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30-year fixed averaged 7.81% — falling rates
7.81%
Annual avg rate
30-yr fixed
-0.12pp
vs 1995
Year-over-year
5.30%
Fed funds rate
Annual avg
+2.93%
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 5.30% during 1996. Monetary policy was calibrated to balance growth and inflation objectives.
Consumer price inflation was 2.93% in 1996. Inflation was within or near the Federal Reserve's long-run target range.
With moderate mortgage rates averaging 7.81%, housing affordability was moderate compared to long-run averages. Declining rates spurred refinancing activity and supported home purchases.
$2,162/mo
At 1996 rate (7.81%)
Principal + interest only
$1,964/mo
At current rate (6.84%)
Principal + interest only
$198/mo
1996 was more expensive
vs today on same loan