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prime rate
noun
: an interest rate formally announced by a bank to be the lowest available at a particular time to its most credit-worthy customers
called also prime interest rate
Examples of prime rate in a Sentence
Recent Examples on the Web
There are also prime rates to be secured through Booking.com.
—Brad Japhe, Travel + Leisure, 22 May 2024
Last month, the People’s Bank of China cut its five-year loan prime rate by 25 basis points to 3.95%, the first such move since May 2023.
—William Pesek, Forbes, 27 Mar. 2024
Last month, the PBOC cut its five-year loan prime rate by 25 basis points, the largest reduction since 2019.
—Laura He, CNN, 8 Mar. 2024
China cut the 5-year loan prime rate (LPR), which mortgages are based on, down to 3.95% from 4.20% versus expectations of 4.10%, one of the deepest cuts ever, leading to a rebound in real estate.
—Brendan Ahern, Forbes, 23 Feb. 2024
The latest move is a cut by major banks to the five-year loan prime rate.
—Jj Kinahan, Forbes, 21 Feb. 2024
Retirement plans typically charge the current prime rate plus 1 percent to 2 percent interest rate.
—Roxana Popescu, San Diego Union-Tribune, 4 Jan. 2024
The one-year loan prime rate was left at 3.45% and the five-year rate was the same as last month at 4.2%, according to the People’s Bank of China.
—Wsj Pro, WSJ, 20 Dec. 2023
The People’s Bank of China trimmed on Monday its one-year loan prime rate (LPR) by 10 basis points from 3.55% to 3.45% and did not change the five-year rate, which stands at 4.20%.
—Juliana Liu, CNN, 20 Aug. 2023
These examples are programmatically compiled from various online sources to illustrate current usage of the word 'prime rate.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.
Word History
First Known Use
1924, in the meaning defined above
Dictionary Entries Near prime rate
Cite this Entry
“Prime rate.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/prime%20rate. Accessed 12 Jun. 2024.
Legal Definition
prime rate
noun
: an interest rate formally announced by a bank to be the lowest available at a particular time to its most creditworthy customers
called also prime, prime interest rate
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