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Todayâs Prime Rate. The prime rate today is 3.25%. This prime rate has been in effect since the Fed Funds rate was lowered to 0%-0.25% back in December of 2008. So, 0.25% + 3% = 3.25% (todayâs prime rate). This is the longest period of prime rate stability in history.
Prime rate or prime lending rate is a term applied in many countries to reference an interest rate used by banks.The term originally indicated the interest rate at which banks lent to favored customersâi.e., those with good creditâbut this is no longer always the case.Some variable interest rates may be expressed as a percentage above or below prime rate.he prime rate varies little among banks and adjustments are generally made by banks at the same time, although this does not happen frequently. The prime rate is currently 3.25% in the United States and 2.85% in Canada.