Mortgage Interest Rates for the Columbus MSA: 1977 - 1997

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The effective interest rate for all home mortgages in the Columbus Metropolitan Statistical Area (MSA) has declined since the early 1980s. The effective interest rate includes financing fees and charges in addition to the contract interest rate. Fluctuations in interest rates generally follow the up- and down-swings in the national economy. Rates reached a high of 14.95% during the recession of 1982; since then they have dropped to a low of 7.43% in 1993. In 1997, the effective interest rate for all homes averaged 7.70% in the Columbus MSA. This rate is slightly higher than the national average of 7.68%.

Mortgage Interest Rates for Columbus MSA, Ohio and the U.S.: 1977-1997

Year        Col. MSA                Ohio                U.S.


1977            9.00                8.88                9.02
1978            9.79                9.59                9.59
1979           11.05               11.01               10.85
1980           13.22               13.01               12.84
1981           14.78               14.75               14.91
1982           14.95               15.01               15.31
1983           12.67               12.76               12.73
1984           12.68               12.83               12.48
1985           12.07               11.94               11.64
1986           10.43               10.38               10.18
1987            9.61                9.69                9.30
1988            9.65                9.73                9.30
1989           10.17               10.28               10.13
1990           10.08               10.15               10.05
1991            9.09                9.34                9.34
1992            8.23                8.29                8.11
1993            7.43                7.40                7.13
1994            7.73                7.80                7.49
1995            8.04                8.14                7.85
1996            7.83                7.90                7.74
1997            7.70                7.72                7.68

Note: The mortgage rates above are effective interest rates which include financing fees and charges in addition to the contract interest rate.

Source: Federal Housing Finance Board, Annual Summary of Monthly Interest Rates

Filename: SD-036

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Copyright © 1997 Metropolitan Human Services Commission