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30-year fixed averaged 5.83% — falling rates
5.83%
Annual avg rate
30-yr fixed
-0.71pp
vs 2002
Year-over-year
1.13%
Fed funds rate
Annual avg
+2.27%
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 1.13% during 2003. Monetary policy was calibrated to balance growth and inflation objectives.
Consumer price inflation was 2.27% in 2003. Inflation was within or near the Federal Reserve's long-run target range.
With historically low mortgage rates averaging 5.83%, housing affordability was near the best levels in decades. Declining rates spurred refinancing activity and supported home purchases.
$1,766/mo
At 2003 rate (5.83%)
Principal + interest only
$1,964/mo
At current rate (6.84%)
Principal + interest only
$198/mo
2003 was cheaper
vs today on same loan