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FEDERAL * 1 1 • • f*A!_ * s t a f is t r e a l A< RESERVE re l e a s e . G.IO For immediate release January 15, 1976 ;GED ON SELECTED TYPES OF BANK LOANS ; INTEREST Interest rate (per cent per annum) December November December ' 1974 , 1975 ' 1975 Type of Loan Small short-term noninstalment loans to businesses 1/ 11.48 Farm production loans (one year or less maturity) Feeder cattle operations Other farm production opera.ting expenses 10.70 9.36 9.16 10.39 *9.45 9.38 11.62 11.24 11.76 12.96 11.25 11.83 13.11 13.40 17.06 13.46 17>13 Consumer instalment credit for: New automobiles (36 months) Mobile homes <84 months) Other consumer goods (24 months) Other personal expenditures (12 months) Credit card plans 1/ 11.71 13.27 13.6a 17.21 9.49 9.30 Loans of $10,000 to $25,000 maturing in one year or less. NOTE: The interest rates*shown on this release are based on a survey conducted by the Federal Reserve System. In the December survey, 252 banks reported their rates on small short-term noninstalment loans to businesses; 47 reported their rates on feeder cattle operation loans; 56. reported their rates on other farm production operating expenses loans'; 252 reported their rates on new automobiles ; 49 reported"their rates on mobile homes; 201 reported, their rates on other consumer goods; 248 reported their rates on other personal expenditures; 163 reported their rates on credit card"plans. A l l rates represent,simple unweighted averages of the "most common" effective annual rate on loans made during the first full calendar week of the month in each loan category. The "most common" rate is defined as the rate charged on the largest dollar volume of loans in the particular category during the week covered in the survey. Consumer instalment loan rates are reported on a Truth in Lending basis as , specified in the Federal Reserve Board* s Regulation Z. : (over) Beginning with the June 1975 Survey is no longer reported. the small business prime rate ' Beginning with the November 1975 Survey the 54 nonmember banks that had reported to the Federal Deposit.insurance Corporation no longer report. Removal of these banks reduces the sample to include only member banks but has only a small effect on the average "most common!" interest rates shown on this release. The sample for December contained 267 member banks.
@FedFRASER