | 9% | -0.5% |
| April 21, 1986 | 8.5% | -0.5% |
| July 11, 1986 | 8% | -0.5% |
| August 26, 1986 | 7.5% | -0.5% |
| April 1, 1987 | 7.75% | +0.25% |
| May 1, 1987 | 8% | +0.25% |
| May 15, 1987 | 8.25% | +0.25% |
| September 4, 1987 | 8.75% | +0.5% |
| October 7, 1987 | 9.25% | +0.5% |
| October 22, 1987 | 9% | -0.25% |
| November 5, 1987 | 8.75% | -0.25% |
| February 2, 1988 | 8.5% | -0.25% |
| May 11, 1988 | 9% | +0.5% |
| July 14, 1988 | 9.5% | +0.5% |
| August 11, 1988 | 10% | +0.5% |
| November 28, 1988 | 10.5% | +0.5% |
| February 10, 1989 | 11% | +0.5% |
| February 24, 1989 | 11.5% | +0.5% |
| June 5, 1989 | 11% | -0.5% |
| July 31, 1989 | 10.5% | -0.5% |
Prime Rate Changes in 1970's
| Date of Prime Rate Change | Prime Rate | Prime Rate Change |
|---|---|---|
| March 25, 1970 | 8% | -0.5% |
| September 21, 1970 | 7.5% | -0.5% |
| November 12, 1970 | 7.25% | -0.25% |
| November 23, 1970 | 7% | -0.25% |
| December 22, 1970 | 6.75% | -0.25% |
| January 6, 1971 | 6.5% | -0.25% |
| January 15, 1971 | 6.25% | -0.25% |
| January 18, 1971 | 6% | -0.25% |
| February 16, 1971 | 5.75% | -0.25% |
| March 11, 1971 | 5.5% | -0.25% |
| March 19, 1971 | 5.25% | -0.25% |
| April 23, 1971 | 5.5% | +0.25% |
| July 7, 1971 | 6% | +0.5% |
| October 20, 1971 | 5.75% | -0.25% |
| November 8, 1971 | 5.5% | -0.25% |
| December 17, 1971 | 5.25% | -0.25% |
| January 3, 1972 | 5% | -0.25% |
| January 18, 1972 | 4.75% | -0.25% |
| February 16, 1972 | 4.5% | -0.25% |
| March 20, 1972 | 4.75% | +0.25% |
| March 31, 1972 | 5% | +0.25% |
| June 27, 1972 | 5.25% | +0.25% |
| August 29, 1972 | 5.5% | +0.25% |
| October 3, 1972 | 5.75% | +0.25% |
| December 27, 1972 | 6% | +0.25% |
| February 27, 1973 | 6.25% | +0.25% |
| March 26, 1973 | 6.5% | +0.25% |
| April 19, 1973 | 6.75% | +0.25% |
| May 7, 1973 | 7% | +0.25% |
| May 25, 1973 | 7.25% | +0.25% |
| June 7, 1973 | 7.5% | +0.25% |
| June 22, 1973 | 7.75% | +0.25% |
| July 2, 1973 | 8% | +0.25% |
| July 9, 1973 | 8.25% | +0.25% |
| July 18, 1973 | 8.5% | +0.25% |
| July 30, 1973 | 8.75% | +0.25% |
| August 6, 1973 | 9% | +0.25% |
| August 13, 1973 | 9.25% | +0.25% |
| August 21, 1973 | 9.5% | +0.25% |
| August 28, 1973 | 9.75% | +0.25% |
| September 18, 1973 | 10% | +0.25% |
| October 23, 1973 | 9.75% | -0.25% |
| October 29, 1973 | 9.5% | -0.25% |
| December 3, 1973 | 9.75% | +0.25% |
| January 29, 1974 | 9.5% | -0.25% |
| February 11, 1974 | 9.25% | -0.25% |
| February 19, 1974 | 9% | -0.25% |
| February 25, 1974 | 8.75% | -0.25% |
| March 22, 1974 | 9% | +0.25% |
| April 1, 1974 | 9.25% | +0.25% |
| April 4, 1974 | 9.5% | +0.25% |
| April 8, 1974 | 9.75% | +0.25% |
| April 11, 1974 | 10% | +0.25% |
| April 22, 1974 | 10.25% | +0.25% |
| April 25, 1974 | 10.5% | +0.25% |
| May 2, 1974 | 10.75% | +0.25% |
| May 7, 1974 | 11% | +0.25% |
| May 10, 1974 | 11.25% | +0.25% |
| May 17, 1974 | 11.5% | +0.25% |
| June 27, 1974 | 11.75% | +0.25% |
| July 8, 1974 | 12% | +0.25% |
| October 8, 1974 | 11.75% | -0.25% |
| October 22, 1974 | 11.25% | -0.5% |
| November 6, 1974 | 11% | -0.25% |
| November 13, 1974 | 10.75% | -0.25% |
| November 25, 1974 | 10.25% | -0.5% |
| January 9, 1975 | 10.25% | 0 |
| January 15, 1975 | 10% | -0.25% |
| January 20, 1975 | 9.75% | -0.25% |
| January 28, 1975 | 9.5% | -0.25% |
| February 3, 1975 | 9.25% | -0.25% |
| February 10, 1975 | 9% | -0.25% |
| February 18, 1975 | 8.75% | -0.25% |
| February 24, 1975 | 8.5% | -0.25% |
| March 5, 1975 | 8.25% | -0.25% |
| March 10, 1975 | 8% | -0.25% |
| March 18, 1975 | 7.75% | -0.25% |
| March 24, 1975 | 7.5% | -0.25% |
| May 20, 1975 | 7.25% | -0.25% |
| June 9, 1975 | 7% | -0.25% |
| July 20, 1975 | 7.25% | +0.25% |
| July 29, 1975 | 7.5% | +0.25% |
| August 11, 1975 | 7.75% | +0.25% |
| September 12, 1975 | 8% | +0.25% |
| October 28, 1975 | 7.75% | -0.25% |
| November 7, 1975 | 7.5% | -0.25% |
| December 2, 1975 | 7.25% | -0.25% |
| January 12, 1976 | 7% | -0.25% |
| January 21, 1976 | 6.75% | -0.25% |
| June 1, 1976 | 7% | +0.25% |
| June 10, 1976 | 7.25% | +0.25% |
| August 3, 1976 | 7% | -0.25% |
| September 24, 1976 | 6.75% | -0.25% |
| November 1, 1976 | 6.5% | -0.25% |
| November 24, 1976 | 6.25% | -0.25% |
| May 13, 1977 | 6.5% | +0.25% |
| May 31, 1977 | 6.75% | +0.25% |
| August 22, 1977 | 7% | +0.25% |
| September 16, 1977 | 7.25% | +0.25% |
| October 7, 1977 | 7.5% | +0.25% |
| October 24, 1977 | 7.75% | +0.25% |
| January 10, 1978 | 8% | +0.25% |
| May 5, 1978 | 8.25% | +0.25% |
| May 26, 1978 | 8.5% | +0.25% |
| June 16, 1978 | 8.75% | +0.25% |
| July 30, 1978 | 9% | +0.25% |
| August 31, 1978 | 9.25% | +0.25% |
| September 15, 1978 | 9.5% | +0.25% |
| September 28, 1978 | 9.75% | +0.25% |
| October 13, 1978 | 10% | +0.25% |
| October 27, 1978 | 10.25% | +0.25% |
| November 1, 1978 | 10.5% | +0.25% |
| November 6, 1978 | 10.75% | +0.25% |
| November 17, 1978 | 11% | +0.25% |
| November 24, 1978 | 11.5% | +0.5% |
| December 26, 1978 | 11.75% | +0.25% |
| June 19, 1979 | 11.5% | -0.25% |
| July 27, 1979 | 11.75% | +0.25% |
| August 16, 1979 | 12% | +0.25% |
| August 28, 1979 | 12.25% | +0.25% |
| September 7, 1979 | 12.75% | +0.5% |
| September 14, 1979 | 13% | +0.25% |
| September 21, 1979 | 13.25% | +0.25% |
| September 28, 1979 | 13.5% | +0.25% |
| October 9, 1979 | 14% | +0.5% |
| October 23, 1979 | 15% | +1% |
| November 1, 1979 | 15.25% | +0.25% |
| November 9, 1979 | 15.5% | +0.25% |
| November 16, 1979 | 14.75% | -0.75% |
| November 30, 1979 | 15.5% | +0.75% |
| December 7, 1979 | 15.25% | -0.25% |
Prime Rate Changes in 1960's
| Date of Prime Rate Change | Prime Rate | Prime Rate Change |
|---|---|---|
| August 23, 1960 | 4.5% | -0.5% |
| December 6, 1965 | 5% | +0.5% |
| March 10, 1966 | 5.5% | +0.5% |
| June 29, 1966 | 5.75% | +0.25% |
| August 16, 1966 | 6% | +0.25% |
| January 26, 1967 | 5.75% | -0.25% |
| March 27, 1967 | 5.5% | -0.25% |
| November 20, 1967 | 6% | +0.5% |
| April 19, 1968 | 6.5% | +0.5% |
| September 25, 1968 | 6.25% | -0.25% |
| December 2, 1968 | 6.5% | +0.25% |
| December 18, 1968 | 6.75% | +0.25% |
| January 7, 1969 | 7% | +0.25% |
| March 17, 1969 | 7.5% | +0.5% |
| June 9, 1969 | 8.5% | +1% |
Prime Rate Changes in 1950's
| Date of Prime Rate Change | Prime Rate | Prime Rate Change |
|---|---|---|
| September 22, 1950 | 2.25% | +0.25% |
| January 8, 1951 | 2.5% | +0.25% |
| October 17, 1951 | 2.75% | +0.25% |
| December 19, 1951 | 3% | +0.25% |
| April 27, 1953 | 3.25% | +0.25% |
| March 17, 1954 | 3% | -0.25% |
| August 4, 1955 | 3.25% | +0.25% |
| October 14, 1955 | 3.5% | +0.25% |
| April 13, 1956 | 3.75% | +0.25% |
| August 21, 1956 | 4% | +0.25% |
| August 6, 1957 | 4.5% | +0.5% |
| January 22, 1958 | 4% | -0.5% |
| April 21, 1958 | 3.5% | -0.5% |
| September 11, 1958 | 4% | +0.5% |
| May 18, 1959 | 4.5% | +0.5% |
| September 1, 1959 | 5% | +0.5% |
Prime Rate Changes in 1940's
| Date of Prime Rate Change | Prime Rate | Prime Rate Change |
|---|---|---|
| December 1, 1947 | 1.75% | |
| August 1, 1948 | 2% | +0.25% |
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