The interesting thing about borrowing money long-term is that inflation actually helps you repay the loan with cheaper money… At 7% inflation, prices double roughly every 10 years, which is only 1/3rd of the way through your 30-year mortgage. So, if your budget was stretched initially to make your mortgage payment, after 10 years (assuming your salary kept up with inflation) that same mortgage would only have half the impact on your budget. Thus, to get the true impact of mortgage rates, we need to adjust them for inflation.
It has been a while since we addressed the issue of “Inflation Adjusted Mortgage Rates,” primarily because inflation and mortgage rates have been at historically low levels. But recently all that has changed. The COVID shutdown and massive money supply increase drove inflation up to levels not seen since the 1980s. In response, the FED raised the FED’s Funds rates. This resulted in banks raising interest rates for both borrowers and depositors. The borrowers that we are discussing today are those trying to get a mortgage. The following chart shows the average 30 year fixed mortgage rates since 1971.
The interesting thing about borrowing money long-term is that inflation actually helps you repay the loan with cheaper money. To illustrate the effect we can take the extreme case of hyperinflation. For a moment, let’s assume that you borrow $100,000 on a 30-year 5% fixed-rate mortgage. Your monthly payment would be $536.82 and after 5 years you would still owe $91,674.54.
How Hyperinflation Wipes Out Long-Term Debt
But then hyperinflation hits and you are now earning $10,000 a week. Of course all, other prices have increased equally (except your mortgage, because it is locked in). At this point, making a $500+ a month payment is trivial. You may not even worry about it or you may just pay it all off in a couple of months. Of course, this is an extreme example, but even lower levels of work the same way.
At 7% inflation, prices double roughly every 10 years, which is only 1/3rd of the way through your 30-year mortgage. So, if your budget was stretched initially to make your mortgage payment, after 10 years (assuming your salary kept up with inflation) that same mortgage would only have half the impact on your budget. Thus, to get the true impact of mortgage rates, we need to adjust them for inflation.
The following chart shows both inflation (BLS CPI-U inflation) and mortgage rates on the same chart.
Unfortunately, it isn’t all that helpful. If we lived in a perfect world the mortgage rate would remain precisely a fixed percent above the inflation rate so that the lines were always equidistant apart. Say, mortgage rates were always 2% above the inflation rate. But we don’t live in a perfect world and mortgage rates adjust based on perception as much as reality. But inflation does affect mortgage rates. Banks need to charge more when inflation is high to compensate for the loss of purchasing power of future payments. So, to get the full picture of how much a mortgage is actually costing us we need to look at inflation-adjusted mortgage rates.
Inflation-Adjusted Mortgage Rates
To adjust for inflation, we simply take the current average 30-year fixed mortgage rate and subtract the inflation rate. So, for example, if the current mortgage rate is 8% and inflation is 3% the inflation-adjusted mortgage rate would be 8% minus 3% or 5%.
Mortgage rates tend to lag inflation, so throughout history, as we’ll see in a moment, there have been periods where inflation has risen sharply and mortgage rates haven’t kept up, so for brief periods the inflation-adjusted mortgage rate was actually negative. This happened recently as inflation spiked. Inflation-adjusted mortgage rates bottomed at -4.37% in March of 2022. Then mortgage rates started rising so, in June 2022 when inflation spiked to 9.06% mortgage rates were 5.52%. So, the inflation-adjusted mortgage rate that month was negative at -3.54%.
Inflation, however, didn’t remain that high, so the long-term effects on any individual mortgage was negligible. However, had you locked in the 2.84% mortgage available in August 2021, you would be doing very well with inflation at 3.3%. As of this writing, mortgage rates have climbed to 7.44%.
What about Deflation?
During deflation, prices are actually lower than the previous year. So, it negatively affects borrowed money, i.e., making it harder to repay debt. For instance, in 2009 , with prices falling, there were also a lot of foreclosures because people couldn’t afford to make their mortgage payments. Deflation hurts debtors but helps lenders since the repayments have a higher purchasing power than the initial money lent out. And of course, the biggest debtor in the world is the U.S. government, so that is why they hate deflation.
Inflation encourages debt which the Keynesian Economists believe is a good thing since it spurs the economy, but inflation is essentially theft (of the value of your assets) and it encourages malinvestment since people can’t accurately judge expenditures if the yardstick (money value) is constantly changing.
Mortgage rates, Inflation, and Inflation-Adjusted Mortgage Rates
A while back we looked at “Real Mortgage Rates,” i.e., inflation-adjusted mortgage rates compared to housing appreciation, which adds an additional factor to the value proposition. Another interesting factor to look at is how difficult it is for the average family to service their mortgage debt illustrated by the blue line in the chart below. The most difficult period was during the recession following the 2008 crash. Surprisingly, despite the rising mortgage rates, so far mortgage debt as a percentage of disposable income hasn’t risen. Although, most people still have mortgages locked in under lower rates, and the blue line has only been updated through June 2023. As time goes on and more people finance homes under higher rates this will probably rise.
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Table of Values
| Date |
Average Mortgage |
Annual Inflation Rate | Inflation Adjusted Mortgage Rate |
| Dec-2023 | NA | NA | NA |
| Nov-2023 | 7.44% | NA | NA |
| Oct-2023 | 7.62% | 3.24% | 4.38% |
| Sep-2023 | 7.20% | 3.70% | 3.50% |
| Aug-2023 | 7.07% | 3.67% | 3.41% |
| Jul-2023 | 6.84% | 3.18% | 3.66% |
| Jun-2023 | 6.71% | 2.97% | 3.74% |
| May-2023 | 6.43% | 4.05% | 2.38% |
| Apr-2023 | 6.34% | 4.93% | 1.41% |
| Mar-2023 | 6.54% | 4.98% | 1.56% |
| Feb-2023 | 6.26% | 6.04% | 0.22% |
| Jan-2023 | 6.27% | 6.41% | -0.14% |
| Dec-2022 | 6.36% | 6.45% | -0.09% |
| Nov-2022 | 6.81% | 7.11% | -0.31% |
| Oct-2022 | 6.90% | 7.75% | -0.85% |
| Sep-2022 | 6.11% | 8.20% | -2.09% |
| Aug-2022 | 5.22% | 8.26% | -3.04% |
| Jul-2022 | 5.41% | 8.52% | -3.11% |
| Jun-2022 | 5.52% | 9.06% | -3.54% |
| May-2022 | 5.23% | 8.58% | -3.35% |
| Apr-2022 | 4.98% | 8.26% | -3.28% |
| Mar-2022 | 4.17% | 8.54% | -4.37% |
| Feb-2022 | 3.76% | 7.87% | -4.11% |
| Jan-2022 | 3.45% | 7.48% | -4.03% |
| Dec-2021 | 3.10% | 7.04% | -3.94% |
| Nov-2021 | 3.07% | 6.81% | -3.74% |
| Oct-2021 | 3.07% | 6.22% | -3.15% |
| Sep-2021 | 2.90% | 5.39% | -2.49% |
| Aug-2021 | 2.84% | 5.25% | -2.41% |
| Jul-2021 | 2.87% | 5.37% | -2.50% |
| Jun-2021 | 2.98% | 5.39% | -2.42% |
| May-2021 | 2.96% | 4.99% | -2.03% |
| Apr-2021 | 3.06% | 4.16% | -1.10% |
| Mar-2021 | 3.08% | 2.62% | 0.46% |
| Feb-2021 | 2.81% | 1.68% | 1.13% |
| Jan-2021 | 2.74% | 1.40% | 1.34% |
| Dec-2020 | 2.68% | 1.36% | 1.32% |
| Nov-2020 | 2.77% | 1.17% | 1.59% |
| Oct-2020 | 2.83% | 1.18% | 1.65% |
| Sep-2020 | 2.89% | 1.37% | 1.52% |
| Aug-2020 | 2.94% | 1.31% | 1.63% |
| Jul-2020 | 3.02% | 0.99% | 2.03% |
| Jun-2020 | 3.16% | 0.65% | 2.52% |
| May-2020 | 3.23% | 0.12% | 3.11% |
| Apr-2020 | 3.31% | 0.33% | 2.98% |
| Mar-2020 | 3.45% | 1.54% | 1.91% |
| Feb-2020 | 3.47% | 2.33% | 1.13% |
| Jan-2020 | 3.62% | 2.49% | 1.14% |
| Dec-2019 | 3.72% | 2.29% | 1.43% |
| Nov-2019 | 3.70% | 2.05% | 1.64% |
| Oct-2019 | 3.69% | 1.76% | 1.92% |
| Sep-2019 | 3.61% | 1.71% | 1.89% |
| Aug-2019 | 3.62% | 1.75% | 1.87% |
| Jul-2019 | 3.77% | 1.81% | 1.95% |
| Jun-2019 | 3.80% | 1.65% | 2.15% |
| May-2019 | 4.07% | 1.79% | 2.28% |
| Apr-2019 | 4.14% | 2.00% | 2.15% |
| Mar-2019 | 4.27% | 1.86% | 2.40% |
| Feb-2019 | 4.37% | 1.52% | 2.85% |
| Jan-2019 | 4.46% | 1.55% | 2.91% |
| Dec-2018 | 4.64% | 1.91% | 2.73% |
| Nov-2018 | 4.87% | 2.18% | 2.69% |
| Oct-2018 | 4.83% | 2.52% | 2.31% |
| Sep-2018 | 4.63% | 2.28% | 2.35% |
| Aug-2018 | 4.55% | 2.70% | 1.85% |
| Jul-2018 | 4.53% | 2.95% | 1.58% |
| Jun-2018 | 4.57% | 2.87% | 1.70% |
| May-2018 | 4.59% | 2.80% | 1.78% |
| Apr-2018 | 4.47% | 2.46% | 2.00% |
| Mar-2018 | 4.44% | 2.36% | 2.08% |
| Feb-2018 | 4.33% | 2.21% | 2.12% |
| Jan-2018 | 4.03% | 2.07% | 1.96% |
| Dec-2017 | 3.95% | 2.11% | 1.84% |
| Nov-2017 | 3.92% | 2.20% | 1.72% |
| Oct-2017 | 3.90% | 2.04% | 1.85% |
| Sep-2017 | 3.81% | 2.23% | 1.57% |
| Aug-2017 | 3.88% | 1.94% | 1.94% |
| Jul-2017 | 3.97% | 1.73% | 2.24% |
| Jun-2017 | 3.90% | 1.63% | 2.27% |
| May-2017 | 4.01% | 1.87% | 2.14% |
| Apr-2017 | 4.05% | 2.20% | 1.85% |
| Mar-2017 | 4.20% | 2.38% | 1.82% |
| Feb-2017 | 4.17% | 2.74% | 1.43% |
| Jan-2017 | 4.15% | 2.50% | 1.65% |
| Dec-2016 | 4.20% | 2.07% | 2.12% |
| Nov-2016 | 3.77% | 1.69% | 2.08% |
| Oct-2016 | 3.47% | 1.64% | 1.83% |
| Sep-2016 | 3.46% | 1.46% | 2.00% |
| Aug-2016 | 3.44% | 1.06% | 2.37% |
| Jul-2016 | 3.44% | 0.83% | 2.61% |
| Jun-2016 | 3.57% | 1.00% | 2.57% |
| May-2016 | 3.60% | 1.02% | 2.58% |
| Apr-2016 | 3.61% | 1.13% | 2.48% |
| Mar-2016 | 3.69% | 0.85% | 2.84% |
| Feb-2016 | 3.66% | 1.02% | 2.64% |
| Jan-2016 | 3.87% | 1.37% | 2.50% |
| Dec-2015 | 3.96% | 0.73% | 3.23% |
| Nov-2015 | 3.94% | 0.50% | 3.44% |
| Oct-2015 | 3.80% | 0.17% | 3.63% |
| Sep-2015 | 3.89% | -0.04% | 3.93% |
| Aug-2015 | 3.91% | 0.20% | 3.71% |
| Jul-2015 | 4.05% | 0.17% | 3.88% |
| Jun-2015 | 3.98% | 0.12% | 3.86% |
| May-2015 | 3.84% | -0.04% | 3.88% |
| Apr-2015 | 3.67% | -0.20% | 3.87% |
| Mar-2015 | 3.77% | -0.07% | 3.84% |
| Feb-2015 | 3.71% | -0.03% | 3.74% |
| Jan-2015 | 3.67% | -0.09% | 3.76% |
| Dec-2014 | 3.86% | 0.76% | 3.11% |
| Nov-2014 | 4.00% | 1.32% | 2.68% |
| Oct-2014 | 4.04% | 1.66% | 2.37% |
| Sep-2014 | 4.16% | 1.66% | 2.50% |
| Aug-2014 | 4.12% | 1.70% | 2.42% |
| Jul-2014 | 4.13% | 1.99% | 2.14% |
| Jun-2014 | 4.16% | 2.07% | 2.09% |
| May-2014 | 4.19% | 2.13% | 2.06% |
| Apr-2014 | 4.34% | 1.95% | 2.38% |
| Mar-2014 | 4.34% | 1.51% | 2.83% |
| Feb-2014 | 4.30% | 1.13% | 3.18% |
| Jan-2014 | 4.43% | 1.58% | 2.85% |
| Dec-2013 | 4.46% | 1.50% | 2.96% |
| Nov-2013 | 4.26% | 1.24% | 3.02% |
| Oct-2013 | 4.19% | 0.96% | 3.23% |
| Sep-2013 | 4.49% | 1.18% | 3.31% |
| Aug-2013 | 4.46% | 1.52% | 2.94% |
| Jul-2013 | 4.37% | 1.96% | 2.41% |
| Jun-2013 | 4.07% | 1.75% | 2.32% |
| May-2013 | 3.54% | 1.36% | 2.17% |
| Apr-2013 | 3.45% | 1.06% | 2.38% |
| Mar-2013 | 3.57% | 1.47% | 2.09% |
| Feb-2013 | 3.53% | 1.98% | 1.55% |
| Jan-2013 | 3.41% | 1.59% | 1.82% |
| Dec-2012 | 3.35% | 1.74% | 1.60% |
| Nov-2012 | 3.35% | 1.76% | 1.59% |
| Oct-2012 | 3.38% | 2.16% | 1.22% |
| Sep-2012 | 3.50% | 1.99% | 1.51% |
| Aug-2012 | 3.60% | 1.69% | 1.91% |
| Jul-2012 | 3.55% | 1.41% | 2.14% |
| Jun-2012 | 3.68% | 1.66% | 2.01% |
| May-2012 | 3.80% | 1.70% | 2.09% |
| Apr-2012 | 3.91% | 2.30% | 1.61% |
| Mar-2012 | 3.95% | 2.65% | 1.30% |
| Feb-2012 | 3.89% | 2.87% | 1.02% |
| Jan-2012 | 3.92% | 2.93% | 0.99% |
| Dec-2011 | 3.96% | 2.96% | 1.00% |
| Nov-2011 | 3.99% | 3.39% | 0.60% |
| Oct-2011 | 4.07% | 3.53% | 0.54% |
| Sep-2011 | 4.11% | 3.87% | 0.24% |
| Aug-2011 | 4.27% | 3.77% | 0.50% |
| Jul-2011 | 4.55% | 3.63% | 0.92% |
| Jun-2011 | 4.51% | 3.56% | 0.95% |
| May-2011 | 4.64% | 3.57% | 1.07% |
| Apr-2011 | 4.84% | 3.16% | 1.68% |
| Mar-2011 | 4.84% | 2.68% | 2.15% |
| Feb-2011 | 4.95% | 2.11% | 2.84% |
| Jan-2011 | 4.76% | 1.63% | 3.12% |
| Dec-2010 | 4.71% | 1.50% | 3.22% |
| Nov-2010 | 4.30% | 1.14% | 3.16% |
| Oct-2010 | 4.23% | 1.17% | 3.05% |
| Sep-2010 | 4.35% | 1.14% | 3.20% |
| Aug-2010 | 4.43% | 1.15% | 3.28% |
| Jul-2010 | 4.56% | 1.24% | 3.33% |
| Jun-2010 | 4.74% | 1.05% | 3.68% |
| May-2010 | 4.89% | 2.02% | 2.87% |
| Apr-2010 | 5.10% | 2.24% | 2.86% |
| Mar-2010 | 4.97% | 2.31% | 2.65% |
| Feb-2010 | 4.99% | 2.14% | 2.85% |
| Jan-2010 | 5.03% | 2.63% | 2.40% |
| Dec-2009 | 4.93% | 2.72% | 2.21% |
| Nov-2009 | 4.88% | 1.84% | 3.04% |
| Oct-2009 | 4.95% | -0.18% | 5.13% |
| Sep-2009 | 5.06% | -1.29% | 6.34% |
| Aug-2009 | 5.19% | -1.48% | 6.68% |
| Jul-2009 | 5.22% | -2.10% | 7.32% |
| Jun-2009 | 5.42% | -1.43% | 6.85% |
| May-2009 | 4.86% | -1.28% | 6.14% |
| Apr-2009 | 4.81% | -0.74% | 5.55% |
| Mar-2009 | 5.00% | -0.38% | 5.39% |
| Feb-2009 | 5.13% | 0.24% | 4.89% |
| Jan-2009 | 5.05% | 0.03% | 5.02% |
| Dec-2008 | 5.29% | 0.09% | 5.19% |
| Nov-2008 | 6.09% | 1.07% | 5.02% |
| Oct-2008 | 6.20% | 3.66% | 2.54% |
| Sep-2008 | 6.04% | 4.94% | 1.10% |
| Aug-2008 | 6.48% | 5.37% | 1.11% |
| Jul-2008 | 6.43% | 5.60% | 0.83% |
| Jun-2008 | 6.32% | 5.02% | 1.30% |
| May-2008 | 6.04% | 4.18% | 1.86% |
| Apr-2008 | 5.92% | 3.94% | 1.98% |
| Mar-2008 | 5.97% | 3.98% | 1.99% |
| Feb-2008 | 5.92% | 4.03% | 1.89% |
| Jan-2008 | 5.76% | 4.28% | 1.48% |
| Dec-2007 | 6.10% | 4.08% | 2.01% |
| Nov-2007 | 6.21% | 4.31% | 1.90% |
| Oct-2007 | 6.38% | 3.54% | 2.84% |
| Sep-2007 | 6.38% | 2.76% | 3.63% |
| Aug-2007 | 6.57% | 1.97% | 4.60% |
| Jul-2007 | 6.70% | 2.36% | 4.34% |
| Jun-2007 | 6.66% | 2.69% | 3.97% |
| May-2007 | 6.26% | 2.69% | 3.57% |
| Apr-2007 | 6.18% | 2.57% | 3.61% |
| Mar-2007 | 6.16% | 2.78% | 3.38% |
| Feb-2007 | 6.29% | 2.42% | 3.87% |
| Jan-2007 | 6.22% | 2.08% | 4.14% |
| Dec-2006 | 6.14% | 2.54% | 3.59% |
| Nov-2006 | 6.24% | 1.97% | 4.27% |
| Oct-2006 | 6.36% | 1.31% | 5.05% |
| Sep-2006 | 6.40% | 2.06% | 4.34% |
| Aug-2006 | 6.52% | 3.82% | 2.71% |
| Jul-2006 | 6.76% | 4.15% | 2.62% |
| Jun-2006 | 6.68% | 4.32% | 2.36% |
| May-2006 | 6.60% | 4.17% | 2.43% |
| Apr-2006 | 6.51% | 3.55% | 2.96% |
| Mar-2006 | 6.32% | 3.36% | 2.96% |
| Feb-2006 | 6.25% | 3.60% | 2.66% |
| Jan-2006 | 6.15% | 3.99% | 2.16% |
| Dec-2005 | 6.27% | 3.42% | 2.86% |
| Nov-2005 | 6.33% | 3.46% | 2.87% |
| Oct-2005 | 6.07% | 4.35% | 1.72% |
| Sep-2005 | 5.77% | 4.69% | 1.09% |
| Aug-2005 | 5.82% | 3.64% | 2.18% |
| Jul-2005 | 5.70% | 3.17% | 2.53% |
| Jun-2005 | 5.58% | 2.53% | 3.05% |
| May-2005 | 5.72% | 2.80% | 2.92% |
| Apr-2005 | 5.86% | 3.51% | 2.34% |
| Mar-2005 | 5.93% | 3.15% | 2.78% |
| Feb-2005 | 5.63% | 3.01% | 2.62% |
| Jan-2005 | 5.71% | 2.97% | 2.74% |
| Dec-2004 | 5.75% | 3.26% | 2.50% |
| Nov-2004 | 5.73% | 3.52% | 2.21% |
| Oct-2004 | 5.72% | 3.19% | 2.53% |
| Sep-2004 | 5.75% | 2.54% | 3.22% |
| Aug-2004 | 5.87% | 2.65% | 3.21% |
| Jul-2004 | 6.06% | 2.99% | 3.07% |
| Jun-2004 | 6.29% | 3.27% | 3.02% |
| May-2004 | 6.27% | 3.05% | 3.22% |
| Apr-2004 | 5.83% | 2.29% | 3.54% |
| Mar-2004 | 5.45% | 1.74% | 3.71% |
| Feb-2004 | 5.64% | 1.69% | 3.94% |
| Jan-2004 | 5.71% | 1.93% | 3.79% |
| Dec-2003 | 5.88% | 1.88% | 4.00% |
| Nov-2003 | 5.93% | 1.77% | 4.17% |
| Oct-2003 | 5.95% | 2.04% | 3.91% |
| Sep-2003 | 6.15% | 2.32% | 3.83% |
| Aug-2003 | 6.26% | 2.16% | 4.11% |
| Jul-2003 | 5.63% | 2.11% | 3.52% |
| Jun-2003 | 5.23% | 2.11% | 3.12% |
| May-2003 | 5.48% | 2.06% | 3.43% |
| Apr-2003 | 5.81% | 2.22% | 3.59% |
| Mar-2003 | 5.75% | 3.02% | 2.72% |
| Feb-2003 | 5.84% | 2.98% | 2.86% |
| Jan-2003 | 5.92% | 2.60% | 3.32% |
| Dec-2002 | 6.05% | 2.38% | 3.67% |
| Nov-2002 | 6.07% | 2.20% | 3.87% |
| Oct-2002 | 6.11% | 2.03% | 4.09% |
| Sep-2002 | 6.09% | 1.51% | 4.58% |
| Aug-2002 | 6.29% | 1.80% | 4.49% |
| Jul-2002 | 6.49% | 1.46% | 5.02% |
| Jun-2002 | 6.65% | 1.07% | 5.58% |
| May-2002 | 6.81% | 1.18% | 5.62% |
| Apr-2002 | 6.99% | 1.64% | 5.35% |
| Mar-2002 | 7.01% | 1.48% | 5.54% |
| Feb-2002 | 6.89% | 1.14% | 5.75% |
| Jan-2002 | 7.00% | 1.14% | 5.86% |
| Dec-2001 | 7.07% | 1.55% | 5.51% |
| Nov-2001 | 6.66% | 1.90% | 4.76% |
| Oct-2001 | 6.62% | 2.13% | 4.49% |
| Sep-2001 | 6.82% | 2.65% | 4.17% |
| Aug-2001 | 6.95% | 2.72% | 4.23% |
| Jul-2001 | 7.13% | 2.72% | 4.41% |
| Jun-2001 | 7.16% | 3.25% | 3.91% |
| May-2001 | 7.15% | 3.62% | 3.53% |
| Apr-2001 | 7.08% | 3.27% | 3.81% |
| Mar-2001 | 6.95% | 2.92% | 4.03% |
| Feb-2001 | 7.05% | 3.53% | 3.52% |
| Jan-2001 | 7.03% | 3.73% | 3.30% |
| Dec-2000 | 7.38% | 3.39% | 4.00% |
| Nov-2000 | 7.75% | 3.45% | 4.30% |
| Oct-2000 | 7.80% | 3.45% | 4.35% |
| Sep-2000 | 7.91% | 3.45% | 4.46% |
| Aug-2000 | 8.03% | 3.41% | 4.62% |
| Jul-2000 | 8.15% | 3.66% | 4.49% |
| Jun-2000 | 8.29% | 3.73% | 4.56% |
| May-2000 | 8.52% | 3.19% | 5.33% |
| Apr-2000 | 8.15% | 3.07% | 5.08% |
| Mar-2000 | 8.24% | 3.76% | 4.48% |
| Feb-2000 | 8.33% | 3.22% | 5.10% |
| Jan-2000 | 8.21% | 2.74% | 5.47% |
| Dec-1999 | 7.91% | 2.68% | 5.23% |
| Nov-1999 | 7.74% | 2.62% | 5.12% |
| Oct-1999 | 7.85% | 2.56% | 5.29% |
| Sep-1999 | 7.82% | 2.63% | 5.19% |
| Aug-1999 | 7.94% | 2.26% | 5.68% |
| Jul-1999 | 7.63% | 2.14% | 5.49% |
| Jun-1999 | 7.55% | 1.96% | 5.59% |
| May-1999 | 7.15% | 2.09% | 5.06% |
| Apr-1999 | 6.92% | 2.28% | 4.64% |
| Mar-1999 | 7.04% | 1.73% | 5.31% |
| Feb-1999 | 6.81% | 1.61% | 5.20% |
| Jan-1999 | 6.79% | 1.67% | 5.11% |
| Dec-1998 | 6.74% | 1.61% | 5.13% |
| Nov-1998 | 6.87% | 1.55% | 5.32% |
| Oct-1998 | 6.71% | 1.49% | 5.22% |
| Sep-1998 | 6.72% | 1.49% | 5.23% |
| Aug-1998 | 6.92% | 1.62% | 5.31% |
| Jul-1998 | 6.95% | 1.68% | 5.27% |
| Jun-1998 | 7.00% | 1.68% | 5.31% |
| May-1998 | 7.14% | 1.69% | 5.46% |
| Apr-1998 | 7.14% | 1.44% | 5.70% |
| Mar-1998 | 7.13% | 1.37% | 5.75% |
| Feb-1998 | 7.04% | 1.44% | 5.60% |
| Jan-1998 | 6.99% | 1.57% | 5.42% |
| Dec-1997 | 7.10% | 1.70% | 5.39% |
| Nov-1997 | 7.21% | 1.83% | 5.38% |
| Oct-1997 | 7.29% | 2.08% | 5.21% |
| Sep-1997 | 7.43% | 2.15% | 5.28% |
| Aug-1997 | 7.48% | 2.23% | 5.25% |
| Jul-1997 | 7.50% | 2.23% | 5.27% |
| Jun-1997 | 7.69% | 2.30% | 5.39% |
| May-1997 | 7.94% | 2.23% | 5.71% |
| Apr-1997 | 8.14% | 2.50% | 5.65% |
| Mar-1997 | 7.90% | 2.76% | 5.14% |
| Feb-1997 | 7.65% | 3.03% | 4.62% |
| Jan-1997 | 7.82% | 3.04% | 4.78% |
| Dec-1996 | 7.60% | 3.32% | 4.28% |
| Nov-1996 | 7.62% | 3.26% | 4.36% |
| Oct-1996 | 7.92% | 2.99% | 4.92% |
| Sep-1996 | 8.23% | 3.00% | 5.23% |
| Aug-1996 | 8.00% | 2.88% | 5.12% |
| Jul-1996 | 8.25% | 2.95% | 5.29% |
| Jun-1996 | 8.32% | 2.75% | 5.57% |
| May-1996 | 8.07% | 2.89% | 5.18% |
| Apr-1996 | 7.93% | 2.90% | 5.03% |
| Mar-1996 | 7.62% | 2.84% | 4.78% |
| Feb-1996 | 7.08% | 2.65% | 4.42% |
| Jan-1996 | 7.03% | 2.73% | 4.30% |
| Dec-1995 | 7.20% | 2.54% | 4.66% |
| Nov-1995 | 7.38% | 2.61% | 4.77% |
| Oct-1995 | 7.48% | 2.81% | 4.67% |
| Sep-1995 | 7.64% | 2.54% | 5.09% |
| Aug-1995 | 7.86% | 2.62% | 5.24% |
| Jul-1995 | 7.61% | 2.76% | 4.84% |
| Jun-1995 | 7.57% | 3.04% | 4.53% |
| May-1995 | 7.96% | 3.19% | 4.77% |
| Apr-1995 | 8.32% | 3.05% | 5.27% |
| Mar-1995 | 8.46% | 2.85% | 5.61% |
| Feb-1995 | 8.83% | 2.86% | 5.96% |
| Jan-1995 | 9.15% | 2.80% | 6.34% |
| Dec-1994 | 9.20% | 2.67% | 6.52% |
| Nov-1994 | 9.17% | 2.67% | 6.50% |
| Oct-1994 | 8.93% | 2.61% | 6.32% |
| Sep-1994 | 8.64% | 2.96% | 5.68% |
| Aug-1994 | 8.51% | 2.90% | 5.61% |
| Jul-1994 | 8.61% | 2.77% | 5.84% |
| Jun-1994 | 8.40% | 2.49% | 5.90% |
| May-1994 | 8.60% | 2.29% | 6.31% |
| Apr-1994 | 8.32% | 2.36% | 5.95% |
| Mar-1994 | 7.68% | 2.51% | 5.17% |
| Feb-1994 | 7.15% | 2.52% | 4.64% |
| Jan-1994 | 7.06% | 2.52% | 4.54% |
| Dec-1993 | 7.17% | 2.75% | 4.42% |
| Nov-1993 | 7.16% | 2.68% | 4.48% |
| Oct-1993 | 6.83% | 2.75% | 4.08% |
| Sep-1993 | 6.92% | 2.69% | 4.23% |
| Aug-1993 | 7.11% | 2.77% | 4.34% |
| Jul-1993 | 7.21% | 2.78% | 4.43% |
| Jun-1993 | 7.42% | 3.00% | 4.42% |
| May-1993 | 7.47% | 3.22% | 4.24% |
| Apr-1993 | 7.47% | 3.23% | 4.25% |
| Mar-1993 | 7.50% | 3.09% | 4.41% |
| Feb-1993 | 7.68% | 3.25% | 4.44% |
| Jan-1993 | 7.99% | 3.26% | 4.73% |
| Dec-1992 | 8.21% | 2.90% | 5.31% |
| Nov-1992 | 8.31% | 3.05% | 5.26% |
| Oct-1992 | 8.09% | 3.20% | 4.89% |
| Sep-1992 | 7.92% | 2.99% | 4.93% |
| Aug-1992 | 7.98% | 3.15% | 4.83% |
| Jul-1992 | 8.13% | 3.16% | 4.97% |
| Jun-1992 | 8.51% | 3.09% | 5.42% |
| May-1992 | 8.67% | 3.02% | 5.65% |
| Apr-1992 | 8.85% | 3.18% | 5.67% |
| Mar-1992 | 8.94% | 3.19% | 5.75% |
| Feb-1992 | 8.76% | 2.82% | 5.94% |
| Jan-1992 | 8.43% | 2.60% | 5.83% |
| Dec-1991 | 8.50% | 3.06% | 5.43% |
| Nov-1991 | 8.71% | 2.99% | 5.72% |
| Oct-1991 | 8.86% | 2.92% | 5.93% |
| Sep-1991 | 9.01% | 3.39% | 5.62% |
| Aug-1991 | 9.24% | 3.80% | 5.44% |
| Jul-1991 | 9.58% | 4.45% | 5.13% |
| Jun-1991 | 9.62% | 4.70% | 4.92% |
| May-1991 | 9.47% | 4.95% | 4.52% |
| Apr-1991 | 9.49% | 4.89% | 4.60% |
| Mar-1991 | 9.50% | 4.90% | 4.60% |
| Feb-1991 | 9.37% | 5.31% | 4.05% |
| Jan-1991 | 9.64% | 5.65% | 3.99% |
| Dec-1990 | 9.67% | 6.11% | 3.57% |
| Nov-1990 | 10.01% | 6.27% | 3.74% |
| Oct-1990 | 10.18% | 6.29% | 3.89% |
| Sep-1990 | 10.18% | 6.16% | 4.02% |
| Aug-1990 | 10.10% | 5.62% | 4.48% |
| Jul-1990 | 10.04% | 4.82% | 5.21% |
| Jun-1990 | 10.16% | 4.67% | 5.49% |
| May-1990 | 10.48% | 4.36% | 6.12% |
| Apr-1990 | 10.37% | 4.71% | 5.66% |
| Mar-1990 | 10.27% | 5.23% | 5.03% |
| Feb-1990 | 10.20% | 5.26% | 4.93% |
| Jan-1990 | 9.90% | 5.20% | 4.69% |
| Dec-1989 | 9.74% | 4.65% | 5.10% |
| Nov-1989 | 9.77% | 4.66% | 5.11% |
| Oct-1989 | 9.95% | 4.49% | 5.45% |
| Sep-1989 | 10.13% | 4.34% | 5.79% |
| Aug-1989 | 9.99% | 4.71% | 5.28% |
| Jul-1989 | 9.88% | 4.98% | 4.90% |
| Jun-1989 | 10.20% | 5.17% | 5.03% |
| May-1989 | 10.77% | 5.36% | 5.41% |
| Apr-1989 | 11.05% | 5.12% | 5.93% |
| Mar-1989 | 11.03% | 4.98% | 6.05% |
| Feb-1989 | 10.65% | 4.83% | 5.82% |
| Jan-1989 | 10.73% | 4.67% | 6.06% |
| Dec-1988 | 10.61% | 4.42% | 6.19% |
| Nov-1988 | 10.27% | 4.25% | 6.02% |
| Oct-1988 | 10.30% | 4.25% | 6.05% |
| Sep-1988 | 10.48% | 4.17% | 6.31% |
| Aug-1988 | 10.60% | 4.02% | 6.58% |
| Jul-1988 | 10.43% | 4.13% | 6.30% |
| Jun-1988 | 10.46% | 3.96% | 6.50% |
| May-1988 | 10.46% | 3.89% | 6.56% |
| Apr-1988 | 10.20% | 3.90% | 6.30% |
| Mar-1988 | 9.93% | 3.93% | 6.00% |
| Feb-1988 | 9.89% | 3.94% | 5.95% |
| Jan-1988 | 10.38% | 4.05% | 6.34% |
| Dec-1987 | 10.64% | 4.43% | 6.21% |
| Nov-1987 | 10.65% | 4.53% | 6.12% |
| Oct-1987 | 11.26% | 4.53% | 6.73% |
| Sep-1987 | 10.89% | 4.36% | 6.53% |
| Aug-1987 | 10.33% | 4.28% | 6.05% |
| Jul-1987 | 10.28% | 3.93% | 6.35% |
| Jun-1987 | 10.54% | 3.65% | 6.88% |
| May-1987 | 10.60% | 3.86% | 6.74% |
| Apr-1987 | 9.83% | 3.78% | 6.06% |
| Mar-1987 | 9.04% | 3.03% | 6.00% |
| Feb-1987 | 9.08% | 2.10% | 6.98% |
| Jan-1987 | 9.20% | 1.46% | 7.74% |
| Dec-1986 | 9.31% | 1.10% | 8.21% |
| Nov-1986 | 9.70% | 1.28% | 8.41% |
| Oct-1986 | 9.97% | 1.47% | 8.50% |
| Sep-1986 | 10.01% | 1.75% | 8.25% |
| Aug-1986 | 10.20% | 1.57% | 8.63% |
| Jul-1986 | 10.51% | 1.58% | 8.93% |
| Jun-1986 | 10.68% | 1.77% | 8.92% |
| May-1986 | 10.14% | 1.49% | 8.65% |
| Apr-1986 | 9.94% | 1.59% | 8.35% |
| Mar-1986 | 10.08% | 2.26% | 7.82% |
| Feb-1986 | 10.71% | 3.11% | 7.60% |
| Jan-1986 | 10.89% | 3.89% | 7.00% |
| Dec-1985 | 11.26% | 3.80% | 7.46% |
| Nov-1985 | 11.78% | 3.51% | 8.27% |
| Oct-1985 | 12.14% | 3.23% | 8.91% |
| Sep-1985 | 12.19% | 3.14% | 9.05% |
| Aug-1985 | 12.19% | 3.35% | 8.84% |
| Jul-1985 | 12.03% | 3.55% | 8.48% |
| Jun-1985 | 12.22% | 3.76% | 8.45% |
| May-1985 | 12.91% | 3.77% | 9.14% |
| Apr-1985 | 13.20% | 3.69% | 9.51% |
| Mar-1985 | 13.17% | 3.70% | 9.47% |
| Feb-1985 | 12.92% | 3.52% | 9.40% |
| Jan-1985 | 13.08% | 3.53% | 9.54% |
| Dec-1984 | 13.18% | 3.95% | 9.23% |
| Nov-1984 | 13.64% | 4.05% | 9.59% |
| Oct-1984 | 14.13% | 4.26% | 9.87% |
| Sep-1984 | 14.35% | 4.27% | 10.08% |
| Aug-1984 | 14.47% | 4.29% | 10.18% |
| Jul-1984 | 14.67% | 4.20% | 10.46% |
| Jun-1984 | 14.42% | 4.22% | 10.19% |
| May-1984 | 13.94% | 4.23% | 9.71% |
| Apr-1984 | 13.65% | 4.56% | 9.09% |
| Mar-1984 | 13.39% | 4.80% | 8.59% |
| Feb-1984 | 13.23% | 4.60% | 8.64% |
| Jan-1984 | 13.37% | 4.19% | 9.18% |
| Dec-1983 | 13.42% | 3.79% | 9.63% |
| Nov-1983 | 13.44% | 3.27% | 10.17% |
| Oct-1983 | 13.54% | 2.85% | 10.68% |
| Sep-1983 | 13.73% | 2.86% | 10.87% |
| Aug-1983 | 13.81% | 2.56% | 11.25% |
| Jul-1983 | 13.42% | 2.46% | 10.96% |
| Jun-1983 | 12.87% | 2.58% | 10.29% |
| May-1983 | 12.63% | 3.55% | 9.08% |
| Apr-1983 | 12.78% | 3.90% | 8.88% |
| Mar-1983 | 12.80% | 3.60% | 9.20% |
| Feb-1983 | 13.04% | 3.49% | 9.55% |
| Jan-1983 | 13.25% | 3.71% | 9.54% |
| Dec-1982 | 13.62% | 3.83% | 9.79% |
| Nov-1982 | 13.83% | 4.59% | 9.24% |
| Oct-1982 | 14.61% | 5.14% | 9.47% |
| Sep-1982 | 15.43% | 5.04% | 10.39% |
| Aug-1982 | 16.27% | 5.85% | 10.42% |
| Jul-1982 | 16.82% | 6.44% | 10.37% |
| Jun-1982 | 16.70% | 7.06% | 9.63% |
| May-1982 | 16.68% | 6.68% | 10.00% |
| Apr-1982 | 16.89% | 6.51% | 10.38% |
| Mar-1982 | 17.16% | 6.78% | 10.38% |
| Feb-1982 | 17.60% | 7.62% | 9.98% |
| Jan-1982 | 17.49% | 8.39% | 9.09% |
| Dec-1981 | 16.95% | 8.92% | 8.02% |
| Nov-1981 | 17.83% | 9.59% | 8.23% |
| Oct-1981 | 18.45% | 10.14% | 8.31% |
| Sep-1981 | 18.16% | 10.95% | 7.21% |
| Aug-1981 | 17.29% | 10.80% | 6.48% |
| Jul-1981 | 16.83% | 10.76% | 6.07% |
| Jun-1981 | 16.70% | 9.55% | 7.14% |
| May-1981 | 16.40% | 9.78% | 6.62% |
| Apr-1981 | 15.58% | 10.00% | 5.58% |
| Mar-1981 | 15.40% | 10.49% | 4.91% |
| Feb-1981 | 15.13% | 11.41% | 3.73% |
| Jan-1981 | 14.90% | 11.83% | 3.08% |
| Dec-1980 | 14.79% | 12.52% | 2.27% |
| Nov-1980 | 14.21% | 12.65% | 1.56% |
| Oct-1980 | 13.79% | 12.77% | 1.03% |
| Sep-1980 | 13.20% | 12.60% | 0.60% |
| Aug-1980 | 12.56% | 12.87% | -0.31% |
| Jul-1980 | 12.19% | 13.13% | -0.94% |
| Jun-1980 | 12.71% | 14.38% | -1.67% |
| May-1980 | 14.26% | 14.41% | -0.14% |
| Apr-1980 | 16.33% | 14.73% | 1.59% |
| Mar-1980 | 15.28% | 14.76% | 0.53% |
| Feb-1980 | 13.04% | 14.18% | -1.14% |
| Jan-1980 | 12.88% | 13.91% | -1.03% |
| Dec-1979 | 12.90% | 13.29% | -0.39% |
| Nov-1979 | 12.83% | 12.61% | 0.22% |
| Oct-1979 | 11.64% | 12.07% | -0.43% |
| Sep-1979 | 11.30% | 12.18% | -0.88% |
| Aug-1979 | 11.09% | 11.82% | -0.72% |
| Jul-1979 | 11.09% | 11.26% | -0.17% |
| Jun-1979 | 11.04% | 10.89% | 0.15% |
| May-1979 | 10.69% | 10.85% | -0.16% |
| Apr-1979 | 10.50% | 10.49% | 0.01% |
| Mar-1979 | 10.43% | 10.09% | 0.33% |
| Feb-1979 | 10.41% | 9.86% | 0.55% |
| Jan-1979 | 10.39% | 9.28% | 1.11% |
| Dec-1978 | 10.35% | 9.02% | 1.33% |
| Nov-1978 | 10.11% | 8.89% | 1.22% |
| Oct-1978 | 9.86% | 8.93% | 0.93% |
| Sep-1978 | 9.76% | 8.31% | 1.45% |
| Aug-1978 | 9.79% | 7.84% | 1.94% |
| Jul-1978 | 9.74% | 7.70% | 2.04% |
| Jun-1978 | 9.71% | 7.41% | 2.29% |
| May-1978 | 9.57% | 6.97% | 2.61% |
| Apr-1978 | 9.36% | 6.50% | 2.86% |
| Mar-1978 | 9.20% | 6.55% | 2.65% |
| Feb-1978 | 9.15% | 6.43% | 2.72% |
| Jan-1978 | 9.02% | 6.84% | 2.18% |
| Dec-1977 | 8.96% | 6.70% | 2.26% |
| Nov-1977 | 8.92% | 6.72% | 2.20% |
| Oct-1977 | 8.92% | 6.39% | 2.53% |
| Sep-1977 | 8.90% | 6.60% | 2.30% |
| Aug-1977 | 8.94% | 6.62% | 2.32% |
| Jul-1977 | 8.94% | 6.83% | 2.11% |
| Jun-1977 | 8.86% | 6.87% | 1.99% |
| May-1977 | 8.83% | 6.73% | 2.10% |
| Apr-1977 | 8.75% | 6.95% | 1.80% |
| Mar-1977 | 8.69% | 6.44% | 2.25% |
| Feb-1977 | 8.67% | 5.91% | 2.76% |
| Jan-1977 | 8.72% | 5.22% | 3.51% |
| Dec-1976 | 8.79% | 4.86% | 3.93% |
| Nov-1976 | 8.81% | 4.88% | 3.93% |
| Oct-1976 | 8.93% | 5.46% | 3.47% |
| Sep-1976 | 8.98% | 5.49% | 3.48% |
| Aug-1976 | 9.00% | 5.71% | 3.29% |
| Jul-1976 | 8.93% | 5.35% | 3.58% |
| Jun-1976 | 8.85% | 5.97% | 2.88% |
| May-1976 | 8.77% | 6.20% | 2.56% |
| Apr-1976 | 8.73% | 6.05% | 2.68% |
| Mar-1976 | 8.76% | 6.07% | 2.68% |
| Feb-1976 | 8.81% | 6.29% | 2.53% |
| Jan-1976 | 9.02% | 6.72% | 2.30% |
| Dec-1975 | 9.10% | 6.94% | 2.16% |
| Nov-1975 | 9.15% | 7.38% | 1.77% |
| Oct-1975 | 9.22% | 7.44% | 1.79% |
| Sep-1975 | 9.13% | 7.91% | 1.22% |
| Aug-1975 | 8.94% | 8.60% | 0.34% |
| Jul-1975 | 8.89% | 9.72% | -0.83% |
| Jun-1975 | 8.89% | 9.39% | -0.50% |
| May-1975 | 8.91% | 9.47% | -0.56% |
| Apr-1975 | 8.82% | 10.21% | -1.39% |
| Mar-1975 | 8.90% | 10.25% | -1.35% |
| Feb-1975 | 9.11% | 11.23% | -2.12% |
| Jan-1975 | 9.43% | 11.80% | -2.37% |
| Dec-1974 | 9.62% | 12.34% | -2.72% |
| Nov-1974 | 9.79% | 12.20% | -2.41% |
| Oct-1974 | 9.98% | 12.06% | -2.08% |
| Sep-1974 | 9.96% | 11.95% | -1.99% |
| Aug-1974 | 9.59% | 10.86% | -1.28% |
| Jul-1974 | 9.28% | 11.51% | -2.23% |
| Jun-1974 | 9.09% | 10.86% | -1.77% |
| May-1974 | 8.97% | 10.71% | -1.73% |
| Apr-1974 | 8.58% | 10.09% | -1.51% |
| Mar-1974 | 8.41% | 10.39% | -1.99% |
| Feb-1974 | 8.46% | 10.02% | -1.57% |
| Jan-1974 | 8.54% | 9.39% | -0.85% |
| Dec-1973 | 8.54% | 8.71% | -0.17% |
| Nov-1973 | 8.58% | 8.25% | 0.33% |
| Oct-1973 | 8.77% | 7.80% | 0.97% |
| Sep-1973 | 8.82% | 7.36% | 1.45% |
| Aug-1973 | 8.50% | 7.38% | 1.12% |
| Jul-1973 | 8.05% | 5.73% | 2.32% |
| Jun-1973 | 7.73% | 6.00% | 1.74% |
| May-1973 | 7.65% | 5.53% | 2.12% |
| Apr-1973 | 7.54% | 5.06% | 2.48% |
| Mar-1973 | 7.46% | 4.59% | 2.87% |
| Feb-1973 | 7.44% | 3.87% | 3.57% |
| Jan-1973 | 7.44% | 3.65% | 3.79% |
| Dec-1972 | 7.44% | 3.41% | 4.04% |
| Nov-1972 | 7.43% | 3.67% | 3.76% |
| Oct-1972 | 7.42% | 3.42% | 4.00% |
| Sep-1972 | 7.42% | 3.19% | 4.23% |
| Aug-1972 | 7.40% | 2.94% | 4.46% |
| Jul-1972 | 7.40% | 2.95% | 4.45% |
| Jun-1972 | 7.37% | 2.71% | 4.66% |
| May-1972 | 7.37% | 3.23% | 4.15% |
| Apr-1972 | 7.29% | 3.49% | 3.80% |
| Mar-1972 | 7.30% | 3.50% | 3.80% |
| Feb-1972 | 7.33% | 3.51% | 3.82% |
| Jan-1972 | 7.44% | 3.27% | 4.17% |
| Dec-1971 | 7.48% | 3.27% | 4.21% |
| Nov-1971 | 7.55% | 3.28% | 4.27% |
| Oct-1971 | 7.63% | 3.81% | 3.82% |
| Sep-1971 | 7.69% | 4.08% | 3.61% |
| Aug-1971 | 7.70% | 4.62% | 3.08% |
| Jul-1971 | 7.60% | 4.36% | 3.25% |
| Jun-1971 | 7.53% | 4.64% | 2.89% |
| May-1971 | 7.43% | 4.40% | 3.02% |
| Apr-1971 | 7.31% | 4.16% | 3.15% |
