So What’s The Prime Rate?

What Do You Know About The Prime Rate?

The Prime Rate… You may not think much about it unless you’re in the market for a mortgage or a loan. The fact of the matter is that the Prime Rate affects us in everyday aspects of our lives — more than many of us may realize. Fortunately, the Prime Rate doesn’t have to be a confusing mess. There’s a website that sheds quite a bit of light on the topic.

A Rate By Any Other Name…

An interest rate is an interest rate, but the Prime Rate isn’t just any old interest rate. The Prime Rate is the interest rate charged by banks to the most creditworthy of customers. Those who aren’t so creditworthy in the eyes of lenders get charged the prime rate plus a certain interest spread.

Confused?

Let’s simplify it.

Say the Prime Rate is at 8.25 percent (which it is as of today’s date). If you have perfect credit, you should be abe to get a mortgage with a fixed interest rate of 8.25 percent. Now, if your credit needs some help, your interest rate will be 8.25 percent plus however many points your lender adds on due to your credit blemishes.

Getting The Prime Rate Lowdown

As you know, we are sometimes asked to review other websites. When we were asked to review a website revolving around the Prime Rate, our interests were piqued. After all, many of us have heard the term “Prime Rate” but how many of us have really taken any time to see what it’s currently at, where it’s going and how that’s going to affect us?

That’s where www.wsjprimerate.us comes into play. Not only does the website have valuable information on the Prime Rate and how it works, it also features an interesting and informative blog that gives us somewhat of an idea of where the Prime Rate is going and what to expect over the coming months.

So whether you want to know exactly what the Prime Rate is, where it’s headed and if changes are on the horizon, make sure you check out this information-packed website. After all, whether you realize it or not, the Prime Rate does affect you.