No, it is not. It is only a reference point. The final interest rate varies due to several reasons. Before banks decide the final quote for each customer, they will first examine their past credit records and current cash flow.
If the customer has a good credit record, they may qualify for a lower rate. At the same time, banks can charge a higher interest rate to the customers with tarnished credit records. Since these customers are perceived as a higher risk investment, they are charged comparatively higher. Therefore, a healthy credit record puts you at a great advantage and makes you more likely to get a lower interest rate on a loan.