market rate
nounUK /ˈmɑː.kɪt reɪt/
US /ˈmɑːr.kɪt reɪt/
The usual price that people pay for something right now.
The hotel charges the market rate for rooms in summer.
RELATED WORDS
OTHER MEANINGS
2. The interest rate that banks charge each other or their best customers, set by supply and demand rather than by rules.
The loan's interest follows the market rate, so payments change each month.
3. The average pay for a certain job in a certain place.
She checked the market rate for graphic designers before asking for a raise.
4. The exchange value of one currency compared with another.
The traveler watched the market rate before changing her money.