Prime Rate Today: Bank Prime Loan Rate and Prime Rate History
The bank prime loan rate is the Federal Reserve’s published figure for the prime rate banks post. This page shows the current prime rate from the Federal Reserve’s H.15 release, every change since 2000, what the prime rate is used for, and a calculator for a rate quoted as prime plus a margin.
Maintained by Archie Chang · Rates and sources checked October 29, 2026 · Methodology & sources
Bank prime loan rate
7.00%
Observation of October 27, 2026 (Federal Reserve H.15 — Bank prime loan rate). Your own loan or card uses the index and margin in your agreement.
What the prime rate is
The H.15 release describes the bank prime loan rate it publishes in a note:
“Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several base rates used by banks to price short-term business loans.”
The Federal Reserve’s FAQ says what the prime rate is:
“The prime rate is an interest rate determined by individual banks. It is often used as a reference rate (also called the base rate) for many types of loans, including loans to small businesses and credit card loans.”
How banks set it
The same Federal Reserve FAQ explains who sets it and how it relates to the federal funds rate:
“Although the Federal Reserve has no direct role in setting the prime rate, many banks choose to set their prime rates based partly on the target level of the federal funds rate--the rate that banks charge each other for short-term loans--established by the Federal Open Market Committee.”
Each bank decides its own prime rate, so this page states no fixed gap between the prime rate and the federal funds target. For the target range and the latest decision, see the Fed rate decision page.
Prime rate history since 2000
The series is the bank prime loan rate, business-day series RIFSPBLP_N.B, from the Federal Reserve’s H.15 release, downloaded from the Federal Reserve Data Download Program. Each date is the first business day that series shows the new rate; the first row is the rate on the first business day of 2000, not a change. A bank’s own effective date can differ from the date in this series. Bank holidays have no value in the series.
| Date in the H.15 series | Prime rate | Change (points) |
|---|---|---|
| September 17, 2026 | 7.00% | +0.25 |
| December 11, 2025 | 6.75% | -0.25 |
| October 30, 2025 | 7.00% | -0.25 |
| September 17, 2025 | 7.25% | -0.25 |
| December 19, 2024 | 7.50% | -0.25 |
| November 8, 2024 | 7.75% | -0.25 |
| September 19, 2024 | 8.00% | -0.50 |
| July 27, 2023 | 8.50% | +0.25 |
| May 4, 2023 | 8.25% | +0.25 |
| March 23, 2023 | 8.00% | +0.25 |
| February 2, 2023 | 7.75% | +0.25 |
| December 15, 2022 | 7.50% | +0.50 |
| November 3, 2022 | 7.00% | +0.75 |
| September 22, 2022 | 6.25% | +0.75 |
| July 28, 2022 | 5.50% | +0.75 |
| June 16, 2022 | 4.75% | +0.75 |
| May 5, 2022 | 4.00% | +0.50 |
| March 17, 2022 | 3.50% | +0.25 |
| March 16, 2020 | 3.25% | -1.00 |
| March 4, 2020 | 4.25% | -0.50 |
| October 31, 2019 | 4.75% | -0.25 |
| September 19, 2019 | 5.00% | -0.25 |
| August 1, 2019 | 5.25% | -0.25 |
| December 20, 2018 | 5.50% | +0.25 |
| September 27, 2018 | 5.25% | +0.25 |
| June 14, 2018 | 5.00% | +0.25 |
| March 22, 2018 | 4.75% | +0.25 |
| December 14, 2017 | 4.50% | +0.25 |
| June 15, 2017 | 4.25% | +0.25 |
| March 16, 2017 | 4.00% | +0.25 |
| December 15, 2016 | 3.75% | +0.25 |
| December 17, 2015 | 3.50% | +0.25 |
| December 16, 2008 | 3.25% | -0.75 |
| October 29, 2008 | 4.00% | -0.50 |
| October 8, 2008 | 4.50% | -0.50 |
| April 30, 2008 | 5.00% | -0.25 |
| March 18, 2008 | 5.25% | -0.75 |
| January 30, 2008 | 6.00% | -0.50 |
| January 22, 2008 | 6.50% | -0.75 |
| December 11, 2007 | 7.25% | -0.25 |
| October 31, 2007 | 7.50% | -0.25 |
| September 18, 2007 | 7.75% | -0.50 |
| June 29, 2006 | 8.25% | +0.25 |
| May 10, 2006 | 8.00% | +0.25 |
| March 28, 2006 | 7.75% | +0.25 |
| January 31, 2006 | 7.50% | +0.25 |
| December 13, 2005 | 7.25% | +0.25 |
| November 1, 2005 | 7.00% | +0.25 |
| September 20, 2005 | 6.75% | +0.25 |
| August 9, 2005 | 6.50% | +0.25 |
| June 30, 2005 | 6.25% | +0.25 |
| May 3, 2005 | 6.00% | +0.25 |
| March 22, 2005 | 5.75% | +0.25 |
| February 2, 2005 | 5.50% | +0.25 |
| December 14, 2004 | 5.25% | +0.25 |
| November 10, 2004 | 5.00% | +0.25 |
| September 21, 2004 | 4.75% | +0.25 |
| August 10, 2004 | 4.50% | +0.25 |
| June 30, 2004 | 4.25% | +0.25 |
| June 27, 2003 | 4.00% | -0.25 |
| November 7, 2002 | 4.25% | -0.50 |
| December 12, 2001 | 4.75% | -0.25 |
| November 7, 2001 | 5.00% | -0.50 |
| October 3, 2001 | 5.50% | -0.50 |
| September 18, 2001 | 6.00% | -0.50 |
| August 22, 2001 | 6.50% | -0.25 |
| June 28, 2001 | 6.75% | -0.25 |
| May 16, 2001 | 7.00% | -0.50 |
| April 19, 2001 | 7.50% | -0.50 |
| March 21, 2001 | 8.00% | -0.50 |
| February 1, 2001 | 8.50% | -0.50 |
| January 4, 2001 | 9.00% | -0.50 |
| May 17, 2000 | 9.50% | +0.50 |
| March 22, 2000 | 9.00% | +0.25 |
| February 3, 2000 | 8.75% | +0.25 |
| January 3, 2000 | 8.50% | start of series shown |
What the prime rate is used for
Home equity lines of credit (HELOCs)
The CFPB lists the prime rate among common HELOC indexes:
“Common indexes include the U.S. prime rate and the Constant Maturity Treasury (CMT) rate.”
To see a HELOC payment built from the prime rate plus a margin, use the HELOC calculator.
Credit cards
On variable-rate credit cards, the CFPB says the rate follows an index, and its example is the prime rate published in the Wall Street Journal, which is not necessarily the H.15 figure shown above:
“A variable-rate APR or variable APR changes with the index interest rate, such as the prime rate published in the Wall Street Journal. The cardholder agreement will say how a card’s APR can change over time.”
SBA 7(a) loans
SBA’s rule for variable rates on guaranteed loans, 13 CFR 120.214, sets a maximum as a number of percentage points over a base rate. The base rate is defined this way:
“The base rate will be one of the following: the prime rate or the Optional Peg Rate. The prime rate will be that which is in effect on the first business day of the month, as printed in a national financial newspaper published each business day. SBA may from time to time permit the use of alternative base rate options that are widely adopted for small business commercial lending and will publish notice of such alternative options in the Federal Register. SBA publishes the Optional Peg Rate quarterly in the Federal Register.”
When the base rate is the prime rate, SBA’s rule points to the prime rate as printed in a national financial newspaper, so the figure SBA uses may differ from the H.15 value on this page. The maximums depend on the loan amount:
“The maximum allowable variable interest rates are set forth below, with the initial maximum allowable rate for the loan determined as of the date SBA receives the loan application: (1) For all 7(a) loans of $50,000 and less, the interest rate shall not exceed six and a half (6.5) percentage points over the base rate; (2) For all 7(a) loans of more than $50,000 and up to and including $250,000, the maximum interest rate shall not exceed six (6.0) percentage points over the base rate; (3) For all 7(a) loans of more than $250,000 and up to and including $350,000, the maximum interest rate shall not exceed four and a half (4.5) percentage points over the base rate; and (4) For all 7(a) loans of more than $350,000, the maximum interest rate shall not exceed three (3.0) percentage points over the base rate.”
The current text of this section was last amended by SBA’s final rule in the Federal Register (87 FR 38900, June 30, 2022), which says:
“The effective date of this final rule will be August 1, 2022.”
Prime plus margin calculator
Many variable rates are quoted as the prime rate plus a margin. Enter the margin from your agreement, which can be negative, to see your rate and what it would be if the prime rate changed by 0.25 or 0.50 percentage points either way.
Your margin
Prime rate used: 7.00%, from Federal Reserve H.15 — Bank prime loan rate, observation of October 27, 2026.
The 1.50 shown is only an example value. Use the margin in your own agreement.
The $10,000 shown is only an example. Leave it blank to see the rate without an interest amount.
Your variable rate
Prime 7.00% + margin 1.50 points
8.50%
Monthly interest on $10,000.00: $70.83 (balance x rate / 12)
If the prime rate changes
The same margin on a prime rate that is higher or lower by the amounts below. This is arithmetic, not a forecast.
| Change in prime | Your rate | Monthly interest |
|---|---|---|
| -0.50 points | 8.00% | $66.67 |
| -0.25 points | 8.25% | $68.75 |
| +0.25 points | 8.75% | $72.92 |
| +0.50 points | 9.00% | $75.00 |
Monthly convention: the monthly rate is the annual rate divided by 12; a lender that charges interest daily can come out slightly different. Amounts are in whole cents, rounded half to even. Estimates only: your lender’s terms govern, and this is not a loan offer.
When could the prime rate change next?
The next scheduled FOMC meeting is December 8-9, 2026 (as of October 29, 2026).
This is the Federal Open Market Committee’s published schedule, not a forecast: this page does not predict any decision. See the FOMC meeting schedule for every meeting date.
Prime rate FAQ
What is the prime rate today?
The bank prime loan rate is 7.00% in the Federal Reserve H.15 release, observation of October 27, 2026. The H.15 release says: “Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several base rates used by banks to price short-term business loans.”
Does the Federal Reserve set the prime rate?
The Federal Reserve says: “Although the Federal Reserve has no direct role in setting the prime rate, many banks choose to set their prime rates based partly on the target level of the federal funds rate--the rate that banks charge each other for short-term loans--established by the Federal Open Market Committee.” This page does not predict any Federal Reserve decision or any bank’s prime rate.
When did the prime rate last change?
In the history on this page, the last change first appears in the Federal Reserve H.15 daily series on September 17, 2026, from 6.75% to 7.00%. A date in this series is the first business day it shows the new rate, and a bank’s own effective date can differ.
What is the prime rate used for?
The Federal Reserve says: “The prime rate is an interest rate determined by individual banks. It is often used as a reference rate (also called the base rate) for many types of loans, including loans to small businesses and credit card loans.” The CFPB says about credit cards: “A variable-rate APR or variable APR changes with the index interest rate, such as the prime rate published in the Wall Street Journal. The cardholder agreement will say how a card’s APR can change over time.” Your own agreement names the index and margin that apply to you.
How do I work out my rate as prime plus a margin?
Add your margin to the prime rate. With the current 7.00% prime rate and a margin of 1.50 percentage points, the rate is 8.50%. The monthly interest on a balance is the balance times the rate divided by 12: on $10,000.00 that is $70.83. Your lender’s terms govern how your rate is set and how interest is calculated.
Authoritative sources: Federal Reserve: H.15 Selected Interest Rates (Daily) · Federal Reserve Data Download Program: H.15 bank prime loan, business day (CSV) · Federal Reserve FAQ: What is the prime rate, and does the Federal Reserve set the prime rate? · CFPB: What you should know about home equity lines of credit (booklet) · Ask CFPB: What is the difference between a fixed APR and a variable APR? · eCFR: 13 CFR 120.214, What conditions apply for variable interest rates? · Federal Register: SBA final rule, 87 FR 38900 (June 30, 2022)