The phrase "prevailing rate" refers to the current or most common rate or price for something. It represents what is generally accepted or happening at a certain time. Full definition
The interest on the loan is payable at prevailing rate of interests. (policybazaar.com)
In addition, you can bolster your fee application with reference to trade press articles on prevailing rates in your geographic area or — if enough money is at stake — with expert testimony. (myshingle.com)