US Prime rate
Last Update: July 22, 2024
US Prime rate Analytics & Data
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US Prime rate closing prices of the last 24 values are displayed below. Sign up free to download the full historical data series using MacroVar Web/Excel or API.
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US Prime rate
| Date | Values |
|---|---|
| 2024-07-22 | 8.5 |
| 2024-07-19 | 8.5 |
| 2024-07-18 | 8.5 |
| 2024-07-17 | 8.5 |
| 2024-07-16 | 8.5 |
| 2024-07-15 | 8.5 |
| 2024-07-12 | 8.5 |
| 2024-07-11 | 8.5 |
| 2024-07-10 | 8.5 |
| 2024-07-09 | 8.5 |
| 2024-07-08 | 8.5 |
| 2024-07-05 | 8.5 |
| 2024-07-04 | 8.5 |
| 2024-07-03 | 8.5 |
| 2024-07-02 | 8.5 |
| 2024-07-01 | 8.5 |
| 2024-06-28 | 8.5 |
| 2024-06-27 | 8.5 |
| 2024-06-26 | 8.5 |
| 2024-06-25 | 8.5 |
| 2024-06-24 | 8.5 |
| 2024-06-21 | 8.5 |
| 2024-06-20 | 8.5 |
| 2024-06-19 | 8.5 |
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US Prime rate Statistics
| Indicator | Symbol | Actual | Previous | M/M% | Y/Y% | Trend | Slope | Percentile | Update |
|---|---|---|---|---|---|---|---|---|---|
| Prime rate | prime | 8.5 | 8.5 | 0 | 0 | Down | Down | 51 | 2024-07-22 |
US Prime rate Factors
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US Prime rate Historical Data
The MacroVar database offers free access to historical data for the US Prime rate, dating back to 1950. This extensive dataset is readily available through MacroVar versatile platforms, including a user-friendly web interface, a robust Python API, and convenient Excel integration. By leveraging these tools, users can efficiently retrieve and analyze decades of US Prime rate data, supporting a wide range of research, financial analysis, and decision-making processes.What is the US Prime rate
The US prime rate, also known as the prime lending rate, is the interest rate that commercial banks charge their most creditworthy customers, typically large corporations. This rate serves as a benchmark for many other interest rates, including various types of loans, credit cards, and mortgages.
Key Points about the US Prime Rate:
- Determination: The prime rate is influenced by the federal funds rate, which is set by the Federal Reserve. When the Federal Reserve raises or lowers the federal funds rate, the prime rate usually follows suit.
- Benchmark: Many consumer and business loans, especially variable-rate loans, are tied to the prime rate. For example, a loan might be set at "prime plus 2%" meaning the interest rate on the loan will be 2% higher than the prime rate.
- Economic Indicator: The prime rate is often considered an indicator of the overall health of the economy. A higher prime rate generally indicates a stronger economy with higher inflation, while a lower prime rate suggests a weaker economy.
- Historical Variability: The prime rate can fluctuate significantly over time. For example, it was as high as 21.5% in 1980 during a period of high inflation and economic turmoil, while it was as low as 3.25% in the years following the 2008 financial crisis to stimulate economic growth.
- Bank Specific: While the prime rate is generally the same across major banks, each bank sets its own prime rate based on its lending policies and cost of funds.
- Published Rate: The Wall Street Journal publishes the consensus prime rate based on a survey of the largest banks. This published rate is widely used as the standard reference rate.
Understanding the prime rate is crucial for borrowers and investors as it affects the cost of borrowing and the returns on various investment products.