Michigan Prime Rate Mortgage History
Prime Rate is defined by The Wall Street Journal as "The base rate on corporate loans posted by at least 75% of the nation's 30 largest
banks." The current prime rate is listed below along with a chart representing a 15 year history of the prime index. Please note that
this information should only be used for informational purposes and not as a basis for making any financial decision.
The Prime Rate is used by many lenders as a base rate for home equity loans?
|
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
2004 |
2004 |
2005 |
2006
| 2007
| 2008 |
Jan |
8.50% |
8.25% |
8.50% |
7.75% |
8.50% |
9.50% |
4.75% |
4.25% |
4.00 |
5.25% |
7.250% |
8.250% |
6.500% |
Feb |
8.25% |
8.25% |
8.50% |
7.75% |
8.50% |
8.50% |
4.75% |
4.25% |
4.00% |
5.25% |
7.500% |
8.250% |
6.000% |
Mar |
8.25% |
8.25% |
8.50% |
7.75% |
8.75% |
8.50% |
4.75% |
4.25% |
4.00% |
5.50% |
7.750% |
8.250% |
5.250% |
Apr |
8.25% |
8.50% |
8.50% |
7.75% |
9.00% |
8.00% |
4.75% |
4.25% |
4.00% |
5.75% |
7.750% |
8.250% |
5.250% |
May |
8.25% |
8.50% |
8.50% |
7.75% |
9.00% |
7.50% |
4.75% |
4.25% |
4.00% |
6.00% |
7.750% |
8.250% |
5.000% |
Jun |
8.25% |
8.50% |
8.50% |
7.75% |
9.50% |
7.00% |
4.75% |
4.25% |
4.00% |
6.00% |
8.00% |
8.250% |
5.000% |
Jul |
8.25% |
8.50% |
8.50% |
8.00% |
9.50% |
6.75% |
4.75% |
4.00% |
4.25% |
6.25% |
8.250% |
8.250% |
5.000% |
|
Aug |
8.25% |
8.50% |
8.50% |
8.00% |
9.50% |
6.75% |
4.75% |
4.00% |
4.25% |
6.50% |
8.250% |
8.250% |
5.000% |
Sep |
8.25% |
8.50% |
8.50% |
8.25% |
9.50% |
6.50% |
4.75% |
4.00% |
4.50% |
6.75% |
8.250% |
7.750% |
5.000% |
Oct |
8.25% |
8.50% |
8.25% |
8.25% |
9.50% |
6.00% |
4.75% |
4.00% |
4.75% |
7.00% |
8.250% |
7.500% |
4.500% |
|
Nov |
8.25% |
8.50% |
8.00% |
8.25% |
9.50% |
5.50% |
4.75% |
4.00% |
4.75% |
7.25% |
8.250% |
7.500% |
4.000% |
Dec |
8.25% |
8.50% |
7.75% |
8.50% |
9.50% |
5.00% |
4.25% |
4.00% |
5.00% |
7.25% |
8.250% |
7.250% |
3.250% |
Prime
rate does not change at regular intervals. It changes only when the nation's "largest banks" decide on the need to raise, or lower, their
"base rate." These rates may not change for years, but it has also changed several times in a single year.
The Fed Funds Rate is the primary tool that the Federal Open Market Committee uses to influence interest rates and the
economy. December 19, 1980 it was 21.50%
The prime rate is the rate that banks give to their best and most credit-worthy customers. It's important for the average
consumer because loans such as home equity, business credit card and automobile, rise and fall with the rate. |
