The Federal Funds Rate, which is the interest rate banks charge each other, is determined eight times a year by the Federal Open Market Committee (FOMC). The prime interest rate usually runs about 3% above the Federal Funds Rate.
It is one kind of interest rate lower than the market interest rate for a target group. This type of interest rate was used in USA house mortgage loan to capture all the lower income...
Your bank will know the prime interest rate (also known as the "United States Prime rate" in the same manner that it becomes known to other banks. The rate is determined by the Wall Street Journal...
The prime interest rate as of June 18, 2011 is 3.25%, however each bank may set its prime rate differently. The 3.25% is cited from the Wall Street Journal, which aggregates many different bank's...