The latest prime rate change is in response to the Fed's latest rate cut in 2024. Interest rates were cut by a total of 75 basis points in 2024.

The current prime rate is 5.50%, up from 4.75% in June. It went into effect July 28, 2022. This is the fourth time in 2022 that the Federal Reserve has increased the prime rate. The prime rate ...

Prime rate at 8.5% in Jan 2024, closely follows the federal funds rate. Credit card and HELOC rates often adjust based on changes in the prime rate. Mortgage and auto loan rates are influenced by ...

Market rates change all the time, ... "The Fed changes the prime rate based on economic conditions," Westrom says. In short: "Watch the economy, watch the Fed." The bottom line.