The prime rate, as reported by the Wall Street Journal's bank survey, is among the most widely used benchmark in setting home equity lines of credit and credit card rates. It is in turn based on the fed funds rate, which is set by the Federal Reserve. The COFI (11th District cost of funds index) is a widely used benchmark for adjustable-rate mortgages.
Click on the links below to find a fuller explanation of the term.
Back to Rate Watch main page
Mortgage rates giving you motion sickness?
Let us watch for you. We'll tell you when they hit your target.
