As of November 7, 2023, the prime rate is 8.50% . The prime rate is the interest rate that banks use as a basis to set rates for different types of loans, such as home equity lines of credit, credit cards, auto loans, and personal loans. The prime rate is set by individual banks based on various factors, including the banks costs and desired return, general economic conditions, and other factors. The prime rate is not fixed and can change when the nations largest banks decide on the need to raise or lower their base rate. The prime rate typically changes a day or so after a change in the federal funds rate.