home interest rates

TABLE B–73.—Bond yields and interest rates, 1929–2006 [Percent per annum] U.S. Treasury securities Year and month Bills (new issues)1 3-month 1929 1933 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 1 2 Corporate bonds (Moody's) Constant maturities2 Aaa3 Baa 3-year 10-year 30-year ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 2.47 1.63 2.47 3.19 3.98 2.84 4.46 3.98 3.54 3.47 3.67 4.03 4.22 5.23 5.03 5.68 7.02 7.29 5.65 5.72 6.95 7.82 7.49 6.77 6.69 8.29 9.71 11.55 14.44 12.92 10.45 11.89 9.64 7.06 7.68 8.26 8.55 8.26 6.82 5.30 4.44 6.27 6.25 5.99 6.10 5.14 5.49 6.22 4.09 3.10 2.10 2.78 3.93 4.77 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 2.85 2.40 2.82 3.18 3.65 3.32 4.33 4.12 3.88 3.95 4.00 4.19 4.28 4.92 5.07 5.65 6.67 7.35 6.16 6.21 6.84 7.56 7.99 7.61 7.42 8.41 9.44 11.46 13.91 13.00 11.10 12.44 10.62 7.68 8.39 8.85 8.49 8.55 7.86 7.01 5.87 7.09 6.57 6.44 6.35 5.26 5.65 6.03 5.02 4.61 4.01 4.27 4.29 4.80 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 7.75 8.49 9.28 11.27 13.45 12.76 11.18 12.41 10.79 7.78 8.59 8.96 8.45 8.61 8.14 7.67 6.59 7.37 6.88 6.71 6.61 5.58 5.87 5.94 5.49 ...... ...... ...... ...... 4.91 4.73 4.49 3.01 2.84 2.77 2.83 2.73 2.72 2.62 2.53 2.61 2.82 2.66 2.62 2.86 2.96 3.20 2.90 3.06 3.36 3.89 3.79 4.38 4.41 4.35 4.33 4.26 4.40 4.49 5.13 5.51 6.18 7.03 8.04 7.39 7.21 7.44 8.57 8.83 8.43 8.02 8.73 9.63 11.94 14.17 13.79 12.04 12.71 11.37 9.02 9.38 9.71 9.26 9.32 8.77 8.14 7.22 7.96 7.59 7.37 7.26 6.53 7.04 7.62 7.08 6.49 5.67 5.63 5.24 5.59 5.90 7.76 4.96 4.75 4.33 4.28 3.91 3.61 3.29 3.05 3.24 3.47 3.42 3.24 3.41 3.52 3.74 3.51 3.53 3.88 4.71 4.73 5.05 5.19 5.08 5.02 4.86 4.83 4.87 5.67 6.23 6.94 7.81 9.11 8.56 8.16 8.24 9.50 10.61 9.75 8.97 9.49 10.69 13.67 16.04 16.11 13.55 14.19 12.72 10.39 10.58 10.83 10.18 10.36 9.80 8.98 7.93 8.62 8.20 8.05 7.86 7.22 7.87 8.36 7.95 7.80 6.77 6.39 6.06 6.48 6-month ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 3.832 3.247 2.605 2.908 3.253 3.686 4.055 5.082 4.630 5.470 6.853 6.562 4.511 4.466 7.178 7.926 6.122 5.266 5.510 7.572 10.017 11.374 13.776 11.084 8.75 9.80 7.66 6.03 6.05 6.92 8.04 7.47 5.49 3.57 3.14 4.66 5.59 5.09 5.18 4.85 4.76 5.92 3.39 1.69 1.06 1.58 3.40 4.81 Highgrade New municipa home l bonds mortgage (Standar yields4 d& Poor's) 4.27 4.71 2.76 2.50 2.10 2.36 2.06 1.86 1.67 1.64 2.01 2.40 2.21 1.98 2.00 2.19 2.72 2.37 2.53 2.93 3.60 3.56 3.95 3.73 3.46 3.18 3.23 3.22 3.27 3.82 3.98 4.51 5.81 6.51 5.70 5.27 5.18 6.09 6.89 6.49 5.56 5.90 6.39 8.51 11.23 11.57 9.47 10.15 9.18 7.38 7.73 7.76 7.24 7.25 6.89 6.41 5.63 6.19 5.95 5.75 5.55 5.12 5.43 5.77 5.19 5.05 4.73 4.63 4.29 4.42 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 5.89 5.83 5.81 6.25 6.46 6.97 7.81 8.45 7.74 7.60 7.96 8.92 9.00 9.00 9.02 9.56 10.78 12.66 14.70 15.14 12.57 12.38 11.55 10.17 9.31 9.19 10.13 10.05 9.32 8.24 7.20 7.49 7.87 7.80 7.71 7.07 7.04 7.52 7.00 6.43 5.80 5.77 5.94 6.63 Discount window (Federal Reserve Bank of New York) 5 Prime rate charged by 5 banks 6 Primary credit ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 2.12 2.34 4.19 5.96 Adjustment credit 5.16 2.56 1.00 1.00 1.00 8 8 8 8 8 Federal funds 7 rate ...... 0.515 0.023 0.014 0.103 0.326 0.373 0.375 0.375 0.375 0.594 1.040 1.102 1.218 1.552 1.766 1.931 0.953 1.753 2.658 3.267 1.839 3.405 2.928 2.378 2.778 3.157 3.549 3.954 4.881 4.321 5.339 6.677 6.458 4.348 4.071 7.041 7.886 5.838 4.989 5.265 7.221 10.041 11.506 14.029 10.686 8.63 9.58 7.48 5.98 5.82 6.69 8.12 7.51 5.42 3.45 3.02 4.29 5.51 5.02 5.07 4.81 4.66 5.85 3.45 1.62 1.02 1.38 3.16 4.73 5.50-6.00 1.50-4.00 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50-1.75 1.75-2.00 2.00 2.07 2.56 3.00 3.17 3.05 3.16 3.77 4.20 3.83 4.48 4.82 4.50 4.50 4.50 4.50 4.54 5.63 5.61 6.30 7.96 7.91 5.72 5.25 8.03 10.81 7.86 6.84 6.83 9.06 12.67 15.27 18.87 14.86 10.79 12.04 9.93 8.33 8.21 9.32 10.87 10.01 8.46 6.25 6.00 7.15 8.83 8.27 8.44 8.35 8.00 9.23 6.91 4.67 4.12 4.34 6.19 7.96 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 1.78 2.73 3.11 1.57 3.30 3.22 1.96 2.68 3.18 3.50 4.07 5.11 4.22 5.66 8.20 7.18 4.66 4.43 8.73 10.50 5.82 5.04 5.54 7.93 11.19 13.36 16.38 12.26 9.09 10.23 8.10 6.81 6.66 7.57 9.21 8.10 5.69 3.52 3.02 4.21 5.83 5.30 5.46 5.35 4.97 6.24 3.88 1.67 1.13 1.35 3.22 4.97 1.00 1.00 1.00 1.00 1.00 1.00 1.34 1.50 1.59 1.75 1.75 1.99 1.60 1.89 2.77 3.12 2.15 3.36 3.53 3.00 3.00 3.23 3.55 4.04 4.50 4.19 5.16 5.87 5.95 4.88 4.50 6.44 7.83 6.25 5.50 5.46 7.46 10.28 11.77 13.42 11.02 8.50 8.80 7.69 6.33 5.66 6.20 6.93 6.98 5.45 3.25 3.00 3.60 5.21 5.02 5.00 4.92 4.62 5.73 3.40 1.17 ...... ...... ...... ...... Rate on new issues within period; bank-discount basis. Yields on the more actively traded issues adjusted to constant maturities by the Department of the Treasury. The 30-year Treasury constant maturity series was discontinued on February 18, 2002, and reintroduced on February 9, 2006. 3 Beginning December 7, 2001, data for corporate Aaa series are industrial bonds only. 4 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assuming, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates. See next page for continuation of table. TABLE B–73.—Bond yields and interest rates, 1929–2006 —Continued [Percent per annum] U.S. Treasury securities Year and month Bills (new issues)1 3-month 6-month Constant maturities2 Aaa3 3-year 10-year 30-year Baa Corporate bonds (Moody's) Highgrade New municipa home l bonds mortgag (Standar e yields4 d& Poor's) Discount window (Federal Reserve Bank of New York) 6 5 Prime rate charged by banks5 Primary credit High-low Adjustment credit High-low Federal funds rate7 High-low 2002: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2003: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2004: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2005: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2006: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 5 6 7 1.66 1.73 1.81 1.72 1.74 1.71 1.68 1.63 1.63 1.60 1.26 1.20 1.74 1.83 2.02 1.97 1.88 1.83 1.71 1.62 1.61 1.57 1.29 1.26 3.56 3.55 4.14 4.01 3.80 3.49 3.01 2.52 2.32 2.25 2.32 2.23 5.04 4.91 5.28 5.21 5.16 4.93 4.65 4.26 3.87 3.94 4.05 4.03 5.45 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 6.55 6.51 6.81 6.76 6.75 6.63 6.53 6.37 6.15 6.32 6.31 6.21 7.87 7.89 8.11 8.03 8.09 7.95 7.90 7.58 7.40 7.73 7.62 7.45 5.19 5.14 5.27 5.27 5.22 5.11 5.01 4.92 4.73 4.85 4.98 4.91 6.87 6.82 6.76 6.74 6.59 6.47 6.37 6.26 6.17 6.09 6.08 6.04 4.75-4.75 4.75-4.75 4.75-4.75 4.75-4.75 4.75-4.75 4.75-4.75 4.75-4.75 4.75-4.75 4.75-4.75 4.75-4.75 4.75-4.25 4.25-4.25 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 1.25-1.25 1.25-1.25 1.25-1.25 1.25-1.25 1.25-1.25 1.25-1.25 1.25-1.25 1.25-1.25 1.25-1.25 1.25-1.25 1.25-0.75 0.75-0.75 1.73 1.74 1.73 1.75 1.75 1.75 1.73 1.74 1.75 1.75 1.34 1.24 1.17 1.16 1.13 1.14 1.08 0.95 0.90 0.96 0.95 0.93 0.94 0.90 1.21 1.18 1.12 1.15 1.09 0.94 0.95 1.04 1.02 1.01 1.02 1.00 2.18 2.05 1.98 2.06 1.75 1.51 1.93 2.44 2.23 2.26 2.45 2.44 4.05 3.90 3.81 3.96 3.57 3.33 3.98 4.45 4.27 4.29 4.30 4.27 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 6.17 5.95 5.89 5.74 5.22 4.97 5.49 5.88 5.72 5.70 5.65 5.62 7.35 7.06 6.95 6.85 6.38 6.19 6.62 7.01 6.79 6.73 6.66 6.60 4.88 4.80 4.72 4.71 4.35 4.32 4.71 5.08 4.91 4.84 4.74 4.65 6.12 5.82 5.75 5.92 5.75 5.51 5.53 5.77 5.97 5.92 5.92 5.59 4.25-4.25 4.25-4.25 4.25-4.25 4.25-4.25 4.25-4.25 4.25-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 2.25-2.25 2.25-2.25 2.25-2.25 2.25-2.25 2.25-2.25 2.25-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 0.75-0.75 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 1.24 1.26 1.25 1.26 1.26 1.22 1.01 1.03 1.01 1.01 1.00 0.98 0.89 0.92 0.94 0.94 1.04 1.27 1.35 1.48 1.65 1.75 2.06 2.20 0.98 0.99 0.99 1.06 1.31 1.58 1.68 1.72 1.86 2.00 2.26 2.45 2.27 2.25 2.00 2.57 3.10 3.26 3.05 2.88 2.83 2.85 3.09 3.21 4.15 4.08 3.83 4.35 4.72 4.73 4.50 4.28 4.13 4.10 4.19 4.23 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 5.54 5.50 5.33 5.73 6.04 6.01 5.82 5.65 5.46 5.47 5.52 5.47 6.44 6.27 6.11 6.46 6.75 6.78 6.62 6.46 6.27 6.21 6.20 6.15 4.53 4.48 4.39 4.84 5.03 5.00 4.82 4.65 4.49 4.43 4.48 4.40 5.48 5.72 5.42 5.49 5.77 5.81 5.96 5.88 5.72 5.82 5.91 6.02 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.00-4.00 4.25-4.00 4.25-4.25 4.50-4.25 4.75-4.50 4.75-4.75 5.00-4.75 5.25-5.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.00-2.00 2.25-2.00 2.25-2.25 2.50-2.25 2.75-2.50 2.75-2.75 3.00-2.75 3.25-3.00 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 1.00 1.01 1.00 1.00 1.00 1.03 1.26 1.43 1.61 1.76 1.93 2.16 2.32 2.53 2.75 2.79 2.86 2.99 3.22 3.45 3.47 3.70 3.90 3.89 2.60 2.76 3.00 3.06 3.10 3.13 3.41 3.67 3.68 3.98 4.16 4.19 3.39 3.54 3.91 3.79 3.72 3.69 3.91 4.08 3.96 4.29 4.43 4.39 4.22 4.17 4.50 4.34 4.14 4.00 4.18 4.26 4.20 4.46 4.54 4.47 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 5.36 5.20 5.40 5.33 5.15 4.96 5.06 5.09 5.13 5.35 5.42 5.37 6.02 5.82 6.06 6.05 6.01 5.86 5.95 5.96 6.03 6.30 6.39 6.32 4.28 4.14 4.42 4.31 4.16 4.08 4.15 4.21 4.28 4.49 4.53 4.43 6.01 5.75 5.82 5.84 5.82 5.76 5.76 5.83 5.99 6.03 6.20 6.39 5.25-5.25 5.50-5.25 5.75-5.50 5.75-5.75 6.00-5.75 6.25-6.00 6.25-6.25 6.50-6.25 6.75-6.50 6.75-6.75 7.00-7.00 7.25-7.00 3.25-3.25 3.50-3.25 3.75-3.50 3.75-3.75 4.00-3.75 4.25-4.00 4.25-4.25 4.50-4.25 4.75-4.50 4.75-4.75 5.00-5.00 5.25-5.00 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 2.28 2.50 2.63 2.79 3.00 3.04 3.26 3.50 3.62 3.78 4.00 4.16 4.20 4.41 4.51 4.59 4.72 4.79 4.96 4.98 4.82 4.89 4.95 4.85 4.30 4.51 4.61 4.72 4.81 4.95 5.09 4.99 4.90 4.91 4.96 4.88 4.35 4.64 4.74 4.89 4.97 5.09 5.07 4.85 4.69 4.72 4.64 4.58 4.42 4.57 4.72 4.99 5.11 5.11 5.09 4.88 4.72 4.73 4.60 4.56 ...... 4.54 4.73 5.06 5.20 5.15 5.13 5.00 4.85 4.85 4.69 4.68 5.29 5.35 5.53 5.84 5.95 5.89 5.85 5.68 5.51 5.51 5.33 5.32 6.24 6.27 6.41 6.68 6.75 6.78 6.76 6.59 6.43 6.42 6.20 6.22 4.31 4.41 4.44 4.60 4.61 4.64 4.64 4.43 4.30 4.32 4.17 4.17 6.12 6.40 6.53 6.64 6.69 6.79 6.81 6.87 6.72 6.69 6.55 6.37 7.50-7.25 7.50-7.50 7.75-7.50 7.75-7.75 8.00-7.75 8.25-8.00 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 8.25-8.25 5.50-5.25 5.50-5.50 5.75-5.50 5.75-5.75 6.00-5.75 6.25-6.00 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 6.25-6.25 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 4.29 4.49 4.59 4.79 4.94 4.99 5.24 5.25 5.25 5.25 5.25 5.24 For monthly data, high and low for the period. Prime rate for 1929–33 and 1947–48 are ranges of the rate in effect during the period. Primary credit replaced adjustment credit as the Federal Reserve's principal discount window lending program effective January 9, 2003. Since July 19, 1975, the daily effective rate is an average of the rates on a given day weighted by the volume of transactions at these rates. Prior to that date, the daily effective rate was the rate considered most representative of the day's transactions, usually the one at which most transactions occurred. 8 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured by Government securities maturing in 1 year or less. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's.