What was the interest rate on savings accounts in 1970?

What was the interest rate on savings accounts in 1970?

After spiking in the mid ’70’s, the savings rate started to fall once the country pushed through the recession. By the late ’70s, the rate had fallen to 7.9% before starting to trend higher once again.

What was the interest on a savings account in 1980?

The all-time high for the prime rate was 21.50 percent in 1980.

What is the highest bank interest rate in history?

Interest rates reached their highest point in modern history in 1981 when the annual average was 16.63%, according to the Freddie Mac data.

What were savings account interest rates in 1990?

Money Market Interest Rates and Mortgage Rates, 1980? 2002

Why were interest rates so high in the 80s?

Interest rates had to climb higher to compensate for the ravages of inflation. In the late 70’s and early 80’s, the Federal Reserve attempted to choke off inflation by repeatedly raising the Fed funds rate until it hit 21 percent.

What were bank interest rates in 1960?

From June 1960 to December 1962 they rose at an annual rate of 17 per cent. During a brief span within this period, from December 1961 to June 1962, the rate of increase accelerated to 20 per cent.

What was the interest rate in 1960?

Monthly Interest Rates, 1937-99

Why was the interest rate so high in 1981?

The Fed funds rate, which is the rate banks charge each other for overnight loans, hit 20 percent in 1980, and 21 percent in June 1981. The cause was an inflationary spiral brought on by rising oil prices, government overspending and rising wages.

What was the interest rate in 1975?

9.05%
Mortgage rate trends over time

What were interest rates in 1975?

Mortgage rate trends over time

What was the interest rate in 1972?

Summary: Historical mortgage rate trends