C.5. Average Variable Interest Rates on Farm Loans Percent ___________________________________________________________________________ Other operating Intermediate non-real- Long-term real Quarter loans 1 estate loans estate loans ___________________________________________________________________________ Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*) ___________________________________________________________________________ 2006: Q4... | 9.0 8.8 8.3 2007: Q1... | 8.9 8.8 8.2 Q2... | 8.8 8.7 8.2 Q3... | 8.7 8.6 8.2 Q4... | 8.2 8.1 7.6 2008: Q1... | 6.9 7.0 6.6 Q2... | 6.6 6.7 6.4 Q3... | 6.7 6.8 6.5 Q4... | 6.2 6.4 6.1 ___________________________________________________________________________ Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY) ___________________________________________________________________________ 2006: Q4... | 9.2 8.9 8.3 2007: Q1... | 9.1 8.8 8.3 Q2... | 9.1 8.8 8.2 Q3... | 9.0 8.7 8.1 Q4... | 8.5 8.2 7.7 2008: Q1... | 7.4 7.2 6.7 Q2... | 7.1 6.9 6.6 Q3... | 7.0 6.9 6.5 Q4... | 6.7 6.7 6.4 ___________________________________________________________________________ Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA) ___________________________________________________________________________ 2006: Q4... | 9.4 9.4 8.8 2007: Q1... | 9.2 9.3 8.6 Q2... | 9.4 9.5 9.3 Q3... | 9.1 8.9 8.8 Q4... | 8.3 8.4 8.4 2008: Q1... | 7.5 7.6 7.7 Q2... | 6.6 6.8 6.8 Q3... | 6.8 7.3 7.1 Q4... | 5.5 5.9 5.8 ___________________________________________________________________________ 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. 38