If a bank can set interest rates below the prime rate or do they make it prime?
The base rate on a mortgage loan in the banks in my area is about 6.1%. Then the banks set interest rates, lower than the prime rate or are they the prime rate. If so, is there another source, I can also (eg credit unions, mortgage companies, etc.) are to obtain a lower rate. I need a way to compare interest rates in my area. I’m going down below 5%.