USDA interest rates rise
The interest rate has gone up for some USDA loans.
The new rate for farm operating loans is 2%, compared to 1.75% in November. Farm ownership loan rates jumped from 2.875% to 3%. Emergency loan interest jumped from 2.75% to 3%. The December rates for farm ownership loans with joint financing and farm ownership loans with down payments held steady at 2.5% and 1.5% respectively.
Facility storage loan rates also went up between one and two-tenths of a percent over last month.
Commodity loan rates remain at 1.125%.
USDA also reminds farmers the deadline for applying for COVID 19 Disaster Set-Aside loans has been extended to January 31st of 2022.