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30-year fixed averaged 9.19% — rising rates
9.19%
Annual avg rate
30-yr fixed
+1.15pp
vs 1973
Year-over-year
10.51%
Fed funds rate
Annual avg
+11.06%
CPI inflation
Year-over-year
Estimated monthly rates based on annual averages and adjacent-year interpolation. Seasonal pattern reflects typical mortgage market spring/summer premium.
The Federal Reserve maintained a federal funds rate averaging 10.51% during 1974. The Fed maintained a restrictive monetary policy stance.
Consumer price inflation was 11.06% in 1974. Elevated inflation was a primary economic concern.
With elevated mortgage rates averaging 9.19%, housing affordability was tight by modern standards. Rising rates dampened refinancing and put pressure on housing demand.
$2,455/mo
At 1974 rate (9.19%)
Principal + interest only
$1,964/mo
At current rate (6.84%)
Principal + interest only
$491/mo
1974 was more expensive
vs today on same loan