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The prime rate is a key interest rate that influences most other rates. Here's how it moves, and why it affects what your loans and credit cards cost

11 days ago   |   By

While not an official interest rate, the prime rate acts as a harbinger for the state of the economy.
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The prime rate, aka the prime, is the interest rate that banks charge their most creditworthy clients.
Though not set by the government, the prime rate runs about 3% higher than the Federal Reserve's federal funds rate.
Commercial banks use the prime as a basis for the interest they charge on consumer loans, credit cards, and mortgages.
Visit Insider's Investing Reference library for more stories .
The prime rate, aka the prime lending rate or simply the prime, is the...
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