Data providers may use the same labels for their data even if their methods of collecting the data differ. FRED can help you compare and understand these differences.
Our FRED graph above displays two types of mortgage rates from two different sources: the weekly 30-year and 15-year fixed mortgage rates reported by Freddie Mac (solid lines) and Bankrate (dashed lines). Both data sets show similar interest rates, even though the sources use different methodologies to collect their data. Freddie Mac calculates the average rate on “thousands of mortgage loan applications” from lenders across the country when a borrower applies for a loan. Bankrate reports data from a survey of the “10 largest banks and thrifts in 10 large US markets.”
Use FRED’s graphing features to compare data series visually: This FRED graph shows the entirety of both series, and this FRED graph adds a formula to reveal the differences between the two series, which at times were notably pronounced. You can also download data from FRED to compare series quantitatively and read the FRED series notes to better understand the collection methods used.
We provide another interest rate data comparison for researchers and sleuths with the set of benchmark data from the G.19 Consumer Credit release reported by the Board of Governors of the Federal Reserve System:
- Auto loans at 48 months and 60 months
- Credit cards
- Personal loans
Here are all the recently added series from the Bankrate Monitor National Index and a link to an earlier post discussing recent patterns in interest rates on bank accounts.
How this graph was created: Search FRED for and select “30-Year Fixed Rate Mortgage Average in the United States.” Click on the “Edit Graph” button and select the “Add Line” tab to search for “Bankrate Monitor (BRM): Fixed Mortgage Rate – 30 Year Fixed.” Don’t forget to click “Add data series.” Repeat the last two steps to add data on “15-Year Fixed Rate Mortgage Average in the United States” and “Bankrate Monitor (BRM): Fixed Mortgage Rate – 15 Year Fixed.”
Suggested by Diego Mendez-Carbajo.