Survey of Terms of Business Lending - E.2
Skip to Content
E.2 Chart Data (PDF)
Commercial and Industrial Loan Rates Spreads over intended federal funds rate, by loan size
(Actual and Four-Quarter Moving Average)
All loans | More than $1 mil | $100 thous-$1 mil | Less than $100 thous | Intended Fed Funds1 | |||||
---|---|---|---|---|---|---|---|---|---|
Spread | Moving Average | Spread | Moving Average | Spread | Moving Average | Spread | Moving Average | ||
2017:2 | 2.64 | 2.45 | 2.50 | 2.27 | 3.06 | 3.07 | 3.30 | 3.39 | 0.88 |
2017:1 | 2.45 | 2.42 | 2.30 | 2.22 | 3.04 | 3.07 | 3.39 | 3.43 | 0.63 |
2016:4 | 2.49 | 2.31 | 2.24 | 2.09 | 3.12 | 3.08 | 3.35 | 3.44 | 0.38 |
2016:3 | 2.23 | 2.23 | 2.04 | 2.01 | 3.07 | 3.09 | 3.51 | 3.54 | 0.38 |
2016:2 | 2.50 | 2.27 | 2.29 | 2.03 | 3.06 | 3.12 | 3.48 | 3.55 | 0.38 |
2016:1 | 2.02 | 2.30 | 1.79 | 2.06 | 3.07 | 3.16 | 3.43 | 3.55 | 0.38 |
2015:4 | 2.17 | 2.40 | 1.94 | 2.15 | 3.16 | 3.20 | 3.72 | 3.60 | 0.13 |
2015:3 | 2.40 | 2.48 | 2.12 | 2.22 | 3.20 | 3.22 | 3.56 | 3.57 | 0.13 |
2015:2 | 2.62 | 2.53 | 2.39 | 2.28 | 3.21 | 3.22 | 3.49 | 3.59 | 0.13 |
2015:1 | 2.39 | 2.56 | 2.13 | 2.30 | 3.23 | 3.24 | 3.64 | 3.64 | 0.13 |
2014:4 | 2.49 | 2.58 | 2.26 | 2.35 | 3.23 | 3.26 | 3.58 | 3.67 | 0.13 |
2014:3 | 2.61 | 2.61 | 2.35 | 2.37 | 3.22 | 3.28 | 3.64 | 3.69 | 0.13 |
2014:2 | 2.73 | 2.59 | 2.47 | 2.35 | 3.27 | 3.33 | 3.70 | 3.72 | 0.13 |
2014:1 | 2.49 | 2.62 | 2.31 | 2.36 | 3.33 | 3.38 | 3.77 | 3.77 | 0.13 |
2013:4 | 2.59 | 2.70 | 2.34 | 2.40 | 3.30 | 3.42 | 3.65 | 3.81 | 0.13 |
2013:3 | 2.56 | 2.72 | 2.26 | 2.41 | 3.42 | 3.48 | 3.77 | 3.90 | 0.13 |
2013:2 | 2.85 | 2.85 | 2.51 | 2.52 | 3.47 | 3.53 | 3.89 | 3.97 | 0.13 |
2013:1 | 2.80 | 2.84 | 2.50 | 2.51 | 3.48 | 3.57 | 3.93 | 4.01 | 0.13 |
2012:4 | 2.68 | 2.97 | 2.38 | 2.66 | 3.54 | 3.63 | 4.00 | 4.07 | 0.13 |
2012:3 | 3.05 | 3.12 | 2.71 | 2.82 | 3.62 | 3.68 | 4.06 | 4.14 | 0.13 |
2012:2 | 2.81 | 3.10 | 2.45 | 2.80 | 3.65 | 3.72 | 4.05 | 4.19 | 0.13 |
2012:1 | 3.34 | 3.27 | 3.11 | 3.02 | 3.70 | 3.76 | 4.17 | 4.26 | 0.13 |
2011:4 | 3.27 | 3.22 | 3.00 | 2.94 | 3.75 | 3.82 | 4.26 | 4.30 | 0.13 |
2011:3 | 2.96 | 3.27 | 2.65 | 2.99 | 3.76 | 3.87 | 4.29 | 4.36 | 0.13 |
2011:2 | 3.49 | 3.39 | 3.31 | 3.10 | 3.82 | 3.93 | 4.31 | 4.39 | 0.13 |
2011:1 | 3.16 | 3.39 | 2.80 | 3.07 | 3.93 | 3.97 | 4.34 | 4.43 | 0.13 |
2010:4 | 3.48 | 3.43 | 3.21 | 3.10 | 3.98 | 3.96 | 4.48 | 4.46 | 0.13 |
2010:3 | 3.43 | 3.39 | 3.09 | 3.01 | 3.99 | 3.95 | 4.41 | 4.47 | 0.13 |
2010:2 | 3.49 | 3.34 | 3.17 | 2.97 | 3.98 | 3.89 | 4.49 | 4.44 | 0.13 |
2010:1 | 3.30 | 3.25 | 2.93 | 2.88 | 3.90 | 3.79 | 4.46 | 4.37 | 0.13 |
2009:4 | 3.33 | 3.18 | 2.84 | 2.86 | 3.93 | 3.69 | 4.52 | 4.25 | 0.13 |
2009:3 | 3.25 | 3.13 | 2.96 | 2.88 | 3.74 | 3.59 | 4.28 | 4.12 | 0.13 |
2009:2 | 3.10 | 2.95 | 2.79 | 2.70 | 3.60 | 3.43 | 4.20 | 3.95 | 0.13 |
2009:1 | 3.05 | 2.79 | 2.84 | 2.54 | 3.48 | 3.31 | 4.00 | 3.83 | 0.13 |
2008:4 | 3.12 | 2.57 | 2.93 | 2.29 | 3.55 | 3.16 | 3.99 | 3.69 | 1.00 |
2008:3 | 2.51 | 2.38 | 2.25 | 2.08 | 3.07 | 3.00 | 3.60 | 3.54 | 2.00 |
2008:2 | 2.47 | 2.23 | 2.14 | 1.91 | 3.12 | 2.95 | 3.71 | 3.46 | 2.00 |
2008:1 | 2.18 | 2.14 | 1.82 | 1.81 | 2.91 | 2.89 | 3.46 | 3.37 | 3.00 |
2007:4 | 2.35 | 2.02 | 2.11 | 1.69 | 2.90 | 2.90 | 3.37 | 3.35 | 4.50 |
2007:3 | 1.92 | 1.93 | 1.57 | 1.56 | 2.85 | 2.91 | 3.31 | 3.36 | 5.25 |
2007:2 | 2.09 | 1.96 | 1.73 | 1.59 | 2.91 | 2.94 | 3.33 | 3.41 | 5.25 |
2007:1 | 1.72 | 1.92 | 1.35 | 1.55 | 2.93 | 2.99 | 3.38 | 3.45 | 5.25 |
2006:4 | 1.97 | 2.04 | 1.60 | 1.67 | 2.96 | 3.01 | 3.42 | 3.48 | 5.25 |
2006:3 | 2.05 | 2.11 | 1.65 | 1.73 | 2.97 | 3.04 | 3.49 | 3.50 | 5.25 |
2006:2 | 1.95 | 2.15 | 1.60 | 1.79 | 3.08 | 3.07 | 3.50 | 3.54 | 4.75 |
2006:1 | 2.19 | 2.26 | 1.84 | 1.89 | 3.01 | 3.07 | 3.52 | 3.56 | 4.50 |
2005:4 | 2.24 | 2.31 | 1.82 | 1.92 | 3.08 | 3.09 | 3.47 | 3.57 | 4.00 |
2005:3 | 2.23 | 2.42 | 1.89 | 2.08 | 3.12 | 3.14 | 3.65 | 3.64 | 3.25 |
2005:2 | 2.38 | 2.47 | 2.01 | 2.13 | 3.07 | 3.17 | 3.60 | 3.72 | 2.95 |
2005:1 | 2.38 | 2.46 | 1.95 | 2.11 | 3.09 | 3.22 | 3.57 | 3.81 | 2.50 |
2004:4 | 2.67 | 2.46 | 2.46 | 2.12 | 3.27 | 3.26 | 3.72 | 3.94 | 1.75 |
2004:3 | 2.45 | 2.34 | 2.10 | 1.95 | 3.23 | 3.27 | 4.00 | 4.01 | 1.25 |
2004:2 | 2.32 | 2.32 | 1.92 | 1.95 | 3.28 | 3.29 | 3.96 | 4.02 | 1.00 |
2004:1 | 2.39 | 2.33 | 2.00 | 1.95 | 3.27 | 3.32 | 4.08 | 4.04 | 1.00 |
2003:4 | 2.18 | 2.34 | 1.80 | 1.95 | 3.29 | 3.33 | 4.00 | 4.05 | 1.00 |
2003:3 | 2.40 | 2.44 | 2.07 | 2.07 | 3.33 | 3.37 | 4.04 | 4.10 | 1.00 |
2003:2 | 2.36 | 2.39 | 1.95 | 1.99 | 3.37 | 3.37 | 4.05 | 4.10 | 1.25 |
2003:1 | 2.43 | 2.38 | 1.99 | 1.96 | 3.31 | 3.39 | 4.09 | 4.13 | 1.25 |
2002:4 | 2.58 | 2.32 | 2.28 | 1.92 | 3.46 | 3.41 | 4.21 | 4.14 | 1.45 |
2002:3 | 2.17 | 2.22 | 1.73 | 1.79 | 3.34 | 3.41 | 4.06 | 4.15 | 1.75 |
2002:2 | 2.32 | 2.16 | 1.82 | 1.77 | 3.45 | 3.39 | 4.14 | 4.13 | 1.75 |
2002:1 | 2.22 | 2.11 | 1.84 | 1.76 | 3.40 | 3.33 | 4.16 | 4.07 | 1.75 |
2001:4 | 2.17 | 2.05 | 1.77 | 1.72 | 3.45 | 3.30 | 4.22 | 4.01 | 2.10 |
2001:3 | 1.93 | 2.01 | 1.62 | 1.71 | 3.24 | 3.25 | 3.98 | 3.92 | 3.75 |
2001:2 | 2.11 | 2.05 | 1.78 | 1.76 | 3.23 | 3.27 | 3.90 | 3.89 | 4.50 |
2001:1 | 2.00 | 2.04 | 1.69 | 1.76 | 3.26 | 3.30 | 3.95 | 3.90 | 5.50 |
2000:4 | 2.00 | 2.06 | 1.73 | 1.79 | 3.27 | 3.29 | 3.84 | 3.89 | 6.50 |
2000:3 | 2.10 | 2.07 | 1.85 | 1.80 | 3.32 | 3.30 | 3.88 | 3.93 | 6.50 |
2000:2 | 2.05 | 2.08 | 1.76 | 1.79 | 3.34 | 3.30 | 3.94 | 3.97 | 6.00 |
2000:1 | 2.09 | 2.08 | 1.81 | 1.77 | 3.22 | 3.32 | 3.89 | 4.01 | 5.75 |
1999:4 | 2.05 | 2.03 | 1.78 | 1.69 | 3.30 | 3.34 | 4.01 | 4.06 | 5.25 |
1999:3 | 2.12 | 1.99 | 1.80 | 1.64 | 3.35 | 3.33 | 4.05 | 4.10 | 5.00 |
1999:2 | 2.05 | 1.90 | 1.67 | 1.55 | 3.39 | 3.30 | 4.07 | 4.12 | 4.75 |
1999:1 | 1.88 | 1.82 | 1.51 | 1.47 | 3.31 | 3.28 | 4.12 | 4.15 | 4.75 |
1998:4 | 1.91 | 1.78 | 1.58 | 1.43 | 3.26 | 3.28 | 4.16 | 4.18 | 5.00 |
1998:3 | 1.76 | 1.74 | 1.42 | 1.38 | 3.24 | 3.33 | 4.12 | 4.19 | 5.50 |
1998:2 | 1.73 | 1.74 | 1.35 | 1.37 | 3.31 | 3.37 | 4.21 | 4.23 | 5.50 |
1998:1 | 1.73 | 1.75 | 1.36 | 1.35 | 3.32 | 3.41 | 4.23 | 4.26 | 5.50 |
1997:4 | 1.75 | 1.75 | 1.37 | 1.34 | 3.44 | 3.44 | 4.20 | 4.29 | 5.50 |
1997:3 | 1.74 | 1.72 | 1.38 | 1.31 | 3.42 | 3.45 | 4.26 | 4.33 | 5.50 |
1997:2 | 1.76 | 1.69 | 1.30 | 1.26 | 3.47 | 3.47 | 4.36 | 4.35 | 5.50 |
1997:1 | 1.74 | 1.67 | 1.32 | 1.26 | 3.45 | 3.47 | 4.33 | 4.35 | 5.25 |
1996:4 | 1.66 | 1.63 | 1.23 | 1.22 | 3.45 | 3.46 | 4.36 | 4.36 | 5.25 |
1996:3 | 1.60 | 1.64 | 1.20 | 1.23 | 3.50 | 3.48 | 4.35 | 4.37 | 5.25 |
1996:2 | 1.69 | 1.66 | 1.29 | 1.25 | 3.50 | 3.49 | 4.35 | 4.39 | 5.25 |
1996:1 | 1.56 | 1.70 | 1.15 | 1.29 | 3.40 | 3.49 | 4.39 | 4.36 | 5.25 |
1995:4 | 1.70 | 1.74 | 1.26 | 1.32 | 3.53 | 3.51 | 4.37 | 4.30 | 5.75 |
1995:3 | 1.71 | 1.78 | 1.29 | 1.37 | 3.53 | 3.53 | 4.44 | 4.32 | 5.75 |
1995:2 | 1.84 | 1.84 | 1.45 | 1.42 | 3.52 | 3.54 | 4.22 | 4.31 | 6.00 |
1995:1 | 1.69 | 1.85 | 1.29 | 1.42 | 3.47 | 3.58 | 4.17 | 4.37 | 6.00 |
1994:4 | 1.87 | 1.82 | 1.44 | 1.38 | 3.59 | 3.56 | 4.43 | 4.43 | 4.75 |
1994:3 | 1.95 | 1.82 | 1.49 | 1.37 | 3.59 | 3.59 | 4.42 | 4.48 | 4.25 |
1994:2 | 1.89 | 1.80 | 1.43 | 1.36 | 3.66 | 3.61 | 4.44 | 4.54 | 3.75 |
1994:1 | 1.58 | 1.82 | 1.14 | 1.37 | 3.41 | 3.64 | 4.44 | 4.61 | 3.25 |
1993:4 | 1.85 | 1.97 | 1.42 | 1.49 | 3.69 | 3.77 | 4.61 | 4.74 | 3.00 |
1993:3 | 1.89 | 2.05 | 1.46 | 1.57 | 3.70 | 3.83 | 4.67 | 4.86 | 3.00 |
1993:2 | 1.95 | 2.09 | 1.47 | 1.59 | 3.77 | 3.80 | 4.71 | 4.83 | 3.00 |
1993:1 | 2.18 | 2.13 | 1.64 | 1.64 | 3.92 | 3.75 | 4.98 | 4.80 | 3.00 |
1992:4 | 2.20 | 2.07 | 1.71 | 1.60 | 3.94 | 3.62 | 5.06 | 4.65 | 3.00 |
1992:3 | 2.01 | 2.09 | 1.56 | 1.63 | 3.57 | 3.58 | 4.56 | 4.52 | 3.25 |
1992:2 | 2.12 | 2.17 | 1.65 | 1.70 | 3.59 | 3.66 | 4.60 | 4.57 | 3.75 |
1992:1 | 1.93 | 2.17 | 1.50 | 1.70 | 3.40 | 3.69 | 4.37 | 4.58 | 4.00 |
1991:4 | 2.29 | 2.25 | 1.80 | 1.77 | 3.75 | 3.79 | 4.55 | 4.64 | 4.85 |
1991:3 | 2.35 | 2.21 | 1.84 | 1.75 | 3.92 | 3.71 | 4.78 | 4.53 | 5.55 |
1991:2 | 2.12 | 2.08 | 1.65 | 1.66 | 3.67 | 3.51 | 4.63 | 4.30 | 5.75 |
1991:1 | 2.25 | 2.00 | 1.79 | 1.62 | 3.81 | 3.31 | 4.62 | 4.07 | 6.25 |
1990:4 | 2.12 | 1.89 | 1.73 | 1.53 | 3.42 | 3.10 | 4.08 | 3.85 | 7.75 |
1990:3 | 1.81 | 1.88 | 1.46 | 1.53 | 3.14 | 3.06 | 3.88 | 3.81 | 8.00 |
1990:2 | 1.83 | 1.89 | 1.48 | 1.56 | 2.87 | 3.00 | 3.69 | 3.72 | 8.25 |
1990:1 | 1.78 | 1.99 | 1.44 | 1.67 | 2.96 | 3.05 | 3.76 | 3.70 | 8.25 |
1989:4 | 2.09 | 2.06 | 1.75 | 1.75 | 3.27 | 3.06 | 3.90 | 3.64 | 8.50 |
1989:3 | 1.87 | 2.03 | 1.56 | 1.73 | 2.89 | 2.99 | 3.52 | 3.59 | 9.04 |
1989:2 | 2.23 | 2.10 | 1.94 | 1.80 | 3.10 | 3.04 | 3.64 | 3.66 | 9.75 |
1989:1 | 2.03 | 2.00 | 1.75 | 1.69 | 3.00 | 3.02 | 3.51 | 3.70 | 9.02 |
1988:4 | 1.98 | 1.96 | 1.68 | 1.63 | 2.98 | 3.08 | 3.69 | 3.84 | 8.18 |
1988:3 | 2.16 | 1.89 | 1.84 | 1.54 | 3.08 | 3.13 | 3.79 | 3.95 | 7.69 |
1988:2 | 1.83 | 1.80 | 1.50 | 1.44 | 3.02 | 3.08 | 3.81 | 3.96 | 6.75 |
1988:1 | 1.88 | 1.81 | 1.51 | 1.47 | 3.23 | 3.00 | 4.05 | 3.93 | 6.63 |
1987:4 | 1.70 | 1.76 | 1.29 | 1.43 | 3.18 | 2.88 | 4.13 | 3.87 | 6.94 |
1987:3 | 1.78 | 1.73 | 1.48 | 1.42 | 2.89 | 2.79 | 3.83 | 3.86 | 6.63 |
1987:2 | 1.86 | 1.67 | 1.58 | 1.32 | 2.71 | 2.80 | 3.69 | 3.90 | 6.50 |
1987:1 | 1.70 | 1.60 | 1.38 | 1.20 | 2.74 | 2.89 | 3.84 | 4.01 | 6.00 |
1986:4 | 1.58 | 1.55 | 1.23 | 1.19 | 2.82 | 2.98 | 4.06 | 4.11 | 5.88 |
1986:3 | 1.53 | 1.53 | 1.09 | 1.25 | 2.95 | 3.06 | 4.00 | 4.25 | 6.38 |
1. The intended federal funds rate shown here is a measure of the stance of Federal Reserve policy during the survey week. Since July 1995 the intended rate has been announced by the Federal Reserve in a press release. Prior to that date, the rates shown here were taken from the operating instructions to the Domestic Desk of the Federal Reserve Bank of New York. Where those instructions provided a range, the midpoint is given. Return to table