Full text of H.16 Capital Market Developments : October 20, 1975

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s

Capital
Marl<et
Developments

October 20,1975
Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE, AGRICULTURAL, and
CONSUMER FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
Washington, D.C. 20551

Index

TABLES

SYMBOLS

1 - 6

SECURITY VOLUME AND Y I E L D S

e
p

7,8

STOCK MARKET AND SECURITY CREDIT

9-16

MORTGAGE MARKET

r
REVISED
H.a. NOT AVAILABLE
— DATA DO NOT EXIST




ESTIMATE
PRELIMINARY

Table 1

YIELDS, VOLUME AND RECEPTION

3

CORPORATE BOND MARKET
YIELDS
WEEK ENDING

NEW ISSUE
A a a UTILITY

|

RECENTLY
OFFERED
Aaa UTILITY

|

2!

3
GROSS
OFFERINGS
( $ MILLIONS)

VOLUME
PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1
8
15
22
29

9.37
9.44
9.43
9.53
9.49

9.35
9.51
9.49
9.54
9.50

243
360
244
342
350

80
80
90
95
90

63
96
33
4
0

Sept.

5
12
19
26

9.64
9.68
9.70

9.41
9.50
9.61
9.70

15
285
520
331

99
95
95
91

1
33
30
58

Oct.

3
10
17

9.72
9.60
9.53p

9.70
9.56
9.51p

398
357
739

93
98
95

5
0
17

1975 - Aug.

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1
8
15
22
29

6.40
6.40
6.40
6.40
6.40

7.09
7.16
7.17
7.18
7.18

524
664
442
685
450

90
83
69
85
94

138
146
215
207
155

Sept.

5
12
19
26

6.60
6.66 ..
6.76
6.79

7.34
7.40
7.49
7.54

254
286
591
508

69
90
84
84

183
84
113
107

Oct.

3
10
17

6.92
6.80
6.60

7.67
7.48
7.29

451
479
335

81
76
92

142
154
86

1975 - Aug.

I

NOTES:

j

1

1
1

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price
restrictions sometime during the last four weeks.

3

Estimated by F.R. on the basis of available data.

4

Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when
necessary to make coverage of this series consistent with the gross offerings series.

1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.




Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
A a a UTILITY

DATE

1

RECENTLY OFFERED
A a a UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
C O N S T A N T MATURITY

4

BOND BUYER
2 Q - B O N D INDEX

1971 - High
Low

8.26 (7/30)
7.02 (2/5)

8.23 (1/1)
7.17 (12/31)

7 . 7 1 (8/21)
7.06 (2/12)

6 . 5 1 (6/18)
5.69 (3/23)

6.23 (6/23)
4.97 (10/21)

1972 - High
Low

7.60 (4/21)
6.99 (11/24)

7.49 (4/21)
7.15 (12/1)

7.36 (4/28)
7.05 (2/12)

6.19 (4/14)
5.74 (11/17)

6.54 (4/13)
4.96 (10/21)

1973 - High
Low

8.52 (8/10)
7.29 (1/21)

8.32 (8/10)
Xx 7.28 (1/5)

7.77 (8/24)
7.11 (1/5)

7.79 (8/10)
6.42 (1/5)

5.59 (8/3)
4.99 (10/11)

1974 - High
Low

10.61 (10/4)
8.05 (2/15)

10.52 (10/11)
8.13 (1/4)

9.39 (10/11)
7.73 (1/4)

8.68 (8/30)
7.39 (1/4)

7.15 (12/12)
5.16 (2/7)

1975 - High
Low

9.80 (5/2)
8.89 (2/7)

9 . 7 1 (5/25)
9.06 (2/28)

9.01 (5/2)
8.57 (2/28)

8.63 (9/19)
7.63 (2/21)

7-67 (10/3)
6.27 (2/13)

1975 - S e p t .

Oct.

5
12
19
26

9.64
9,68
9.70

9.41
9.50
9.61
9.70

8.93
8.94
8.98
8.94

8.47
8.61
8.63
8.52

7.34
7.40
7.49
7.54

3
10
17

9.72
9.60
9»53p

9.70
9.56
9.51p

8.96
8.93r
8,87p

8.59
8.43r
S.3Cp

7.67
7.48
7.29

—

NOTES:
1

Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released from price restrictions sometime during the last 4

3

Weekly average of daily closing figures.

4

Weekly average of daily figures. U.S. Treasury data.

5

Thursday figures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




5

Table 3

5

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

G R O S S PROCEEDS
PERIOD

1

CORPORATE

1975

1

1974

1

2

STATE AND LOCAL

1973

1975

1

1974

1973

1

January
February
March

5,376
4,526
5,368

3,328
2,687
3,217

2,327
1,962
3,933

2,361
2,322
2,124

i 2,255
\ 2,003 )

\> f

1,977
1,515
2,467

April
May
June

4,439
5,646
5,570

3,060
3,164
2,981

2,497
2,543
3,578

2,393
2,875
3,020

Z7397
2,304
2,166

1,826
1,939
2,152

July
August
September

3,248
2,667
l,bl7

2,631
1,806
1,915

3,536
3,302

1,459
1,106
1,701

2,028
1,657
1,750

October
November
December

4,609
3,739
3,511

3,398
3,563
. 3,238

2,860
2,483
1,479

2,313
2,257
2,089

6,283
6,867
4,266
6,822

5,959
5,917
5,435
6,659

13,150
17,416
24,238

11,876
17,311
23,970

Q1
02
03
04

15,270
15,655

9,232
9,205
7,532
11,859

8,222
8,618
6,352
10,199

1st Half
3 Qtrs.
Year

30,925

18,437
25,969
37,828

16,840
23,192
33,391

6,807
8,288

2

02

NOTES:
1
2

3

Securities and Exchange Commission estimates of gross proceeds.
Securities Industry Association estimates of principal amounts.

August t o t a l i n c l u d e s $565 m i l l i o n of p r i v a t e l y - p l a c e d municipal a s s i s t a n c e
c o r p o r a t i o n bonds.




NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

G R O S S PROCEEDS BY TYPE OF ISSUE
PERIOD

1974 -

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

G R O S S PROCEEDS BY TYPE OF ISSUER
MEMO

ISSUES INCLUDED
FOREIGN (CONVERTIBLE

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

7,532
11,859

5,025
8,611

1,222
1,571

1,285
1,677

373
374

310
76

1,887
4,079

2,376
3,702

1,008
743

2,263
3,337

15,270
15,655

10,829
10,510

2,333
1,564

2,108
3,581

1,255
1,035

1
656

6,055
6,513

4,732
4,405

1,380
1,338

3,105
3,399

2,981

1,939

516

526

10

12

477

1,147

356

992

July
Aug.
Sept.

3,248
2,667
1,617

2,086
2,042
897

616
299
307

546
326
413

223
—
150

205
104
1

1,094
605
188

618
1,078
680

295
364
349

1,242
620
401

Oct.
Nov.
Dec.

4,609
3,739
3,511

3,423
3,016
2,172

355
330
886

831
393
453

175
199

76

728
1,699
1,652

2,109
964
629

475
93
175

1,297
985
1,055

1975 - J a n .
Feb.
Mar.

5,376
4,526
5,368

3,657
3,201
3,971

1,130
730
500

589
622
897

470
610
175

1
—

1,901
1,675
2,479

1,268
1,957
1,507

938
125
317

1,268
771
1,066

Apr.
May
June

4,439
5,646
5,570

2,771
3,796
3,943

422
520
622

1,246
1,330
1,005

135
475
425

130
315
211

1,731
2,479
2,303

1,378
1,549
1,478

563
413
362

766
1,207
1,426

III
IV

1975 - I
II

1974 - June

—

NOTES:
1
Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
Source: Securities and Exchange Commission.




1

T a b l e 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
October 1, t h r u October 17, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

»

CORPORATE

AT&T
Standard Oil Co. (Ohio)
C i t i e s S e r v i c e Co.
H a r t f o r d E l e c t . Light & Power Co.
P a c i f i c Gas & E l e c t r i c
Union P a c i f i c Ry Co.
Brockton Edison Co.
Michigan B e l l T e l e . Co.
Morton-Norwich Products I n c .
Mack Trucks I n c .
Savannah E l e c t . & Power Co.
Jerrico Inc.
L o u i s v i l l e Gas & E l e c t r i c Co.
Rochester Gas & E l e c t r i c
Rochester Gas & E l e c t r i c
United Nuclear
C e n t r a l I l l i n o i s Light
Iowa P u b l i c S e r v i c e
Sundstrand Corp.
Pennsylvania E l e c t r i c Co.
P u b l i c S e r v i c e C o r p . , New Hampshire
Toledo Edison Co.
Gen. T e l . of I n d i a n a

Com s t k
Com s t k
SF debt
1 s t mtge
1 s t mtge
Equip t r
1 s t mtge
Debt
SF debt
Notes
1 s t mtge
Com s t k
Com s t k
Pfd s t k
Com s t k
Com s t k
Pfd s t k
Com s t k
Com s t k
Pfd s t k
Com s t k
1 s t mtg
Debt

552.0
64.9
150.0
30.0
175.0
15.0
20.0
200.0
60.0
60.0
20.0
31.6
15.6
25.0
15.4
15.3
15.0
16.8
17.1
32.0
15.0
50.0
35.0

—
—

——

—

2000
2005
1985
1990
1985
2008
2000
1985
1981

9.75
11.50
9.50
8.75
12.00
9.60
9.63
10.75
12.50

—

—

—

——

—

—

—

11.00

11.00

A

—

—

—

- -

10.50

10.50

A

- -

- -

- -

—
—
- -

1985
2005

NOTES:
*

Rights offering.

1

Includes only corporate and pther security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.




—

——

10.88
- -

9.35
9.25

9.80
11.50
9.58
7.50-9.00
11.73
9.60
9.73
10.75
12.50

- -

10.88
—

9.35
9.25

A
A/BBB
Aa/AAAaa
Baa/A
Aaa
A
Baa/BBB
Ba/BB
—

—

Baa/BBB
—

A/ Af
Aa
^

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 1, t h r u October 17, 1975
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

15.0
25,0
100.0
45.0
300.0
150.0
8.1
10.9

1985
1985
1985
2000
2000
1980
2000
2000

COUPON RATE

OFFERING
YIELD

MOODY'S
RATING

10.75
9.88
9.13
9.88
8.90
8.05
8.80
9.30

Baa/BBB
A .
A/AA
A
Aaa
Aaa
NR
NR

E

CORPORATE

P u b l i c S e r v i c e Corp. of New Hampshire
Pennsylvania Power
N a t 1 1 Rural U t i l . Coop. F i n . Corp.
Kewanee I n d u s t r i e s , I n c .
Exxon P i p e l i n e Co.
Exxon P i p e l i n e Co.
Avondale Shipyard, I n c .
Avondale Shiipyard, Irlc.


b


1 s t mtg
1 s t mtg
Coll t r .
SF debt
Debt
Notes
SF debt
SF debt

10.75
9.88
9.13
9.88
8.88
8.05
8.80
9.30

1

I
fi
1

Table SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
October 1, t h r u October 17, 1975
2
AMOUNT
TYPE

ISSUER

(MILLIONS OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Ohio, S t a t e of
Oregon, S t a t e of
Smithtown C e n t r a l Sch. D i s t . , N.Y.
I l l i n o i s Health F a c i l i t i e s Auth.
I l l i n o i s Health F a c i l i t i e s Auth.
Tallahassee, Fla.
Monroe Co., Mich.
San Antonio, Texas
P h i l a d e l p h i a H o s p i t a l A u t h . , Pa.
P h i l a d e l p h i a H o s p i t a l A u t h . , Pa.
Massachusetts Hsg. Finance Agy.
Massachusetts Hsg. Finance Agy.
Nebraska P u b l i c Power D i s t .
Nebraska P u b l i c Power D i s t .
Nebraska P u b l i c Power D i s t .
Racine, Wise.
Phoenix, A r i z .
Beaumont, Texas
F a i r f i e l d I n d u s t . Dev. B d . , A l a .
F a i r f i e l d I n d u s t . Dev. Bd., A l a .
Des P l a i n e s , 111.
Des P l a i n e s , 111.
Des P l a i n e s , 111.

I

Rev
G.O.
G.O.
Rev
Rev
Rev
G.O.
Rev
Rev
Rev
Rev
Rev
Rev
Rev
Rev
G.O.
G.O.
G.O.
Rev
Rev
Rev
Rev
Rev

32.5
125.0
12.6
4.2
15.9
30.0
10.7
50.0
12.1
69.5
1.5
10.9
15.0
15.0
20.0
10.9
15.0
20.0
10.0
7.5
2.1
1.0
4.0

1978-2002
1981-1993
1976-2001
1978-1990
2005
1980-2004
1977-1999
1977-1998
1979-1990
2008
1978-1995
2017
1977
1978
1979
1976-1990
1977-1992
1981-1990
1985
2000
1977-1988
1991
1999

7.91
6.29
7.95
9.37
9.37
7.48
6.67
7.39
9.74
9.74
9.05
9.05
6.56
6.56
6.56
6.30
6.46
6.31
•«.

--——

—

5.50-8.00
5.25-6.70
5.20-7.80
6.25-8.75
9.38
5.50-7.85
4.75-7.75
4.50-7.65
6.20-8.50
9.75
6.00-8.50
9.00
5.90
6.00
6.25
4.40-7.00
4.50-6.70
5.00-6.15
6.25
7.63
6.00-8.60
9.00
9.25

A
Aaa
Baa-1
A
A
A—1
Aa
Aa
Aa
Aa
A-l
A-l
MIG 2
MIG 2
MIG 2
A-l
Aa
A-l
Aa
Aa
A
A
A

NOTES:
1
2

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.
In case of State and local government securities, G O denotes general obligation; Rev. Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue bonds secured solely by lease payments.

3

Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies.




Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
October 1, t h r u October 17, 1975

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S
RATING

STATE AND LOCAL

Des P l a i n e s , 111.
Beaver Co, I n d u s t . Dev. A u t h . , P a .
P h i l a d e l p h i a , Pa.
Georgia, S t a t e of




Rev
Rev
Rev
G« 0 .

4.4
18.0
75.0
48.0

2004
2005
1977
1976-2000

--

8.55
6.28

9.25
8.45
/ 8.00
4.00-6.85

A
A
M1G1
Aaa

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of October 17, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE O F OFFERING

CORPORATE

P u b l i c Service of Colorado
I n t e r s t a t e Power Co.
P u b l i c S e r v i c e of Colorado
^Missouri P a c i f i c ER Co,
Walter Kidde & Co.
Airco, I n c .
Northern Indiana P u b l i c Service
P u b l i c S e r v i c e E l e c t r i c Co.
Mallinckrodt, Inc.
P a c i f i c Northwest B e l l T e l . Co.
Georgia Power Co.
Ohio Power Co.
Tucson Gas & E l e c t . Co.
M i s s i s s i p p i Power
Wisconsin Power & Light
*General Telephone & E l e c t r o n i c s
*GATX
*GATX
F i r s t Maryland Bancorp
Transamerica Corp.
ITT F i n a n c i a l Corp.
ITT F i n a n c i a l Corp.
American F i n a n c i a l Corp.
Macy C r e d i t Corp.
H o s p i t a l Corp. of America
New York S t a t e E l e c t r i c & Gas
North Carolina Pwr. & Light
C e n t r a l Hudson Gas & E l e c t .
*Panhandle E a s t e r n P i p e l i n e
Panhandle E a s t e r n P i p e l i n e
* P a c i f i c Gas & E l e c t r i c Co.
*Baltimore & Ohio RR
F l o r i d a Power & Light Co.
Chesapeake & Ohio KR Co.
Arizona P u b l i c Service
*Arizona P u b l i c S e r v i c e
^Arkansas Power & Light Co.
Columbus & Southern Ohio E l e c t .

1 s t mtg
1 s t mtg
Com s t k
Equip t r
Notes
SF debt
Com s t k
Pfd s t k
Conv debt
Debt
Pfd s t k
1 s t mtg
1 s t mtg
Pfd s t k
Com s t k
Pfd s t k
Equip t r
Equip t r
Notes
Notes
Notes
Debt
Debt
Debt
1 s t mtg
Com s t k
Com s t k
1 s t mtg
Com s t k
Debt
Pfd s t k
Equip t r
1 s t mtg
Equip t r
1 s t mtg
Pfd s t k
Pfd s t k
1 s t , mtg

50.0
10.0
20.0
13.9
50.0
75.0
30.0
40.0
30.0
100.0
50.0
25.0
50.0
15.0
25.0
100.0
45.0
15.0
25.0
50.0
50.0
50.0
50.0
50.0
41.0
25.0
60.0
20.0
45.0
40.0
75.0
10.1
50.0
15.0
60.0
30.0
40.0
60.0

NOTES:
•

Included in table for first time.

1

Include* only corporate and other security issues of $15 million and over; excludes exchanges, options




October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
October
November
November
November
November
November
November
November
November
November
November
November

21
20
22
23
23
23
23
23
28
28
28
29
29
29
30
30

5
5
5
6
6
6
12
12
12
12
13

12
T a b l e 6A C o n t i n u e d

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of October 17, 1975
ISSUER

TYPE

AMOUNT
(IN MILLIONS
O F DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

V i r g i n i a E l e c t . & Pwr. Co.
Madison Gas & E l e c t .
El Paso E l e c t r i c
Penn, Power & Light
Utah Power & Light
Columbia Gas
Wisconsin Gas Co.
Wisconsin E l e c t r i c Power Co.
*Clark Equipment C r e d i t Corp.
-Brad Ragen, I n c .
-Columbia Gas System, I n c .
^Consumers Power
-Kentucky U t i l i t i e s
FMC Finance Corp.
V i r g i n i a E l e c t r i c & Power Co.
Shenandoah Oil Corp.
Consol Edison Co. of New York
Mead Corp.
Armco S t e e l Corp.
Pan American Bancshares
Texas Gas Transmission Co.
A l l i e d Finance Co.

1 s t mtg
1st mtg
1 s t mtg
1 s t mtg
1 s t mtg
1st mtg
1 s t mtg
1st mtg
Notes
Conv. debt
Debt
Com s t k
Com s t k
Notes
Com s t k
Conv. debt
1st mtg
SF debt
Notes
Notes
Debt
Notes

100.0
25.0
15.0
100.0
60.0
75.0
20.0
60.0
50.0
10.0
75.0
55.0
15.0
50.0
47.5
20.0
80.0
100.0
21.0
20.0
40.0
20.0

November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF
INDEF

SF debt
Conv debt

50.0
100.0

October
November

13
13
18
18
19
19
19
20

OTHER
Hudson Bay Mining & Smelting Co. L t d .
^Matsushita E l e c t . I n d u s t . Co. L t d .
POSTPONEMENT
Houston L & P
Houston L & P

Pref s t k
Com s t k

40.0
40.0

October
iOctober

CANCELLED
J . P. Morgan & Co.




Notes

150.0

Cancelled

8
16

Table 6B

*3

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of October 17, 1975
AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*Monroe Co., Mich.
C a l i f o r n i a Educ. F a c i l i t i e s Auth.
Newport News, Va.
C o n n e c t i c u t , S t a t e of
S. Vermillion High Sch. Bldg.
Corp., I n d .
El Paso Co. J r . College D i s t . , Tex,
* F a i r f a x Co., Va.
F a i r f a x Co., Va.
Maryland, S t a t e of
*Los Angeles Co. Courthouse Bldg.
Corp.
C a l i f o r n i a , S t a t e of
Jacksonville E l e c t r i c Auth., Fla.
West V i r g i n i a , S t a t e of
Chicago P u b l i c Bldg. Comm., 111.
*Minnetonka, Minn.
*Sonoma Co. Water Agency, C a l i f .
Los Angeles Dept. of Water & Power

Rev
Rev
G.O.
G.O.
Rev
G.O.
Rev
G.O.
G.O.

14.0
18.7
11.7
70.8

October
October
October
October

21
21
21
21

10.0

October
October
October
October
October

21
21
22
22
22
27
28
28
29
30
3
4
5

14

19.7

16.8
10.6

85.8

12.0
10.0
20.0

Rev
G.O.
Rev
G.O.
Rev
G.O.
Rev
Rev

65.0

October
October
October
October
October
November
November
November

G.O*

51.0

October

50.0
36.0

10.8
11.0

POSTPONEMENT
M i n n e a p o l i s - S t . Paul Metro. Area,
Minn.

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government. International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.
Included in the table for the first time.




Table 7

STOCK PRICES AND VOLUME
4
AMEX
1
9J INDUSTRIALS |
(1/11)
130.47
1051.50 (1/11)
85.26 (12/20)
788.31 (12/5)

2

TRADING VOLUME

1

STOCK PRICES
3

NYSE
NASDAQ
136.84 (1/11) 26.0 (9/20)
89.12 (12/13) 9.0 (8/20)

|

AMEX
5 . 5 (1/12)
1.4 (8/20)

|

NASDAQ
11.3 (1/11)
3 . 5 (8/27)

1973 - High
Low

NYSE INDEX
65.48 (1/11)
49.12 (12/13)

1974 - High
Low

53.37 (3/13)
32.89 (10/3) y

891.66 (3/13)
577.60 (12/6)

102.01 (3/14)
58.26 (12/9)

96.53 (3/15)
54.87 (10/3)

24.9 (1/3)
7.5 (7/5)

4.4 (1/3)
.9 (9/26)

7 . 5 (1/3)
2 . 8 (7/5)

1975 - High
Low

51.24 (7/15)
37.16 (1/8)

881.81 (7/15)
632.04 (1/2)

96.86 (7/15)
62.20 (1/2)

88.00 (7/15)
60.70 ( 1 / 2 )

35.2 (2/13)
8.7 (9/15)

4.2 (2/21)
1 . 1 (9/15)

8 . 1 (2/13)
2 . 5 (9/15)

Aug.

1
8
15
22
29

47.10
45.92
46.02
44.85
46.29

826.50
. 817.74
825.64
804.76
835.34

89.23
85.86
86.16
83.58
86.64

81.92
79.55
78.58
76.45
79.01

15.6
13.7
12.4
14.8
12.7

1.8
1.6
1.4
1.6
1.3

4.9
4.6
4.4
4.7
4.6

Sept

5
12
19
26

45.56
44.26
45.53
45.70

835.97
809.29
829.79
818.60

85.45
83.48
84.56
84.78

77.78
74,72
76.39
76.14

12.1
13.1
13.8
14.3

1.3
1.3
1.7
1.5

4.3
4.2
4.4
5.6

Oct.

3
10
17

45.49
46.67
47.06

813.21
832.91
932.18

83.21
84.13
S3.38

75.50
76.96
77.62

13.6
15.3r
16.3

1.5
1.5
1.5

4.4
4.6
5.3

NOTES:
1

Figures other than highs end lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.

2

Volume figures are weekly averages of daily figures (millions of shares).

3
4

12/31/66-50
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




15

Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

BROKERS ON 1 BROKERS ON 2
MARGIN
CONVERTIBLE
STOCK
BONDS

3
BANKS

UNREGULATED NONMARGIN
S T d C K CREDIT
AT BANKS

4

OUTSTANDING

1974 - July
Aug.
Sept.
Oct.
Nov.
Dec.

1975 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug*
Sept.

4,840
4,590r
4,020r
3,930r
3,960r
3,840r

158
156
148
145
139
137

1,023
953
924
916
891
856

2,091
2,119
2,060
2,024
2,053
2,064

3,950r
4,130r
4,180r
4,360r
4,700r
4,990r
5,300r
5,220r
5,250r

134
136
134
138
140
146
144

848
830
844
824
819

1,919
1,897
1,882
1,885
1,883
n.a.
n.a.

-320
-250
-570r
-90r
30r
-90r

-14
-3
-7
-3
-6
-2

-14
-70
-29
-8
-25
-35

19
28
-59
-36
29
11

110
180r
50r
180
340
290r
310
-80
30

-3
2
-2
4
2
6
-2

-8
-18
14
-20
-5

-145
-22
-15
-3
-2

CHANGE IN OUTSTANDING

1974 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

1975 - J a n .
Feb.

Mar.
Apr.
May
June

July
Aug.
Sept.

NOTES:
1

Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.

2

New York Stock Exchange data.

3

June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.

4

Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no




j

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

)
SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR D E P O S I T S

NET
FLOW
1971
1972
1973
1974

ANNUAL 3
GROWTH
RATE

9,621
10,067
4,815
2,909

1974 - May
June
July
August
1975 - May

6
769
-521
-646

July
August 2 /

1,143
1,827
509
225

1975 - January
February
March
April
May
June
July
August 2J

369
715
1,489
867
1,352
1,530
937
893

1

13.5
12.4
5.3
3.0
—
—
—

—
—
—
—

4.5
8.7
18.0
10.3
15.9
17.8
11.0
10.1

NET
NEW
MONEY

2

S H A R E CAPITAL

NET
FLOW

5,378
5,451
-442
-2,822

27,793
32,567
20,237
16,053

-182
-370
-733
-837

536
*,691
-481
-1,147

930
716
264
10
—
—
—
—
—
—

—

ANNUAL 3
GROWTH
RATE
19.0
18.7
9.8
7.0

NET
NEW
MONEY

2

TOTAL
DEPOSITS

NET
FLOW

20,653
23,884
10,507
4,669

. 37,414
42,634
25,052
18,952

420
16
-581
-1,218

542
3,460
-1,002
-1,793

3,895
3,690
—
6,226
3,089
3,055
—
2,865
——
1,460
1,313
SEASONALLY ADJUSTED
——
2,455
12.1
3,057
14.9
—
4,842
23.3
—
3,642
17.2
——
4,331
20.2
—
5,031
23.0
18.6
4,144
3,208
14.2

5,038
8,053
3,564
1,685

——

2,824
3,772
6,331
4,509
5,683
6,561
5,101
4,101

9.9
13.1
21.7
15.2
19.0
21.6
16.5
13.1

—
—
—

NOTES:
1

Repilar deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits.

2

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources.

3

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.

Source:for
National
Association of Mutual Savings Banks and
Digitized
FRASER


Federal Home Loan Bank Board.

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

17.2
16.7
8.4
5.8

26,331
29,335
10,062
1,847

__

238
-354
-1,314
-2.055

—
—
—

——

4,620
3,805
3,129
1,323

2

17
T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

PERIOD

OUTSTANDING COMMITMENTS
ALL SAVINGS
MUTUAL
SAVINGS BK£>
& LOAN
ASSOCIATIONS (N.Y. STATE)

TOTAL

TOTAL

NET CHANGE
ALL SAVINGS
MUTUAL
& LOAN
SAVINGS BKS
ASSOCIATIONS (N.Y. STATE)

1971 - Dec.

17.7

14.0

3.7

.49

.30

.19

1972 - Dec.

25.1

20.2

4.9

.56

.55

.01

1973 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

25.8
25.8
25.4
24.8
24.0
23.7
23.1
22.2
21.0
20.0
19.6
19.7

20.8
20.9
20.6
20.2
19.5
19.3
18.8
18.0
17.0
16.1
15.9
16.2

5.0
4.9
4.8
4.6
4.5
4.4
4.3
4.2
4.0
3.9
3.7
3.5

.80
.21
-.43
-.57
-.89
-.21
-.67
-.92
-1.15
-1.06
-.41
.15

.66
.11
-.28
-.40
-.77
-.15
- .56
-.75
-1.00
-.90
-.26
.35

.14
-.10
-.15
-.17
-.12
- .06
-.11
-.17
-.15
-.16
-.15
-.20

1974 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

19.3
19.4
19.5
19.7
18.5
18.0
17.3
16.7
16.2
14.9
14.4
14.4

15.9
16.0
16.3
16.7
15.7
15.1
14.6
13.9
13.5
12.5
12.0
12.3

3.4
3.2
3.1
3.0
2.9
2.9
2.8
2.8
2.7
2.4
2.3
2.2

-.33
-.06
.20
.20
-1.08
-.61
-.64
-.56
-.56
-1.31
- .54
-.03

-.33
.13
.34
.30
-1.07
-.54
-.55
-.55
-.43
-1.01
-.42
.25

-.10
-.19
-.13
-.10
- .06
-.06
-.04
-.01
-.13
-.30
-.10
-.11

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.

14.4
14.4
15.2
16.2
16.9
17.1
18.2
19.3

12.3
12.6
13.2
14.3
14.9
15.1
16.1
17.1

2.1
1.8
2.0
2.0
2.1
2.1
2.1
2.2

. - .04
.05
• 71
1.13
.73
.27
.94
13.03

.06
.30
.60
1.07
.62
.27
.97
1.03

-.10
-.25
.11
.06
.11
.07
-.03
+ .12

?-

NOTES:
LOe B a n k B o a r d
Savin9s Banks A
"
,
«o««ion of New York State. Both series include a minor amount of noncomm'tmentt «•» '"elude loans in process. Net changes are derived directly from unrounded end-of-period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




T a b l e 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS O F DOLLARS

PERIOD

1973 - July
Aug.
Sept.
Oct.

Nov.
Dec.

1974 - J a n .
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.

Nov.
Dec.

1975 - J a n .
Feb.

Mar.
Apr.
May
June p
July p

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

+1,475
+1,693
+1,910
+1,946
+11
+598

+1,528
+1,349
+1,850
+1,950
-150
+256

+998
+1,349
+1,500
+1,300
—

—

-671
-695
+424
+508
+1,442
+2,699
+1,804
+878
+2,768
+1,665
-89
+507

-756
-657
+450
-4
+992
+2,250
+1,499
+200
+2,750
+1,599
+93
+961

-800
-657

——

-4
+992
+1,500
+1,000
+400
+1,700
+1,499
-217
+470

-242
-659
+440
0
-1,568
+ 252
+ 165

-5
-254
+ 689
+69
-1,279
+ 600
+300

-4
-554
-11
-30
-1,279
0
0

—

——

Notes:
Based on d a t a from the Treasvry Survey of Ownership.
1/ Sales of FHLB discount n o t e s began i n May 1974.
reliminary.
Digitizedjd/for PFRASER



FHLMC

FNMA

+530
——

——

-150

+350
+650
—

+256
+44

——
——

-200
——
——

+ 300
0
-1
0
0
0

-53
+344
+60
-4
+161
+342

+1,050
+100
+310
+491

+85
-38
-26
+512
+450
+449
+305
+678
+18
+66
-182
-454

-1
0
+ 700
+ 100
0
+ 600
+ 300

-237
-405
-249
-69
-289
-348
-135

—

+450
—
——

——

SHORT-TERM
DISCOUNT
NOTES

+750
+499
—

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS O F DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNM*

2

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE FNMA-GNMA
COMPANIES

Not Seasonally Ad lusted
21,736
41,647
57,587
58,372
42,748

16,827
39,259
55,561
55,072
36,526

2,462
9,940
16,800
19,600
11,700

1,845
3,938
5,377
5,642
2,170

10,254
23,919
31,932
25,552
17,578

2,348
1,221
1,452
4,278
5,078

4,909
2,388
2,026
3,300
6,222

1974 - Oct.
Nov.
Dec.

2,419
1,992
2,255

1,655
1,476
1,082

500
400
500

45
79
- 22

565
522
595

545
475
729

764
516
453

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.

1,311
1,586
2,329
3,458
3,966
4,443
4,493

860
1,512
1,942
3,268
3,909
4,401
3,783

66
100
426
-100
100
1,109
70
0
1,614
400
132
2,285
300
181
3,184
500
323
3,425
200
3,122
334
3,260
300
Seasonally Ad lusted

268
403
258
451
244
153
127

451
74
387
190
57
42
710

1974 - Oct.
Nov.
Dec.

2,847
2,461
1,986

2,205
1,973
1,456

533
509
734

98
67
-102

1,037
985
629

537
412
195

642
488
530

1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.

2,612
2,827
2,469
3,519
3,488
3,246
3,851

2,106
2,628
1,908
3,128
3,307
3,181
3,329

447
184
53
384
33
167
175
31

170
242
47
166
149
193
269

1,154
1,646
1,411
2,015
2,769
2,655
2,751
2,837

335
556
397
563
356
166
134

506
199
561
391
181
65
522

1970
1971
1972
1973
1974

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates benchmarked to Call Report data on real estate loans outstanding as available. Other data derived from mortgage debt outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
Bank Board, Institute of Life Insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the
Government National Mortgage Association. Data for mutual savings banks and for Life Insurance companies may differ somewhat from those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether,
these groups accounted for 83 per cent of the net increase estimated for all holders in 1974.

2

Beginning January 1972 data reflect activity in limited amount of conventional mortgages.




T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

3

RESIDENTIAL

MULTFAMHJ f
&
COMMERC1AIL '
COMMERCIAI

QUARTER

TOTAL

TOTAL

1968 - I
II
III
IV

28.1
26.4
25.5
29.6

19.4
18.2
17.2
20.4

16.3
15.0
, 13.6
16.5

3.1
3.2
3.5
3.9

6.4
6.0
6.5
7.4

9.5
9.2
10.1
11.3

2.3
2.2
1.8
1.9

1969 - I
II
III
IV

32.0
29.1
25.8
25.2

23.8
21.5
18.7
18.5

19.4
16.8
14.0
13.1

4.4
4.6
4.7
5.4

6.0
5.4
5.3
5.3

10.4
10.1
10.0
10.7

2.2
2.2
1.7
1.4

1970

20.7
22.9
28.5
31.8

14.4
16.8
21.3
22.8

9.4
11.6
15.0
16.2

5.0
5.2
6.3
6.6

4.8
4.6
5.1
6.8

9.8
11.5
13.4

9.8

1.5
1.5
2.1
2.2

1971 - I
II
III
IV

37.3
47.7
52.3
54.2

27.4
35.5
38.5
41.2

19.4
26.2
28.6
31.3

8.0
9.4
9.9
9.9

7.7
9.8
11.5
10.5

15.7
19.2
21.4
20.4

2.2
2.4
2.3
2.5

1972 - I
II
III
IV

62.8
64.9
65.1
68.3

46.1
47.0
47.1
49.5

37.7
37.4
38.0
40.0

8.4
9.6
9.1
9.5

14.1
15.3
15.3
16.3

22.5
24.9
24.4
25.8

2.6
2.6
2.6
2.5

1973 - I
II
III
-IV

83.4
75.6
71.3
57.9

63.1
53.9
51.4
38.3

53.1
44.0
41.8
31.7

10.0
9.9
9.6
6.5

16.3
17.8
16.3
15.0

26.3
27.8
25.9
21.5

4.1
3.8
3.6
4.6

1974 - I
II
III
IV

58.5
65.3
50.0
38.6

39.5
44.0
35.7
23.7

32.1
37.1
27.5
17.3

7.4
6 .8
6.4

15.4
17.3
9.0
7.6

22.7
24.1
17.2
14.0

3.6
4.0
5.3
7.3

1975 - I
II

35.2
50.7

25.5
38.9

21.3
36.1

4.3
2.8

4.9
7.8

9.2
10.6

4.8
4.0

I
II
III
IV

'

r
|

I - TO 4FAMILY

MULTIFAMILY

8.2

FARM

NOTES:
1

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Lifo
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association,
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.

2

May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment.

3

Residential mortgage debt includes nonfarm only and is sum of 1 to 4 family and multifamily mortgage dcb^combmed.




Table 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS 1
PERIOD

1969
1970
1971
1972
1973
1974

TOTAL

1 —FAMILY

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

2 - O R MORE
FAMILY

TOTAL

1,324
1,352
1,925
2,219
1,820
1,074

626
647
906
1,033
882
644

698
705
1,018
1,186
937
431

1,467
1,434
2,052
2,357
2,045
1,338

811
813
1,151
1,309
1,132
888

656
621
901
1,048
914
450

1,399
1,418
1,706
1,972
2,005

1975 - J a n .
Feb.
Mar.
Apr.
May-

689
701
677
837
912

508
515
503
603
658

182
186
173
234
254

999
I 1,000
. i
985
1
980
| 1,130

739
733
775
762
887

260
267
210
218
243

1,535
1,320
1,305
1,211
1,276

June

949

679

270

1,094

884

210

1,042
995
1,072

711
732
749

331
263
323

1,235
1,268
1,240

935
986
906

300
282
334

July
Aug.
Sept.

1 —FAMILY

808
802
1,014
1,143
1,166

MOBILE
HOME
2 - O R MORE
FAMILY
SHIPMENTS

592
617
692
828
838

413
401
497
576
580

964
770
734
756
8 32

571
550
571
455
444

185
219
199
194
224

1,165

785

380

210

1,244
1,190

896
818

348
372

225
235

x

NOTES:
Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of
apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1 for
Permit
data for 1969 and 1970 based on
Digitized
FRASER


13,000 areas with permit systems

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
NEW HOMES

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

197" - High
Low

8.95
7.70

107
31

1974 - High

9.80
8.55

1974 - Oct.
Nov.
Dec.
1975 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING HOMES

1
RATE
(IN PER CENT)

SPREAD
BETWEEN
RETURNS ON
NEW A a a
UUNVCNTKJNAL
UTILITY
1
AND HUD(FHA)
BOND
DISCOUNT
NEW HOME
YIELD
(PERCENTAGE MORTGAGES (IN PER CENT)
POINTS)
(BASIS
POINTS)

NEW HOMES

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

8.95
7.75

107
37

9.18
7.55

130
14

9.4
2.2

21
-23

8.36
7.38

45
-70

9.80
8.60

50
-70

10.38
8.54

44
-25

6.3
2.3

1
-70

10.46
8.10

9.70
9.55
9.45

-33
-13
n.a.

9.70
9.60
9.45

-33

- 8
n.a.

10.13
n«a.
9.51

10
n.a..
n.a.

4.6
n.a.
3.8

-43
n.a.
- 6

10.03
9.68

9.15
9.05
8.90
9.00
9.05
9.00
9.00
9.15

15
ii
-70
-66
-57

9.20
9.05
8.95
9.05
9.10
9.05
9.05
9.20

20
ii
-65
-61
-52
-32
-20
-29

8.99
8.84
8.69
n.a.
9.16
9.06
9-13
9.33

- 1
-10
-91
n.a.
-46
-31
-12
-16

3.8

16
21
21

9.00
8.94
9.60
9.66
9.62
9.37
9.25
9.49

-37

-25
-34

SPREAD
(BASIS
POINTS)

2.6
5.4
n.a.
5.0
4.3
4.8
6.3

-11
- 6
-13
-18

NOTES:
1

Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high^rade utility bonds with 5-year call protection.

Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas
of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used.




,

23

T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
GOVERNMENT-UNDERWRITTEN
DATE OF
AUCTION

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

1974 - High
Low

AVERAGE
YIELD

ACCEPTED

CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

|

AVERAGE
YIELD

ACCEPTED

1155 (3/25) 333 (3/25) 10.59 (9/9:) 164 (4/18) 63 (4/8)
10.71 (9/9)
26 (11.18) 18 (11/18) 8.43 (2/2!5 14 (10/21) 7 (11/18) 8.47 (3/11:

1975 - Jan.

13
27

25.3
41.4

21.2
28.6

9.37
9.12

17.9
11.1

14.9
10.6

9.50
9.39

Feb.

10
24

24.6
36.2

18.1
23.8

8.98
8.87

14.8
20.0

9.1
9.1

9.20
9.04

Mar.

10
24

99.2
460.5

60.1
321.4

8.78
8.85

34.4
60.7

22.1
35.8

8.96
9.00

Apr.

7
21

551.6
470.9

277.2
247.3

8.98
9.13

99.8
79.2

44.6
64.8

9.13
9.26

May

5
19

| 525.5
165.6

280.4
115.0

9.29
9.25

69.8
46.4

43.9
38.4

9.43
9.41

June

2
16
30

172.5
73.4
358.7

80.4
38.6
246.9

9.14
9.06
9.07

51.2
28.5
67.5

27.1
15.7
47.3

9.26
9.21
9.18

July

14
28

333.2
415.8

174.9
247.7

9.10
9.17

71.4
56.5

35.8
34.5

9.20
9.26

Aug.

Sept.

Oct.

11

578.7

365.5

9.32

96.9

48.9

9.38

25

643.1

223.0

9.50

98.5

31.0

9.55

8

530.1

197.7

9.70

96.9

43.9

9.75

22

293.6

142.0

9.86

68.8

35.2

9.92

6

198.5

143.0

9.95

27.5

23.5

10.02

NOTES:
Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National
Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts
offered by bidders relate to total eligible bids received.