prime lending rate; prime rate
Finance term for the preferential lending rate offered by banks, typically to highly creditworthy borrowers or used as a benchmark for loans.
The bank raised the prime rate by 0.25 percentage points.
The prime rate serves as a benchmark for lending rates to blue-chip companies.
The prime rate rose following the Bank of Japan's policy change.
Each bank announced that it would lower its prime rate.
Mortgage interest rates are set based on the prime rate.