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January 8, 2009
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January 8, 2009
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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: 3.25 % (Effective since December 16, 2008)
[Update December 16, 2008 - 1:00 p.m. Pacific -- Bank of America has lowered its Prime Rate to 3.25%. Update December 16, 2008 - 12:50 p.m. Pacific -- Wells Fargo and JPMorgan Chase have lowered their Prime Rates to 3.25%. Update December 16, 2008 - 11:24 p.m. Pacific -- The Fed Funds Target Rate was reduced by .75% to 1.00% today. The Fed Funds Target Rate is now a Target Range of 0% to .25%. We anticipate the Prime Rate will drop to 3.25% later today and will update this page upon completion of our bank survey. More information is available on our blog at http://moneycafe.com/blog/category/interest-rates/]
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 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. Some banks use the name "Reference Rate" or "Base Lending Rate" to refer to their Prime Lending Rate. A graph of the
Historical Graph
Click here for historical graph from 1930 through 2008.
Historical Chart
Prime Rate |
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| Month/Day | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 |
| Jan 1 | 7.75% | 8.50% | 9.50% | 4.75% | 4.25% | 4.00% | 5.25% | 7.25% | 8.25% | 7.25% | 3.25% |
| Feb 1 | 7.75% | 8.50% | 8.50% | 4.75% | 4.25% | 4.00% | 5.25% | 7.50% | 8.25% | 6.00% | |
| Mar 1 | 7.75% | 8.75% | 8.50% | 4.75% | 4.25% | 4.00% | 5.50% | 7.50% | 8.25% | 6.00% | |
| Apr 1 | 7.75% | 9.00% | 8.00% | 4.75% | 4.25% | 4.00% | 5.75% | 7.75% | 8.25% | 5.25% | |
| May 1 | 7.75% | 9.00% | 7.50% | 4.75% | 4.25% | 4.00% | 5.75% | 7.75% | 8.25% | 5.00% | |
| Jun 1 | 7.75% | 9.50% | 7.00% | 4.75% | 4.25% | 4.00% | 6.00% | 8.00% | 8.25% | 5.00% | |
| Jul 1 | 8.00% | 9.50% | 6.75% | 4.75% | 4.00% | 4.25% | 6.25% | 8.25% | 8.25% | 5.00% | |
| Aug 1 | 8.00% | 9.50% | 6.75% | 4.75% | 4.00% | 4.25% | 6.25% | 8.25% | 8.25% | 5.00% | |
| Sep 1 | 8.25% | 9.50% | 6.50% | 4.75% | 4.00% | 4.50% | 6.50% | 8.25% | 8.25% | 5.00% | |
| Oct 1 | 8.25% | 9.50% | 6.00% | 4.75% | 4.00% | 4.75% | 6.75% | 8.25% | 7.75% | 5.00% | |
| Nov 1 | 8.25% | 9.50% | 5.50% | 4.75% | 4.00% | 4.75% | 7.00% | 8.25% | 7.50% | 4.00% | |
| Dec 1 | 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
Click here for Prime Rate historical graph.
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