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.

Money Market Interest Rates and Mortgage Rates, 2003–2006

U.S. Economy and the Federal Budget

Farm Income