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30-year fixed averaged 6.54% — falling rates
6.54%
Annual avg rate
30-yr fixed
-0.43pp
vs 2001
Year-over-year
1.67%
Fed funds rate
Annual avg
+1.59%
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 1.67% during 2002. Monetary policy was calibrated to balance growth and inflation objectives.
Consumer price inflation was 1.59% in 2002. Inflation was within or near the Federal Reserve's long-run target range.
With moderate mortgage rates averaging 6.54%, housing affordability was moderate compared to long-run averages. Declining rates spurred refinancing activity and supported home purchases.
$1,904/mo
At 2002 rate (6.54%)
Principal + interest only
$1,964/mo
At current rate (6.84%)
Principal + interest only
$60/mo
2002 was cheaper
vs today on same loan