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Todayâs Prime Rate. The prime rate today is 3.25%. This prime rate has been in effect since the Fed Funds rate was lowered to 0%-0.25% back in December of 2008. So, 0.25% + 3% = 3.25% (todayâs prime rate). This is the longest period of prime rate stability in history.
Prime Rate. The prime rate, also known as the prime lending rate, is the annual interest rate Canadaâs major banks and financial institutions use to set interest rates for variable loans and lines of credit, including variable-rate mortgages. The prime rate in Canada is currently 3.20%.