Prior to 2023-2024, the last time prime lending rates were at 7.75% was in the fall of 2007 when the country was at the doorstep of the financial crisis. Prime rates then plummeted alongside interest rates, bottoming out at 3.25% in January 2009, and they remained at that historically low level for about the next six years.

RBC Royal Bank has announced it will lower its US Prime rate from 8% to 7.75%, effective December 9, following the US Federal Reserve’s decision to cut its key interest