Welcome to PrimeRates!
PrimeRates is a website about money – saving it, borrowing it, investing it and spending it. We know how difficult it is to balance family, career and financial decisions. We also know from personal experience how most people procrastinate when it comes to thinking about money. Why save for retirement today when it’s 30 years or more away? With millions of sources of financial information just a few mouse clicks away, the Internet provides so much information that many people do nothing rather than try to sort through it all. We strongly believe that, until now, there hasn’t been a single, easy to use, comprehensive and entertaining source for consumer finance information on the web. That’s why we created PrimeRates - to help people like you make smart decisions about money.
PrimeRates’ mission is to provide you (and your family, friends and co-workers) with one place to find information and answers about money so you can manage your finances better and maybe even reduce one source of stress in your life. While everyone worries about money, too many people are afraid to make the most basic financial decisions about spending, saving and borrowing. We want to encourage you to think about your personal finances and to take action based on what you learn on PrimeRates. As you build that sense of confidence in managing your financial life, we hope you worry less about money and let it start working for you.
We’ve tried to make PrimeRates entertaining and relevant to your specific situation. Simple “how to” videos, comics, and stories about money and personalities from the entertainment, government and business world will be part of our coverage. We will also provide local information about banks, schools, real estate agents and financial advisors. In the end, we believe this is a key part of our effort to help you change your financial situation and your life.
We promise that we will listen to what you have to say and work hard to improve PrimeRates. Tell us what you like, what you don’t like, and what you’d like to see next. If you think you have what it takes to be a contributor, email us and let us know. Your experience and insight may be exactly what the PrimeRates community needs. And with that, we will leave your with our guiding quote:
“An investment in knowledge always pays the best interest.” – Benjamin Franklin
Sincerely,
Eric Wolff
PrimeRates Management
Eric Wolff, the publisher and editor-in-chief of PrimeRates, has closely-examined financial markets an economist, professor and banker. PrimeRates is an extension of Eric’s career-long commitment to teaching people about money and helping them make better financial decisions.
Before founding PrimeRates, Eric was a senior banker at Washington, DC-basd investment bank. He worked closely with banks, real estate companies and specialty-finance lending companies to help them raise debt and equity capital. He also advised clients on mergers and acquisitions; strategy; and restructuring.
Eric was a professor at Carnegie Mellon’s Tepper School of Business where he designed and taught courses in accounting and tax strategy. His work on the high-yield bond market (joint with Paul Asquith and David Mullins) was named the finance paper of the year by The Journal of Finance. He has published other research on competition and price formation in online markets. Eric also worked on finance and regulatory issues as a staff economist at the Council of Economic Advisers.
Eric holds a PhD in Business Administration from the Massachusetts Institute of Technology and an AB in Economics from Harvard College. He lives in Washington, DC with his partner.
Ed Murphy, a founding partner of PrimeRates.com, has over a decade of experience running and investing in a wide array of internet marketing and technology companies. Ed also spent 15 years in and around the Federal government with roles in budgeting, operations, contracting and technology at the Department of Justice, Homeland Security and Unisys’ Federal Government Unit. Ed enjoys reading OMB budget documents (unfortunately, not a joke) and spends considerable time counseling friends, family and co-workers on how to improve their personal finance practices.
FAQ
Where is PrimeRates?
PrimeRates is headquartered at Affinity Labs – 920 U Street NW, Washington, D.C. 20001. We employ contributors from across the U.S.
How can I reach PrimeRates?
Visit our contact page to reach us with general inquiries, or to report problems experienced on the site or inappropriate user behavior. You can also inquire about submitting articles to PrimeRates, and about media, sales and advertising partnerships.
You can also reach the publisher of PrimeRates directly by mail, phone and email.
By mail:
Eric Wolff, Publisher
PrimeRates
Affinity Labs
920 U Street NW
Washington, D.C. 20001
By phone:
(202) 656-5190
By email:
eric@primerates.com
How can I write for PrimeRates?
Visit our contact page and send us a message. Please include a resume and writing samples.
How do I advertise on PrimeRates?
Visit our contact page and send us a message. We’ll work with you to figure out the best way to communicate your message to our readers.
How do I partner with PrimeRates?
PrimeRates works with financial institutions interested in interesting in increasing the profile of their lending and savings rates to the PrimeRates readers. Visit our Partner Sign Up page to open an account today.
Where do our rates come from?
Some of the rates appearing on PrimeRates are gathered independently, by us. We do the legwork for you, searching for rates on financial institution websites around the country, so that you can see what rates institutions in your area are offering. We do not receive any compensation from banks for displaying rate information.
PrimeRates also works with financial institutions that want us to highlight rates to readers and facilitate contact with them. PrimeRates receives compensation for providing the additional contact information for these institutions.
Is my privacy secure on PrimeRates?
Your rate search on PrimeRates is anonymous. No name, address, phone number, or Social Security number is required to browse rates. If you like the rate and the institution, you can contact them using the information available. If you enter a zip code, we’ll try to provide you with rates from local financial institutions.
Who can use PrimeRates?
Anyone can search for rates. Then you can decide which rates fit your criteria and contact the institution for free. Although we have found these rates on bank and credit union websites, rates change. If you think there’s an error or a problem, contact us. Keep in mind that these are not quotes – these rates are from the current bank website. Every financial institution will want to you to complete a loan application and review your credit history before providing a quote.
Who are the institutions represented on PrimeRates?
All mortgage rates, CD rates and home equity rates displayed on PrimeRates represent products from federally insured banks and credit unions. Each one of these rates comes from a federally regulated financial institution. Most of the credit card offers on PrimeRates are also issued by federally insured financial institutions including banks and credit unions.
Our Rates
PrimeRates collects rates for banks in the major metropolitan markets in the United States, based on deposits insured by the FDIC. The rates are gathered directly off the banks’ websites. When viewing our rates, keep in mind that we are making the following assumptions:
30 Year Fixed Rate Mortgage
Rates are those meeting the criteria that are posted on the bank website. Rate information is based on a 30-year fixed rate mortgage to purchase an owner-occupied, one-unit, single family dwelling for a loan of $300,000 that is to be made to a consumer with average income, a near-perfect credit score and no other relationship to the institution offering the loan. The loan is based on a 20% down payment (on an appraised house value of $375,000), a 45 day lock (that begins no later than the approval of the loan) and 0 cumulative discount and origination points (origination points also include a broker's fee that is charged as a percent of the loan amount). Annual Percentage Rates (APR) include all prepaid finance charges that can be amortized over the life of the loan under the Truth-in-Lending Act. All rates are for conforming products or loans that can be sold on the secondary market with no prepayment penalties or negative amortization. Rates are good as of the survey date, but may change without notice. The rate, terms, pre-paid finance charges and APR may vary based on a number of factors including, but not limited to, the creditworthiness of the applicant(s), employment status of the applicant(s), condo or townhouse structure, loan amount and geographic location of the property.
15 Year Fixed Rate Mortgage
Rates are those meeting the criteria that are posted on the bank website. Rate information is based on a 15-year fixed rate mortgage to purchase an owner-occupied, one-unit, single family dwelling for a loan of $300,000 that is to be made to a consumer with average income, a near-perfect credit score and no other relationship to the institution offering the loan. The loan is based on a 20% down payment (on an appraised house value of $375,000), a 45 day lock (that begins no later than the approval of the loan) and 0 cumulative discount and origination points (origination points also include a broker's fee that is charged as a percent of the loan amount). Annual Percentage Rates (APR) include all prepaid finance charges that can be amortized over the life of the loan under the Truth-in-Lending Act. All rates are for conforming products or loans that can be sold on the secondary market with no prepayment penalties or negative amortization. Rates are good as of the survey date, but may change without notice. The rate, terms, pre-paid finance charges and APR may vary based on a number of factors including, but not limited to, the creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount and geographic location of the property.
5/1 Adjustable Rate Mortgage
No principal to be paid during the adjustable part of the loan.
Rates are those meeting the criteria that are posted on the bank website. Each rate and pertinent information is based on a 5/1 adjustable rate mortgage (ARM) to purchase an owner-occupied, one-unit, single family dwelling for a loan of $300,000 that is to be made to a consumer with average income, a near-perfect credit score and no other relationship to the institution offering the loan. The loan is based on a 20% down payment (on an appraised house value of $375,000), a 45 day lock (that begins no later than the approval of the loan) and 0 cumulative discount and origination points (origination points also include a broker's fee that is charged as a percent of the loan amount). Annual Percentage Rates (APR) include all prepaid finance charges that can be amortized over the life of the loan under the Truth-in-Lending Act. The interest rate on an ARM can adjust at specific time periods based on the CAPS provided in the contract. No principal is to be paid during the adjustable part of the loan. All quotes are for conforming products or loans that can be sold on the secondary market with no prepayment penalties or negative amortization. Rates are good as of the survey date, but may change without notice. The rate, terms, pre-paid finance charges and APR may vary based on a number of factors including, but not limited to, the creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount and geographic location of the property.
Home Equity
Rates are based on a home equity loan of $30,000 for 60 months for an owner-occupied, one-unit, single family dwelling at 75% LTV.
HELOC
Rates are based on a HELOC of $30,000 for 60 months for an owner-occupied, one-unit, single family dwelling at 75% LTV.
6-Month CD
Each rate and pertinent information is based on a 6-month CD with an initial deposit of $10,000. We post the best possible rate for today for the maturity of the CD. We do not include rates that depend on a balance in other accounts or use of other bank services.
1-Year CD
Each rate and pertinent information is based on a 1-year CD with an initial deposit of $10,000. We post the best possible rate for today for the maturity of the CD. We do not include rates that depend on a balance in other accounts or use of other bank services.
2-Year CD
Each rate and pertinent information is based on a 2-year CD with an initial deposit of $10,000. We post the best possible rate for today for the maturity of the CD. We do not include rates that depend on a balance in other accounts or use of other bank services.
3-Year CD
Each rate and pertinent information is based on a 3-year CD with an initial deposit of $10,000. We post the best possible rate for today for the maturity of the CD. We do not include rates that depend on a balance in other accounts or use of other bank services.
4-Year CD
Each rate and pertinent information is based on a 4-year CD with an initial deposit of $10,000. We post the best possible rate for today for the maturity of the CD. We do not include rates that depend on a balance in other accounts or use of other bank services.
5-Year CD
Each rate and pertinent information is based on a 5-year CD with an initial deposit of $10,000. We post the best possible rate for today for the maturity of the CD. We do not include rates that depend on a balance in other accounts or use of other bank services.
48-Month new car loan
Rate information is based on a 48-month auto loan to purchase a new car for a loan of $30,000 that is to be made to a consumer with average income, a near-perfect credit score and no other relationship to the institution offering the loan. We post the best possible rate for today that matches the exact length of the loan. It is assumed that the principal and the interest are repaid with each payment.
60-Month new car loan
Rate information is based on a 60-month auto loan to purchase a new car for a loan of $30,000 that is to be made to a consumer with average income, a near-perfect credit score and no other relationship to the institution offering the loan. We post the best possible rate for today that matches the exact length of the loan. It is assumed that the principal and the interest are repaid with each payment.
36-Month used car loan
Rate information is based on a 36-month auto loan to purchase a used car for a loan of $30,000 that is to be made to a consumer with average income, a near-perfect credit score and no other relationship to the institution offering the loan. We post the best possible rate for today that matches the exact length of the loan. It is assumed that the principal and the interest are repaid with each payment.
48-Month used car loan
Rate information is based on a 48-month auto loan to purchase a used car for a loan of $30,000 that is to be made to a consumer with average income, a near-perfect credit score and no other relationship to the institution offering the loan. We post the best possible rate for today that matches the exact length of the loan. It is assumed that the principal and the interest are repaid with each payment.
Corrections Policy
PrimeRates strives to provide accurate and timely information to our readers. We welcome your comments, suggestions, or corrections in our efforts to provide the accurate information. Visit our contact page or email us at support@primerates.com and include “corrections” in the subject line.
Use of Rate Data
PrimeRates collects data on a variety of borrowing and saving rates nationwide. If you would like to license our rate data for use on your website, visit our Contact page or email us at support@primerates.com and include “rate data” in the subject line.