what was the highest prime rate ever recorded in the united states 
the highest prime rate ever recorded in the u s was 21 5 which was reached in december 1980 7the bottom linethe prime rate is the interest rate that commercial banks charge creditworthy customers and is based on the federal reserve s federal funds overnight rate banks generally use fed funds 3 to determine the current prime rate the rate forms the basis for other interest rates including rates for mortgages small business loans or personal loans 