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How to keep track of prime rate? Check the paper
You can find it in the business section of the Star Tribune, or at www.bankrate.com.
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Q How do I keep track of the prime rate? I took out an equity line at the low rates and I can lock in at anytime, but I need to monitor the prime rate. Please advise.
A You can find it in the Business section of the Star Tribune, at the bottom of the section's cover Tuesday through Saturday, and in the Monday Business Insider section's Databank page.
USA Today also publishes the prime rate, under "key rates."
As for the Internet, I like www.bankrate.com for its consumer lending information. You can follow the prime rate at: www.bankrate.com/brm/ratewatch/leading-rates.asp.
As long as we're on the topic of interest rates and home equity loans, another benchmark interest rate you can find at any of the resources I've mentioned is Libor. It stands for London Interbank Offered Rate; many types of consumer loans are tied to Libor.
There have been some well-reported problems about Libor during the global credit crunch. It appears that some of the 16 reporting banks were low-balling their borrowing rates, and confidence in the global benchmark deteriorated. Of course, if you're a borrower, that's a dodge in your favor. The British Bankers Association is taking steps to shore up the measure.
Chris Farrell is economics editor for American Public Media's "Marketplace Money." Send questions to cfarrell@mpr.org, or to kaching@startribune.com. Put "Your Money" in the subject line.
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