Farm Mortgages Recorded in 1959: Interest Rates, Terms and Sizes with Historical Data, 1949-59

Excerpts from the report: In the last several decades, agriculture has become an increasingly heavy user of capital. Land values have risen greatly, many improvements in land and buildings have been made, and such purchased inputs as fertilizer and machinery have increased. These factors, together with the expansion and consolidation of individual farms, have resulted in the use of more credit, not only for operating expenses but also for the transfer and refinancing of the investment in fixed assets. Loans secured by mortgages on farm real estate are a main source of credit to agriculture. Usually, these loans have longer maturities than those without real estate security; they provide agriculture with a substantial amount of long-term capital. This report, which covers farm mortgages recorded during the period January 1 through March 31, 1959, presents more detailed data than are included in the usual releases on recordings. It shows changes from earlier periods in interest rates, length of term, and size of loans. It reveals how these characteristics varied among regions and for different lender groups. Further, it points out important relationships among rates, terms, and sizes of loans, and goes beyond the presentation of averages alone in showing the range of these characteristics for borrowers, lenders, and regions.