How to Find Out Current Interest Rates

Rates vary from moment to moment and even from bank to bank. You can make estimations on if it will go up or down by checking out the federal current interest rates or by analyzing historical Libor interest rates, but you can only make an educated guess. The following will tell you the best way to find out the current interest rates.

Difficulty: Moderately Easy

Instructions

1. You can check the federal current interest rates by going to the Federal Reserve Statistics Release website at www.federalreserve.gov. This will tell you on a daily basis what rate overnight trading is being done at. This is the figure that is used as a basis for calculating current interest rates by the banks, however they are not held to one standard so you can not know what the bank will offer based off of this.

2. Go to your banks website. Most banks will offer a lot of information about their loan programs including the current interest rates. Make sure you are looking at the right figures as it is easy to accidentally pull the interest rate for the wrong type of loan. Also, check other banks to see who is offering the best rates. One banks will offer lower rates or other perks to get business over another bank.

3. Check out local credit unions. They often have the current interest rates posted on their website. You can always pick these up inside the office as well. Often the current interest rates are lower at a credit union than at a bank. This is because the credit union is a member owned organization, not a private or public company.

Tips & Warnings

• If you are comparing the current interest rates at various banks, get official quotes from the ones that look the best. Then you can pit them together to see if anyone will offer a lower rate.

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