What Is The Current Prime Interest Rate?

Traditionally, according to North America banking, the prime rate basically was the interest rate levied by lenders on borrowers whom they believed were most creditworthy, even though this is no longer the case.

The current prime rate in America is 8.25 per cent, the prime rate usually differs little amongst banks, and the alterations are generally made by banks at the same time, but this does not take place very often. The current prime rate for Canadian Banks is said to be 6 per cent.

In general, the prime rate usually functions 300 basis points more than the Federal Funds Rate, the rate of interest which is charged to each other for sudden loans made to accomplish reserve funding necessities. The most universally identified prime rate index is the Wall Street Journal Prime Rate.

I need to know the prime rate as of October 1, 2008