Nearly 10 years of water-vapor measurements to heights of 30 km provide a basis for assessing the natural concentration of stratospheric water vapor and its variability. The measurements which began in 1964 have been made at monthly intervals from the mid-latitude location of Washington, D.C, using a balloon-borne frost-point hygrometer. The observations show the mixing ratio of water-vapor mass to air mass in the stratosphere to be in the general range of 1 to 4 p.p.m. with a modal concentration between 2 and 3 p.p.m. An annual cycle of mixing ratio is evident for the low stratosphere. A trend of water-vapor increase observed during the first 6 years does not persist beyond 1969 or 1970. The 6 year increase was followed by a marked decrease in 1971, with mixing ratios remaining generally below 3 p.p.m. thereafter. The measurements of recent years suggest that the series of observations may have begun during a period of low water-vapor concentration in the stratosphere.