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Debenture Interest Rates

This notice announces changes in the interest rates to be paid on debentures issued with respect to a loan or mortgage insured by the Federal Housing Commissioner under the provisions of the National Housing Act (the Act). The interest rate for debentures issued under Section 221(g)(4) of the Act during the 6-month period beginning January 1, 2009, is 3.750 percent. The interest rate for debentures issued under any other provision of the Act is the rate in effect on the date that the commitment to insure the loan or mortgage was issued, or the date that the loan or mortgage was endorsed (or initially endorsed if there are two or more endorsements) for insurance, whichever rate is higher. The interest rate for debentures issued under these other provisions with respect to a loan or mortgage committed or endorsed during the 6-month period beginning January 1, 2009, is 4.125 percent. However, as a result of a recent amendment to Section 224 of the Act, if an insurance claim relating to a mortgage insured under sections 203 or 234 of the Act and endorsed for insurance after January 23, 2004 is paid in cash, the debenture interest rate for purposes of calculating a claim shall be the monthly average yield, for the month in which the default on the mortgage occurred, on United States Treasury Securities adjusted to a constant maturity of 10 years. The yields can be found in Federal Reserve Statistical Release H-15. The Federal Housing Administration is in the process of making conforming amendments to applicable regulations to fully implement this recent change to section 224 of the Act.

The Department will continue to publish semi-annually the debenture interest rate for the next six-month period in the Federal Register. Concurrently with the publication in the Federal Register, the Department will update the below list of debenture interest rates. For your convenience, here is a listing from 1980 to date. Debenture interest rates in effect prior to 1980 are available in the FHA Single Family Insurance Claims Handbook 4330.4, Revision 1, Appendix 4. The table below is also available as an Excel spreadsheet, Debenture Rate Table.

Effective Interest rate	on or after	Prior to	221(g)(4)
4.125	Jan 1, 2009	July 1, 2009	3.750
4.625	July 1, 2008	Jan 1, 2009	3.875
4.500	Jan 1, 2008	July 1, 2008	4.125
5.000	July 1, 2007	Jan 1, 2008	4.750
4.750	Jan 1, 2007	July 1, 2007	4.875
5.375	July 1, 2006	Jan 1, 2007	5.750
4.875	Jan 1, 2006	July 1, 2006	5.125
4.500	July 1, 2005	Jan 1, 2006	4.875
4.875	Jan 1, 2005	July 1, 2005	5.000
5.500	July 1, 2004	Jan 1, 2005	5.375
5.125	Jan 1, 2004	July 1, 2004	5.250
4.500	July 1, 2003	Jan 1, 2004	5.000
5.000	Jan 1, 2003	July 1, 2003	5.750
5.750	July 1, 2002	Jan 1, 2003	6.625
5.250	Jan 1, 2002	July 1, 2002	6.375
5.875	July 1, 2001	Jan 1, 2002	6.750
6.000	Jan 1, 2001	July 1, 2001	7.125
6.500	July 1, 2000	Jan 1, 2001	7.500
6.500	Jan 1, 2000	July 1, 2000	7.125
6.125	July 1, 1999	Jan 1, 2000	6.625
5.500	Jan 1, 1999	July 1, 1999	6.000
6.125	July 1, 1998	Jan 1, 1999	6.250
6.375	Jan 1, 1998	July 1, 1998	6.250
7.125	July 1, 1997	Jan 1, 1998	6.375
6.750	Jan 1, 1997	July 1, 1997	6.375
7.250	July 1, 1996	Jan 1, 1997	6.875
6.500	Jan 1, 1996	July 1, 1996	6.000
7.250	July 1, 1995	Jan 1, 1996	6.750
8.375	Jan 1, 1995	July 1, 1995	8.000
7.750	July 1, 1994	Jan 1, 1995	7.250
6.625	Jan 1, 1994	July 1, 1994	5.750
7.000	July 1, 1993	Jan 1, 1994	6.000
7.750	Jan 1, 1993	July 1, 1993	6.875
8.000	July 1, 1992	Jan 1, 1993	7.500
8.000	Jan 1, 1992	July 1, 1992	7.500
8.500	July 1, 1991	Jan 1, 1992	8.125
8.750	Jan 1, 1991	July 1, 1991	8.250
9.000	July 1, 1990	Jan 1, 1991	8.625
8.125	Jan 1, 1990	July 1, 1990	7.750
9.000	July 1, 1989	Jan 1, 1990	8.625
9.250	Jan 1, 1989	July 1, 1989	8.625
9.375	July 1, 1988	Jan 1, 1989	8.625
9.125	Jan 1, 1988	July 1, 1988	8.375
9.000	July 1, 1987	Jan 1, 1988	8.250
8.000	Jan 1, 1987	July 1, 1987	7.000
8.250	July 1, 1986	Jan 1, 1987	7.500
10.250	Jan 1, 1986	July 1, 1986	9.250
11.125	July 1, 1985	Jan 1, 1986	10.125
11.625	Jan 1, 1985	July 1, 1985	10.625
13.375	July 1, 1984	Jan 1, 1985	12.000
11.500	Jan 1, 1984	July 1, 1984	10.500
10.375	July 1, 1983	Jan 1, 1984	9.375
10.250	Jan 1, 1983	July 1, 1983	9.750
12.750	July 1, 1982	Jan 1, 1983	12.500
12.750	Jan 1, 1982	July 1, 1982	11.625
12.875	July 1, 1981	Jan 1, 1982	11.625
11.750	Jan 1, 1981	July 1, 1981	10.875
9.875	July 1, 1980	Jan 1, 1981	9.375
9.500	Jan 1, 1980	July 1, 1980

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