One of the mysteries of the English language finally explained.
The lowest rate of interest at which money may be borrowed commercially.
- ‘Still, banks are facing shrinking interest margins as they offer lower prime rates to attract homebuyers to take on mortgages.’
- ‘The interest rate would be 8% (the prime rate at that time) with no prepayment penalty clause.’
- ‘The average rate for the credit lines is the prime rate - the interest rate banks charge their most creditworthy customers.’
- ‘Some short-term home-equity loans are tied to the prime rate; longer-term rates may be a point or two higher than your existing mortgage.’
- ‘At closing, the loans will be fixed at the prime rate, which now is 4 percent.’
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