No. 822. Money Market Interest Rates and Mortgage Rates [Percent per year. Annual averages of monthly data, except as indicated. ------------------------------------------------------------------------------------------ Type 1990 1995 1996 1997 1998 1999 ------------------------------------------------------------------------------------------ Federal funds, effective rate 8.10 5.83 5.30 5.46 5.35 4.97 Prime rate charged by banks 10.01 8.83 8.27 8.44 8.35 8.00 Eurodollar deposits, 3-month 8.16 5.93 5.38 5.61 5.45 5.31 Bankers acceptances, 3-month \1 7.93 5.81 5.31 5.54 5.39 5.24 Bankers acceptances, 6-month \1 7.80 5.80 5.31 5.57 5.30 5.30 Large negotiable CD's: 3-month, secondary market 8.15 5.92 5.39 5.62 5.47 5.19 6-month, secondary market 8.17 5.98 5.47 5.73 5.44 5.33 Taxable money market funds \2 7.82 5.48 4.95 5.10 5.04 4.64 Tax-exempt money market funds \2 5.45 3.39 2.99 3.14 2.94 2.72 Certificates of deposit (CD's): \3 6-month 7.79 4.92 4.68 4.86 4.58 4.27 1-year 7.92 5.39 4.95 5.15 4.81 4.56 2 1/2-year 7.96 5.69 5.14 5.40 4.93 4.74 5-year 8.06 6.00 6.46 5.66 5.08 4.93 U.S. Government securities: Secondary market: \4 3-month Treasury bill 7.50 5.49 5.01 5.06 4.78 4.64 6-month Treasury bill 7.46 5.56 5.08 5.18 4.83 4.75 1-year Treasury bill 7.35 5.60 5.22 5.36 4.80 4.81 Auction average: \5 3-month Treasury bill 7.51 5.51 5.02 5.07 4.81 4.66 6-month Treasury bill 7.47 5.59 5.09 5.18 4.85 4.76 1-year Treasury bill 7.36 5.69 5.23 5.36 4.85 4.78 Home mortgages: HUD series: \6 FHA insured, secondary market \7 10.17 8.18 8.19 7.89 7.04 7.74 Conventional, new-home \8 \9 10.08 8.05 8.03 7.76 7.00 7.45 Conventional, existing-home \8 10.08 8.05 8.03 7.76 7.01 7.47 Conventional, 15 yr. fixed \3 9.73 7.39 7.28 7.16 6.58 7.09 Conventional, 30 yr. fixed \3 9.97 7.86 7.76 7.57 6.92 7.46 ------------------------------------------------------------------------------------------ NA Not available. \1 Yields are quoted on a bank-discount basis, rather than an investment yield basis (which would give a higher figure). Based on representative closing yields. From Jan. 1, 1981, rates of top-rated banks only. \2 12 month return for period ending December 31. Source: IBC Financial Data, Inc., Ashland, MA, IBC's Money Market Insight, monthly (copyright). \3 Annual averages. Source: Financial Rates, Inc., North Palm Beach, FL, Bank Rate Monitor, weekly (copyright). \4 Averages based on daily closing bid yields, bank discount basis. \5 Averages computed on an issue-date basis; bank discount basis. \6 HUD=Housing and Urban Development. \7 Averages based on quotations for 1 day each month as compiled by FHA. \8 Primary market. \9 Average contract rates on new commitments. Source: Except as noted, Board of Governors of the Federal Reserve System, Federal Reserve Bulletin, monthly, and Annual Statistical Digest. http://www.federalreserve.gov/rnd.htm