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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.
Current market rates. The average 30-year fixed rate mortgage (FRM) rate decreased to 3.91% during the week ending April 14, 2017. The 15-year FRM rate also dropped to 3.09%. Mortgage rates saw a recent hike when the Federal Reserve (the Fed) raised the short-term rate by 0.25% on March 15, 2017, though rates are returning to their prior levels.