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30-year fixed averaged 7.60% — falling rates
7.60%
Annual avg rate
30-yr fixed
-0.21pp
vs 1996
Year-over-year
5.46%
Fed funds rate
Annual avg
+2.34%
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 5.46% during 1997. Monetary policy was calibrated to balance growth and inflation objectives.
Consumer price inflation was 2.34% in 1997. Inflation was within or near the Federal Reserve's long-run target range.
With moderate mortgage rates averaging 7.60%, housing affordability was moderate compared to long-run averages. Declining rates spurred refinancing activity and supported home purchases.
$2,118/mo
At 1997 rate (7.60%)
Principal + interest only
$1,964/mo
At current rate (6.84%)
Principal + interest only
$154/mo
1997 was more expensive
vs today on same loan