The prime rate is the interest rate that commercial banks charge their most credit-worthy customers. Generally, a bank’s best customers consist of large corporations. The prime interest rate, or prime lending rate, is largely determined by the federal funds rate, which is the overnight rate that banks use to lend to one another.

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However, the Prime Rate is invariably tied to America’s cardinal, benchmark interest rate: the Federal Funds Target Rate (or Fed Funds Target Rate [FFTR].) The FFTR is set by a committee within the Federal Reserve system called The Federal Open Market Committee ( FOMC ).

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Banks raised the prime rate when the federal open market committee raised the current Federal Reserve interest rate to 2.5 percent. The prime rate is three points above the fed funds rate. The interest rate outlook is for the fed funds rate to remain at 2.5% through 2021.

The prime rate will move up or down in lock step with changes by the Federal Reserve Board. How it’s used: The prime rate is an important index used by banks to set rates on many consumer loan.

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Latest Mortgage Rate Analysis. Continuing concerns about global weakness and a Federal Reserve likely to hold policy steady for a long stretch helped mortgage rates ease again, with more declines seemingly on tap.

National Average Mortgage Rates. The mortgage rates vary depending upon the type of loan that will be acquired by the consumer. For instance, in February, 2010, the national average mortgage rate for a 30 year fixed rate loan was at 4.750 percent (5.016 APR).

Fed holds rates steady. Here’s what that means for you – The Federal Reserve’s decision Wednesday to keep interest rates steady came as a relief. Many homeowners with adjustable-rate mortgages or home equity lines of credit, which are pegged to the prime.