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30-year fixed averaged 13.88% — rising rates
13.88%
Annual avg rate
30-yr fixed
+0.64pp
vs 1983
Year-over-year
10.23%
Fed funds rate
Annual avg
+4.32%
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 10.23% during 1984. The Fed maintained a restrictive monetary policy stance.
Consumer price inflation was 4.32% in 1984. Inflation was within or near the Federal Reserve's long-run target range.
With extremely elevated mortgage rates averaging 13.88%, housing affordability was severely constrained. Rising rates dampened refinancing and put pressure on housing demand.
$3,526/mo
At 1984 rate (13.88%)
Principal + interest only
$1,964/mo
At current rate (6.84%)
Principal + interest only
$1,562/mo
1984 was more expensive
vs today on same loan