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Current Prime Rate
Prime Rate Update

6.25%– Effective as of: September 22, 2022

What is Prime Rate?

The Prime Rate is the interest rate that banks use as a basis to set rates for different types of loans, credit cards and lines of credit. Certain mortgage rates, like variable rate mortgages, and home equity loans, and home equity lines of credit, may also be affected by the published prime rate.

Each bank sets its own Prime Rate. For example, for consumer products, Commerce Bank uses the U.S. Prime Rate published in The Wall Street Journal  in its column called "Money Rates," and this is the rate shown above. The rate published in The Wall Street Journal is based on the Federal Reserve’s federal funds rate. The U.S. Prime Rate is not always the lowest, the best or the favored rate of interest. Banks use different methods to determine what is the applicable rate of each product and when adjustments will be made. Please see your Commerce Banker for more information.

Historical Prime Rates:

2022

  • 6.25% – Effective as of: 09/22/2022
  • 5.50% – Effective as of: 07/28/2022
  • 4.75% – Effective as of: 06/16/2022
  • 4.00% – Effective as of: 05/05/2022
  • 3.50% – Effective as of: 03/17/2022

2020

  • 3.25% – Effective as of: 03/17/2020
  • 4.25% – Effective as of: 03/04/2020

2019

  • 4.75% – Effective as of: 10/31/2019
  • 5.00% – Effective as of: 09/19/2019
  • 5.25% – Effective as of: 08/01/2019

2018

  • 5.50% – Effective as of: 12/20/2018
  • 5.25% – Effective as of: 09/27/2018
  • 5.00% – Effective as of: 06/14/2018
  • 4.75% – Effective as of: 03/22/2018

2017

  • 4.50% – Effective as of: 12/14/2017
  • 4.25% – Effective as of: 06/15/2017
  • 4.00% – Effective as of: 03/16/2017

2016

  • 3.75% – Effective as of: 12/15/2016

2015

  • 3.50% – Effective as of: 12/17/2015

2008

  • 3.25% – Effective as of: 12/18/2008
  • 4.00% – Effective as of: 10/31/2008
  • 4.50% – Effective as of: 10/09/2008
  • 5.00% – Effective as of: 04/30/2008
  • 5.25% – Effective as of: 03/19/2008
  • 6.00% – Effective as of: 01/31/2008
  • 6.50% – Effective as of: 01/23/2008

2007

  • 7.25% – Effective as of: 12/12/2007
  • 7.50% – Effective as of: 11/01/2007
  • 7.75% – Effective as of: 09/19/2007

2006

  • 8.25% – Effective as of: 06/30/2006
  • 8.00% – Effective as of: 06/01/2006
  • 7.75% – Effective as of: 03/29/2006
  • 7.50% – Effective as of: 02/01/2006
This history shows each prime rate change since the date shown.