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Money Market Interest Rates and Mortgage Rates, 1980–2002

Below find money market interest and mortgage rates for 1980 through 2002.

Type 1980 1985 1990 1995 2000 2001 2002
Federal funds, effective rate 13.35% 8.10% 8.10% 5.83% 6.24% 3.88% 1.67%
Prime rate charged by banks 15.26 9.93 10.01 8.83 9.23 6.91 4.67
Discount rate1 11.77 7.69 6.98 5.21 5.73 3.40 1.17
Eurodollar deposits, 3-month 14.00 8.27 8.16 5.93 6.45 3.70 1.73
Large negotiable CDs:              
 3-month, secondary market 13.07 8.05 8.15 5.92 6.35 3.71 1.73
 6-month, secondary market 12.94 8.24 8.17 5.98 6.46 3.66 1.81
Taxable money market funds2 12.68 7.71 7.82 5.48 5.89 3.67 1.29
Tax-exempt money market funds2 n.a. 4.90 5.45 3.39 3.54 2.24 0.94
Certificates of deposits (CDs):3              
 6-month n.a. 8.05 7.79 4.92 5.09 3.43 1.67
 1-year n.a. 8.53 7.92 5.39 5.46 3.60 1.98
 21/2-year n.a. 9.32 7.96 5.69 5.64 3.97 2.74
 5-year n.a. 9.99 8.06 6.00 5.97 4.58 3.96
U.S. Government securities:              
 Secondary market:4              
  3-month Treasury bill 11.39 7.47 7.50 5.49 5.82 3.40 1.61
  6-month Treasury bill 11.32 7.65 7.46 5.56 5.90 3.34 1.68
  1-year Treasury bill 10.85 7.81 7.35 5.60 5.78 3.84 1.62
Home mortgages:              
 New-home mortgage yields5 12.70 11.60 10.05 7.87 7.52 7.00 6.43
 Conventional, 15-yr. fixed3 n.a. 11.48 9.73 7.39 7.76 6.53 6.02
 Conventional, 30-yr. fixed3 n.a. 11.85 9.97 7.86 8.08 7.01 6.56
NOTE: n.a. = not available.
1. Rate for the Federal Reserve Bank of New York.
2. 12-month return for period ending Dec. 31. Source: iMoneyNet, Inc., Westborough, Mass., Money Market Insight, monthly. Web: www.imoneynet.com .
3. Annual averages. Source: Bankrate, Inc., North Palm Beach, Fla., Bank Rate Monitor, weekly.
4. Averages based on daily closing bid yields in secondary market, bank discount basis.
5. Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of ten years. Source: U.S. Federal Housing Finance Board, Rates & Terms on Conventional Home Mortgages, Annual Summary.
Source: Except as noted, Board of Governors of the Federal Reserve System, Federal Reserve Bulletin, monthly. From Statistical Abstract of the United States: 2003.

Information Please® Database, © 2012 Pearson Education, Inc. All rights reserved.

Money Market Interest Rates and Mortgage Rates, 2003–2006 U.S. Economy and the Federal Budget Farm Income

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