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Interest Rates

NADCO, the trade association for the nation's Certified Development Companies (CDCs), reports that the effective interest rate for the 20-year debentures increased from 4.92% in March to 5.03% in April. The 10-year effective rate remained at 5.11%.

The debentures that funded this month's 20-year 504 loans were sold to investors at an interest rate of 3.31%, which is an increase from March.

The rates below are those quoted by NADCO. The Debenture Rate is the base P&I rate of the loan. The Effective Rate includes three servicing fees built into the monthly payment over the full-term of the loan and the closing costs that are added to the loan. The Effective Rate is not an APR. Click here for an explanation of how the interest rates are calculated. Interest rates are typically set on the first Tuesday of a month, with loans funding on the second Wednesday of the month.

 

 20-Year Debentures  
 Month Debenture Rate Effective Rate Refinancing
 April 2018  3.31%  5.03% 5.08%
 March 2018 3.20% 4.92% 4.97%
 February 2018 3.22% 4.94% 4.99%
 January 2018  2.92%   4.64%   4.69% 
 December 2017 2.78%  4.50%   4.61% 
 November 2017  2.79%   4.51%   4.62% 
 October 2017  2.85%   4.64%   4.68% 
 September 2017 2.59% 4.38% 4.42%
 August 2017 2.75% 4.54% 4.58%
 July 2017 2.98% 4.77% 4.81%
 June 2017 2.81% 4.60% 4.64%
 May 2017 2.88% 4.67% 4.71%
 April 2017 2.84% 4.63% 4.67%
 


 
 Average 20-Year Rates  
 6-mo. Average 3.04% 4.76%  
 9-mo. Average 2.93% 4.68%  
 12-mo. Average 2.92% 4.68%  
       
 
 10-Year Debentures - sold every other month
 
 March 2018  3.00%   5.11%   5.17%
 January 2018  2.55%   4.66%   4.52% 
 November 2017  2.29%   4.47%   4.52% 
 September 2017 1.98% 4.15% 4.20%
 July 2017 2.32% 4.50% 4.55%
 May 2017 2.33% 4.51% 4.87%
 March 2017 2.63% 4.82% 4.87%

Historical 10-year Rates

Historical 20-year Rates

20-year Rate Averages