C.4. Average Fixed Interest Rates on Farm Loans Percent __________________________________________________________________________________________ Feeder cattle Other operating Intermediate non-real- Long-term real Quarter loans loans 1 estate loans estate loans __________________________________________________________________________________________ Seventh (Chicago) Federal Reserve District (IL*, IN*, IA, MI*, WI*) __________________________________________________________________________________________ 2006: Q4... | 8.7 8.7 n.a. 7.7 2007: Q1... | 8.6 8.6 n.a. 7.7 Q2... | 8.6 8.7 n.a. 7.7 Q3... | 8.4 8.4 n.a. 7.5 Q4... | 7.9 7.8 n.a. 7.1 2008: Q1... | 6.9 6.7 n.a. 6.4 Q2... | 6.8 7.1 n.a. 6.5 Q3... | 6.8 6.7 n.a. 6.6 Q4... | 6.3 6.2 n.a. 6.2 __________________________________________________________________________________________ Eleventh (Dallas) Federal Reserve District (LA*, NM*, TX) __________________________________________________________________________________________ 2006: Q4... | 9.5 9.6 9.3 8.7 2007: Q1... | 9.4 9.7 9.3 8.6 Q2... | 9.4 9.5 9.1 8.5 Q3... | 9.4 9.6 9.2 8.5 Q4... | 8.9 9.1 8.7 7.9 2008: Q1... | 7.8 8.0 7.7 7.2 Q2... | 7.5 7.8 7.6 7.2 Q3... | 7.4 7.6 7.5 6.9 Q4... | 6.9 6.9 7.2 6.8 __________________________________________________________________________________________ Fifth (Richmond) Federal Reserve District (MD, NC, SC, VA, WV*) __________________________________________________________________________________________ 2006: Q4... | 9.3 9.3 8.9 8.4 2007: Q1... | 9.1 9.0 8.6 8.3 Q2... | 8.9 8.9 8.7 8.5 Q3... | 8.7 8.6 8.2 8.2 Q4... | 8.2 7.9 7.6 7.5 2008: Q1... | n.a. n.a. n.a. n.a. Q2... | 7.2 7.1 7.2 7.2 Q3... | 6.9 6.7 6.9 7.1 Q4... | 6.8 6.5 6.6 6.9 __________________________________________________________________________________________ 36 C.4. Average Fixed Interest Rates on Farm Loans (continued) Percent __________________________________________________________________________________________ Feeder cattle Other operating Intermediate non-real- Long-term real Quarter loans loans 1 estate loans estate loans __________________________________________________________________________________________ Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY) __________________________________________________________________________________________ 2006: Q4... | n.a. 9.2 9.0 8.4 2007: Q1... | n.a. 9.1 9.0 8.4 Q2... | n.a. 9.1 8.9 8.3 Q3... | n.a. 9.1 8.8 8.3 Q4... | n.a. 8.6 8.4 7.9 2008: Q1... | n.a. 7.5 7.4 7.0 Q2... | n.a. 7.4 7.3 7.0 Q3... | n.a. 7.4 7.3 7.0 Q4... | n.a. 7.0 7.1 6.8 __________________________________________________________________________________________ Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*) __________________________________________________________________________________________ 2006: Q4... | n.a. 9.0 9.0 8.3 2007: Q1... | n.a. 9.0 8.9 8.3 Q2... | n.a. 9.0 8.8 8.3 Q3... | n.a. 8.8 8.7 8.2 Q4... | n.a. 8.3 8.2 7.7 2008: Q1... | n.a. 7.2 7.1 6.8 Q2... | n.a. 6.9 7.0 6.8 Q3... | n.a. 7.0 7.1 6.8 Q4... | n.a. 6.7 6.8 6.6 __________________________________________________________________________________________ Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA) __________________________________________________________________________________________ 2006: Q4... | n.a. 9.0 9.1 8.3 2007: Q1... | n.a. 8.9 8.8 8.3 Q2... | n.a. 8.9 8.8 8.4 Q3... | n.a. 8.7 8.6 8.0 Q4... | n.a. 8.0 8.2 7.8 2008: Q1... | n.a. 7.2 7.4 7.2 Q2... | n.a. 7.3 7.4 7.2 Q3... | n.a. 7.1 7.6 7.4 Q4... | n.a. 6.7 7.0 6.8 __________________________________________________________________________________________ 1. Loans used primarily to finance such items as current crop production expenses and the care and feeding of livestock(including poultry). * State falls only partly within the indicated Reserve District. n.a. Not available. Source. Federal Reserve Bank quarterly surveys of agricultural credit conditions at commercial banks. 37