Annual prime loan rate of banks in the U.S. 1990-2023
In the United States, the prime rate charged by U.S. banks decreased overall, albeit with fluctuations, between 1990 and 2023. As of June 2023, the prime rate charge by U.S. banks was 8.25 percent - a sharp increase compared to a year before that, when the rate charged was about 3.94 percent. The prime rate is a benchmark interest rate used by banks for various loan products, such as credit cards and personal loans. It is considered a benchmark for the overall level of interest rates and serves as a reference point for other lending rates offered by banks.
