C.5. Average Variable Interest Rates on Farm Loans
Percent
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                    Other operating  Intermediate non-real-  Long-term real
Quarter                 loans 1           estate loans        estate loans
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  Ninth (Minneapolis) Federal Reserve District (MI*, MN, MT, ND, SD, WI*)
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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

2009: Q1...    |                6.0                     6.1             5.9
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Tenth (Kansas City) Federal Reserve District (CO, KS, MO*, NE, NM*, OK, WY)
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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

2009: Q1...    |                6.5                     6.5             6.2
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Twelfth (San Francisco) Federal Reserve District (AL, AZ, CA, HI, ID, NV, OR, UT, WA) 
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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

2009: Q1...    |                5.7                     6.1             6.0
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   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.

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