What were the interest rates in 1970 in the US?

In 1970, interest rates in the United States were relatively low compared to later decades, with the federal funds rate averaging around 7.0%. However, by the end of the year, the rate had begun to rise due to increasing inflation and economic pressures. The prime rate, which banks charge their most creditworthy customers, was around 8.5%. These rates set the stage for the higher rates that would follow in the subsequent years due to persistent inflation.