The current prime rate in the United States is 7.50%, effective as of December 19, 2024. This rate is used by banks as a basis for setting interest rates on various loans, credit cards, and lines of credit
. In Canada, the prime rate as of today, May 6, 2025, is 4.95%. This rate is influenced by the Bank of Canada's policy interest rate and affects variable loans and lines of credit, including variable-rate mortgages
