§ Chris RuaneTo ask the Chancellor of the Exchequer what the average mortgage rate was in each of the last 20 years. [58665]
§ Ruth KellyThe information requested falls within the responsibility of the National Statistician, who has been asked to reply.
Letter from Len Cook to Mr. Chris Ruane, dated 23 May 2002:
As National Statistician I have been asked to reply to your recent question concerning the average mortgage rate in each of the last 20 years. (58665)
566WThe rates shown below are compiled by the Financial Services Authority. They are average rates for mortgages with Building Societies. Comparable figures prior to 1984 are not available.
Average rates for mortgages with building societies, 1984–20011 Average rate2 Basic rates3 1984 12.19 11.88 1985 13.01 12.75 1986 12.32 12.30 1987 10.34 10.30 1988 12.75 12.77 1989 14.44 14.42 1990 14.34 14.48 1991 11.39 11.52 1992 8.98 8.98 1993 7.94 7.99 1994 7.84 8.14 1995 7.48 7.98 1996 6.51 7.00 1997 7.58 8.16 1998 7.29 7.75 1999 6.49 6.77 2000 6.65 7.31 2001 5.17 5.34 1 The average rates are based on information provided by building societies. The figures reflect rates at the end of the year. 2 These data represent the weighted average of individual reporters' own weighted average rates on their overall residential loan book. 3 These data represent the weighted average of the individual reporters' standard variable (headline) rate applying to the majority of mortgage accounts at the end of reporting period.