Sunday, February 04, 2007

Wall Steet Journal Prime Rate

Ever wonder what that magical "Prime Rate" is or means? Almost every loan you receive from a bank is based on what the Prime Rate happens to be at the time. The Wall Street Journal Prime Rate is the basis for what your consumer rate is based off of. I found a site that explains how this rate is set and in many cases referred to as the Fed Prime Rate and controls how much you'll pay for a mortgage or car or refinance. Lastly if you want to see the prime rate history you'll find a section to show patterns in how the Fed changes the prime rate.