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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 decreased from 4.51% for November to 4.50% for December. The 10-year effective rate is the same at 4.47% for November and December.

The debentures that funded this month's 20-year 504 loans were sold to investors at an interest rate of 2.78%, which is a decrease from November.

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
 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%
 March 2017 3.04% 4.83% 4.87%
 February 2017 2.82% 4.61% 4.65%
 January 2017 2.80% 4.59% 4.63%
 December 2016 2.81% 4.60% 4.64%
 November 2016 2.57% 4.36%  
 October 2016 2.21% 4.26%  
 September 2016 2.03% 4.08%  
 August 2016 2.04% 4.09%  
 July 2016 2.04% 4.09%  
 June 2016 2.18% 4.23%  
 


 
 Average 20-Year Rates  
 6-mo. Average 2.79% 4.56%  
 9-mo. Average 2.81% 4.58%  
 12-mo. Average 2.83% 4.61%  
       
 
 10-Year Debentures - sold every other month
 
 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% N/A
 March 2017 2.63% 4.82% 4.87%
 January 2017 2.42% 4.60% N/A
 November 2016 2.17% 4.67%  
 September 2016 1.80% 4.29%  
 July 2016 1.63% 4.12%  
 May 2016 1.71% 4.19%  

Historical 10-year Rates

Historical 20-year Rates

20-year Rate Averages