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30-year fixed averaged 6.34% — falling rates
6.34%
Annual avg rate
30-yr fixed
-0.07pp
vs 2006
Year-over-year
5.02%
Fed funds rate
Annual avg
+2.85%
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 5.02% during 2007. Monetary policy was calibrated to balance growth and inflation objectives.
Consumer price inflation was 2.85% in 2007. Inflation was within or near the Federal Reserve's long-run target range.
With moderate mortgage rates averaging 6.34%, housing affordability was moderate compared to long-run averages. Declining rates spurred refinancing activity and supported home purchases.
$1,865/mo
At 2007 rate (6.34%)
Principal + interest only
$1,964/mo
At current rate (6.84%)
Principal + interest only
$99/mo
2007 was cheaper
vs today on same loan