About the prime rate
The prime rate is the interest rate large US banks charge their most creditworthy business customers. Since the mid-1990s banks have set it at the top of the Fed’s target range for the federal funds rate plus 3 percentage points, so it changes on the same day as Fed rate decisions.
Many credit cards, home equity lines of credit (HELOCs) and small business loans are priced as “prime plus” a margin, which makes this the rate most borrowers feel directly.
Prime Rate by year
| Year | Average | High | Low | December / latest |
|---|---|---|---|---|
| 2026 (to Sep) | 6.76% | 6.87% | 6.75% | 6.87% |
| 2025 | 7.37% | 7.50% | 6.83% | 6.83% |
| 2024 | 8.31% | 8.50% | 7.65% | 7.65% |
| 2023 | 8.19% | 8.50% | 7.50% | 8.50% |
| 2022 | 4.85% | 7.27% | 3.25% | 7.27% |
| 2021 | 3.25% | 3.25% | 3.25% | 3.25% |
| 2020 | 3.54% | 4.75% | 3.25% | 3.25% |
| 2019 | 5.28% | 5.50% | 4.75% | 4.75% |
| 2018 | 4.90% | 5.35% | 4.50% | 5.35% |
| 2017 | 4.10% | 4.40% | 3.75% | 4.40% |
| 2016 | 3.51% | 3.64% | 3.50% | 3.64% |
| 2015 | 3.26% | 3.37% | 3.25% | 3.37% |
| 2014 | 3.25% | 3.25% | 3.25% | 3.25% |
| 2013 | 3.25% | 3.25% | 3.25% | 3.25% |
| 2012 | 3.25% | 3.25% | 3.25% | 3.25% |
| 2011 | 3.25% | 3.25% | 3.25% | 3.25% |
| 2010 | 3.25% | 3.25% | 3.25% | 3.25% |
| 2009 | 3.25% | 3.25% | 3.25% | 3.25% |
| 2008 | 5.09% | 6.98% | 3.61% | 3.61% |
| 2007 | 8.05% | 8.25% | 7.33% | 7.33% |
| 2006 | 7.96% | 8.25% | 7.26% | 8.25% |
| 2005 | 6.19% | 7.15% | 5.25% | 7.15% |
| 2004 | 4.34% | 5.15% | 4.00% | 5.15% |
| 2003 | 4.12% | 4.25% | 4.00% | 4.00% |
| 2002 | 4.67% | 4.75% | 4.25% | 4.25% |
| 2001 | 6.92% | 9.05% | 4.84% | 4.84% |
| 2000 | 9.23% | 9.50% | 8.50% | 9.50% |
| 1999 | 7.99% | 8.50% | 7.75% | 8.50% |
| 1998 | 8.35% | 8.50% | 7.75% | 7.75% |
| 1997 | 8.44% | 8.50% | 8.25% | 8.50% |
Monthly values. The last 30 years are shown; the chart above has the full history since January 1949.
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Frequently asked questions
What is the current prime rate?
The prime rate was 6.87% in September 2026, down 0.51 points from a year earlier, according to the Board of Governors of the Federal Reserve System.
What was the highest prime rate on record?
Since January 1949, the highest reading was 20.50% in August 1981 and the lowest was 2.00% in January 1949.
Where does this data come from?
The numbers are published by the Board of Governors of the Federal Reserve System and distributed by the Federal Reserve Bank of St. Louis in FRED (series MPRIME). They are US government statistics in the public domain. Quotelinks checks for new data every day.
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