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Author: admin | Category: Loan For Car | Date: 23.02.2014

The prime rate can have immense implications on your finances and it is essential for personal finance beginners to understand it before they start borrowing money. To understand what prime rate is, you must first understand how it is derived and calculated. The prime rate, in general, is the lowest rate of interest commercial banks charge their most credit-worthy customers.
This prime rate is derived from the Federal Funds effective rate, which is the interest rates at which banks lend money to each other. This prime rate has been in effect since the Fed Funds rate was lowered to 0%-0.25% back in December of 2008. The significance is that the Federal Reserve lowered the rate dramatically at that point of time due to the credit crisis preventing the flow of credit in the economy. When looking at the historical prime rate, you must first look to the historical fed funds rate. While it will likely not reach these heights again, you can see that historically, the fed funds rate (and hence, the prime rate) has been at levels much higher than we have become accustomed to in recent years.

Every line of credit or loan has an interest rate in the form of a quoted APR (annual percentage rate), that you pay.
All of them determine the present APR that you pay on that loan by taking a fixed rate (as specified in your contract) and adding the prime rate to it. As a consumer at the end of the supply chain the lower interest rates have been a blessing as mortgage rates have been lower and the household income has had a bit of breathing space, but is the low interest rate going to stay for a while?
The expected effect of the lower interest rate instigating growth for companies has not happened, although there are no signs of the interest rates being increased, there are concerns that companies are not using the lower interest rates for their growth advantages. This informative article explains why companies are suffering with the lower interest rates and why the individual is suffering with regard to their pensions.  Definitely an interesting read. Opportunity in uncertaintyA positive look at the investment opportunities that the recent Brexit result offers those looking to invest in alternative assets, with a particular focus on real estate. The Federal Reserve provides guidance on what the Fed Funds rate should be set at – or a Federal Funds target rate. The Fed has kept their target rate at that historically low level since, in order to keep credit cheap, with the hopes that it will stimulate the economy.

There has been no better time to lock in a rate than right now, with Prime rate being at a historical low. Neither the service provider nor the domain owner maintain any relationship with the advertisers.
Since the economy hasn’t exactly been humming along, the Fed has not raised the rate (which it typically does when it wants to cool down inflation). In other words, your APR cannot get any lower than this (unless you negotiate it to be), so you might as well lock it in before it eventually increases.
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What if you had an ARM, for example, and the prime rate went back up to historical highs in 20 years?

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