Official interest rates (2024)

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The Governing Council of the ECB sets the key interest rates for the euro area. These are as follows:

The interest rate on the main refinancing operations, which is the rate banks pay when they borrow money from the ECB for one week.
The rate on the deposit facility, which banks can use to make overnight deposits with the Eurosystem.
The rate on the marginal lending facility, which offers overnight credit to banks from the Eurosystem.

Date (with effect from)		Deposit facility	Main refinancing operations		Marginal lending facility
			Fixed rate tenders Fixed rate	Variable rate tenders Minimum bid rate
2023	20 Sep.	4.00	4.50	-	4.75
2023	2 Aug.	3.75	4.25	-	4.50
2023	21 Jun.	3.50	4.00	-	4.25
2023	10 May	3.25	3.75	-	4.00
2023	22 Mar.	3.00	3.50	-	3.75
2023	8 Feb.	2.50	3.00	-	3.25
2022	21 Dec.	2.00	2.50	-	2.75
2022	2 Nov.	1.50	2.00	-	2.25
2022	14 Sep.	0.75	1.25	-	1.50
2022	27 Jul.	0.00	0.50	-	0.75
2019	18 Sep.	−0.50	0.00	-	0.25
2016	16 Mar.	−0.40	0.00	-	0.25
2015	9 Dec.	−0.30	0.05	-	0.30
2014	10 Sep.	−0.20	0.05	-	0.30
	11 Jun.	−0.10	0.15	-	0.40
2013	13 Nov.	0.00	0.25	-	0.75
	8 May.	0.00	0.50	-	1.00
2012	11 Jul.	0.00	0.75	-	1.50
2011	14 Dec.	0.25	1.00	-	1.75
	9 Nov.	0.50	1.25	-	2.00
	13 Jul.	0.75	1.50	-	2.25
	13 Apr.	0.50	1.25	-	2.00
2009	13 May	0.25	1.00	-	1.75
	8 Apr.	0.25	1.25	-	2.25
	11 Mar.	0.50	1.50	-	2.50
	21 Jan.	1.00	2.00	-	3.00
2008	10 Dec.	2.00	2.50	-	3.00
	12 Nov.	2.75	3.25	-	3.75
	15 Oct.⁴	3.25	3.75	-	4.25
	9 Oct.³	3.25	-	-	4.25
	8 Oct.	2.75	-	-	4.75
	9 Jul.	3.25	-	4.25	5.25
2007	13 Jun.	3.00	-	4.00	5.00
	14 Mar.	2.75	-	3.75	4.75
2006	13 Dec.	2.50	-	3.50	4.50
	11 Oct.	2.25	-	3.25	4.25
	9 Aug.	2.00	-	3.00	4.00
	15 Jun.	1.75	-	2.75	3.75
	8 Mar.	1.50	-	2.50	3.50
2005	6 Dec.	1.25	-	2.25	3.25
2003	6 Jun.	1.00	-	2.00	3.00
	7 Mar.	1.50	-	2.50	3.50
2002	6 Dec.	1.75	-	2.75	3.75
2001	9 Nov.	2.25	-	3.25	4.25
	18 Sep.	2.75	-	3.75	4.75
	31 Aug.	3.25	-	4.25	5.25
	11 May	3.50	-	4.50	5.50
2000	6 Oct.	3.75	-	4.75	5.75
	1 Sep.	3.50	-	4.50	5.50
	28 Jun.²	3.25	-	4.25	5.25
	9 Jun.	3.25	4.25	-	5.25
	28 Apr.	2.75	3.75	-	4.75
	17 Mar.	2.50	3.50	-	4.50
	4 Feb.	2.25	3.25	-	4.25
1999	5 Nov.	2.00	3.00	-	4.00
	9 Apr.	1.50	2.50	-	3.50
	22 Jan.	2.00	3.00	-	4.50
	4 Jan. ¹	2.75	3.00	-	3.25
	1 Jan.	2.00	3.00	-	4.50
(interest rate levels in percentages per annum)
Before 10 March 2004 changes to the interest rate on the main refinancing operations were, as a rule, effective as of the first operation following the date indicated, unless stated otherwise. The change on 18 September 2001 was effective on that same day. From 10 March 2004 onwards, the date refers both to the deposit and marginal lending facilities and to the main refinancing operations (with changes effective from the first main refinancing operation following the Governing Council decision), unless otherwise indicated. On 22 December 1998 the ECB announced that, as an exceptional measure between 4 and 21 January 1999, a narrow corridor of 50 basis points would be applied between the interest rates for the marginal lending facility and the deposit facility, aimed at facilitating the transition to the new regime by market participants. On 8 June 2000 the ECB announced that, starting from the operation to be settled on 28 June 2000, the main refinancing operations of the Eurosystem would be conducted as variable rate tenders. The minimum bid rate refers to the minimum interest rate at which counterparties may place their bids. As of 9 October 2008 the ECB reduced the standing facilities corridor from 200 basis points to 100 basis points around the interest rate on the main refinancing operations. On 8 October 2008 the ECB announced that, starting from the operation to be settled on 15 October 2008, the weekly main refinancing operations would be carried out through a fixed-rate tender procedure with full allotment at the interest rate on the main refinancing operations. This change overrode the previous decision (made on the same day) to cut by 50 basis points the minimum bid rate on the main refinancing operations conducted as variable rate tenders. On 13 March 2024 the ECB announced changes to its operational framework for implementing monetary policy. The spread between the rate on the main refinancing operations and the deposit facility rate will be reduced to 15 basis points. The rate on the marginal lending facility will also be adjusted such that the spread between the rate on the marginal lending facility and the rate on the main refinancing operations will remain unchanged at 25 basis points. These changes will come into effect on 18 September 2024. The main refinancing operations will continue to be conducted through fixed-rate tenders with full allotment against broad collateral.

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FAQs

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The official cash rate (OCR) is the term used in Australia and New Zealand for the bank rate and is the rate of interest which the central bank charges on overnight loans between commercial banks.

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The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned. The interest rate on a loan is typically noted on an annual basis and expressed as an annual percentage rate (APR).

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Meanwhile, a recent report , opens new tab from the Cleveland Fed said a mix of monetary policy rules indicate that the current level of the federal funds rate, at between 5.25% and 5.5%, is slightly more restrictive than the about 5% level suggested by those rules.

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The Federal Reserve held interest rates steady at their current range of 5.25% to 5.5%, but revised its outlook for rate cuts to just one in 2024.

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Did the Fed raise interest rates at the last meeting? ›

No, the Fed once again held interest rates steady at 5.25%-5.50% during its June, 2024 FOMC meeting.17 Rates have been steady at this level since July 2023.

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Will interest rates go down in 2024? ›

The average APY on savings accounts in 2024 (0.45%) is nearly seven times higher than the average rate in 2022. Since the federal funds rate is unchanged, the APY on savings accounts is unlikely to change for now, and rates should remain steady. However, rates may go down later in the year and into 2025.

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What is the real interest rate in simple terms? ›

A real interest rate reflects the rate of time preference for current goods over future goods. For an investment, a real interest rate is calculated as the difference between the nominal interest rate and the inflation rate: Real interest rate = nominal interest rate - rate of inflation (expected or actual).

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What is the legal definition of interest rate? ›

The interest rate is the amount charged on top of the principal by a lender to a borrower for the use of assets. An interest rate also applies to the amount earned at a bank or credit union from a deposit account.

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What is 24% APR on a credit card? ›

An annual percentage rate (APR) of 24% indicates that if you carry a balance on a credit card for a full year, the balance will increase by approximately 24% due to accrued interest. For instance, if you maintain a $1,000 balance throughout the year, the interest accrued would amount to around $240.00.

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What is the official mortgage rate? ›

Current mortgage interest rates in California. As of Friday, June 14, 2024, current interest rates in California are 6.84% for a 30-year fixed mortgage and 6.44% for a 15-year fixed mortgage.