Is “Prevailing Rate” Acceptable in a Finance Contingency Exhibit?

Yes, using “prevailing rate” for the interest rate is generally acceptable. Unlike those contracts that list rates as “TBD”, a contract contingent on the buyer being able to obtain a loan for a certain amount with interest payable “at the current prevailing rate” is generally enforceable.

When interest rates are changing, it's common for contracts to include a term that says the buyer will accept a loan at the “current prevailing rate.” This doesn't make the contract unclear, because that rate is usually easy to figure out. If the buyer gets approved for a loan at that current rate, they must take it—even if the rate is higher than they expected. Buyers should be careful with this kind of agreement, especially if there's a long time between signing the contract and closing, because interest rates could go up during that period.

Another risk of using the “prevailing rate” to set the loan’s interest rate is that buyers and sellers might disagree on what that rate actually is, since mortgage rates can vary a lot. For example, a buyer might say she can’t get a loan at 5.75%, while the seller insists the current rate is 6.25%.
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The Terms of the Loan Must Be Definite in Finance Contingencies
If a real estate sales contract includes a financing contingency, it must be clear and specific to be legally enforceable. Using “TBD” (to be determined) for an important term—like the interest rate—makes the contract unenforceable in Georgia, because it shows the parties haven’t agreed on all key terms. In that case, it’s just an agreement to agree later. However, using terms like “prevailing rate” or “market rate” is acceptable, since those can be determined and make the contract valid and enforceable.