When people talk about “the” prime lending rate, they’re often referring to the WSJ Prime Rate, a benchmark calculated by The Wall Street Journal based on a survey of the 10 largest banks in the U.S. If at least 70% of these banks adjust their prime rates, the WSJ Prime Rate shifts in response. What is prime rate? In this article, we'll discuss what it is and how the prime rate can impact your business's ability to obtain financing, including up to date info on the prime rate. 2019, the Fed lowered the target rate by 0.25% to 2.00 to 2.25%, followed shortly after by a drop to 1.75% to 2.00% on September 19, 2019. The current Bank of America, N.A. prime rate is 4.25% (rate effective as of March 4, 2020). The prime rate is set by Bank of America based on various factors, including the bank's costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans.