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. IX,

a

I
Capital
Is
Market
Developments a
>

s*

uA

February 14, 1 9 7 7

P r e p a r e d by t h e

DIVISION O F R E S E A R C H A N D S T A T I S T I C S

CAPITAL MARKETS SECTION
in c o n j u n c t i o n w i t h t h e
MORTGAGE and CONSUMER
FINANCE SECTION

BOARD OF GOVERNORS
F E D E R A L R E S E R V E SYSTEM
Washington, D C. 20551




Index

SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each m the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per

TABLES
1

„

6

8

year or $.35 each. Elsewhere, $20.00 per year or $.50

SECURITY VOLUME AND YIELDS
STOCK MARKET AND SECURITY
CREDIT

each. Address requests to Publications Services, Division of Administrative Services, and make payment

9 — 16 M O R T G A G E M A R K E T

remittance payable to the order of the Board of
Governors of the Federal Reserve System in a form
collectible at par in U.S. Currency.

SYMBOLS




e

p

ESTIMATE
PRELIMINARY

r

REVISED

n.a.

NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
C O R P O R A T E B O N D MARKET
YIELDS
WEEK ENDING

NEW I S S U E 1
A a a UTILITY

VOLUME

RECENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
S O L D BY END
O F WEEK

NEW ISSUES
IN SYNDICATE
( $ MILLIONS)

7.95
7.93
7.96

7.97
7.94
7.97
7.92
7.84

1,020
992
720
0
0

100
83
67

0
152
266
116
44

1977 - January

7
14
21
28

7.90
8.05
8.10
8.22

7.95
8.06
8.15
8.18

100
985
734
945

97
95
85
83

26
59
138
152

4
11

8.15r

303
213

90
95

70
55

February

-Phi

3
10
17
24
31

00

1976 - December

8.12p

4

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
2Q-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER C E N T
S O L D BY END
O F WEEK

NEW I S S U E S 4
IN SYNDICATE
( $ MILLIONS)

1976 - December

3
10
17
24
31

5.10
5.07
5.07
5.07
5.04

6.03
5.96
5.95
5.93
5.83

691
694
746
114
30

88
87
83
80
75

122
144
226
201
143

1977 - January

7
14
21
28

5.01
5.10
5.13
5.17

5.78
5.89
5.90
5.92

314
861
1,087
622

58
88
89
84

188
195
222
204

4
11

5.17
5.17

5.93
5.86

427
860

86
87

139
204

February

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 four weeks.

3

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

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


4

Table 2

HIGH GRADE BOND YIELDS
1
NEW ISSUE
A a a UTILITY

DATE

1973

-

1974

-

1975

-

1976

-

1977

-

1977

-

High

Low
High

Low
High

Low
High

Low
High

Low

2
RECENTLY OFFERED
A a a UTILITY

MOODY'S SEASONED
CORPORATE Aaa

3

4
U.S. GOVT. 20-YEAR
C O N S T A N T MATURITY

5
B O N D BUYER
2 0 BOND INDEX

7.77 (8/24)
7 . 1 1 (1/5)

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

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

10.52 (10/11)
8 . 1 3 (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)

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

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

9 . 0 1 (5/2)
8.57 (2/28)

8 . 6 3 (9/19)
7.63 (2/21)

7.67 (10/3)
6.27 (2/13)

8.95 (5/28)
7 . 9 3 (12/10)

9.10 (1/2)
7.84 (12/31)

8.66 (5/28)
7 . 9 1 (12/31)

8.17 (5/28)
7.27 (12/31)

7.29 (1/2)
5.95 (12/16)

8.22 (1/28)
7.90 (1/7)

8 . 1 8 (1/28)
7.95 (1/7)

8.03 (2/4)
7.88 ( V 7 )

7.63 (2/4)
7.26 (1/7)

5.93 (2/4)
5.78 (1/7)

8.52 (8/10)
7.29 (1.21)

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

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

Jan.

7
14
21
28

7.90
8.05
8.10
8.22

7.95
8.06
8.15
8.18

7.88
7.94
7.99
8.01

7.26
7.50
7.54
7.59

5.78
5.89
5.90
5.92

Feb.

4
11

8.15r

8.14r
8.12p

8.03r
8.00p

7.63r
7.60p

5.93
5.86

NOTES:
Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.
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 dunng the last 4
weeks.

3

Weekly average of daily closing figures.

4
5

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




r
5

Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS

• s

IN MILLIONS O F D O L L A R S

*
PERIOD

e

February
March
April
May
June

e

July
August
September

3,328
2,687
3,217

2,347
2,707
3,339

2,361
2,387
2,135

2,255
2,003
2,025

4,294
5,798
5,596

3,060
3,164
2,981

2,429
3,477
3,013

2,406
2,900
3,064

2,397
2,304
2,166

4,327
2,405
2,836

3,248
2,667
1,617

2,682
2,757
2,803

3,580
2,783
2,159

1,459
1,106
1,701

4,705
4,076
4,307

4,609
3,739
3,511

2.323
2,381
2,052

2,860
2,483
1,479

13,879
14,126
11,369

15,273
15,688
9,568
13,088

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

8,393
8,919
8,242

6,883
8,370
8,522
6,756

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

28,005
39,374

30,961
40,529
53,617

18,437
25,969
37,828

17,312
25,554

15,253
23,775
30,531

13,150
17,416
24,238

3,381
3,863
6,635

5,367
4,528
5,378

3,522
4,186
6,418
3,216
3,350
4,803

November
December
01
02
03

#

04
1st Half
3 Qtrs.
Year

|

e

e

#
NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.




|

1974

1975

1974

October

#

I

S T A T E AND LOCAL

1976

1975

1976
January

G R O S S PROCEEDS
1

CORPORATE

\
Table 4

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

G R O S S P R O C E E D S BY TYPE O F I S S U E
PERIOD

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

G R O S S P R O C E E D S BY TYPE O F I S S U E R

1

MEMO
I S S U E S INCLUDED
FOREIGN

MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

CONVERTIBLE

1975 - I I I
IV

9,568
13,088

5,428
5,816

2,085
4,158

2,054
3,116

1,225
1,902

463
215

2,420
3,480

3,327
3,424

679
1,215

3,142
4,974

1976 - I
II
III

13,879
14,126
11,369

7,569
7,427
4,904

2,757
3,578
4,604

3,553
3,121
1,861

1,340
1,843
1,267

257
478
433

4,500
3,739
2,971

4,044
3,140
3,315

765
1,879
378

4,569
5,336
4,707

2,836
4,705
4,076
4,307

1,414
2,389
1,666
1,761

585
769
1,640
1,749

837
1,547
772
797

300
102
825
975

38
61

619
952
1,103
1,425

1,264
1,247
1,275
902

297
928
55
232

657
1,579
1,645
1,750

3,381
3,863
6,635
3,522
4,186
6,418
3,216
3,350
4,803

2,189
2,142
3,238
2,350
1,937
3,140
1,239
1,565
2,100

613
794
1,350
644
1,051
1,883
1,348
1,107
2,149

579
927
2,047
528
1,198
1,395
629
678
554

605
335
400
428
350
1,005
500
367
400

1,073
1,179
2,248
584
1,709
1,446
1,198
1,024
749

1,097
789
2,158
644
1,148
1,348
932
920
1,463

16
171
578
450
20
1,409
26
212
140

1,197
1,722
1,650
1,842
1,309
2,215
1,061
1,195
2,451

1975 - Sept.
Oct.

Nov.
Dec.

1976 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

NOTES:
1

Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission.




——

154
121
15
121
37
15
426
——

7
92

V

•

T a b l e SA

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

1

January 31 through February 11, 1977
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY S / S & P ' S
RATINGS

CORPORATE

D i a l F i n a n c i a l Corp.
LTV Corp.
Wisconsin P u b l i c S e r v i c e s Corp.
P a c i f i c Telephone & Telegraph Co.
Kansas Power & L i g h t Co.
Gulf Power Co.
New York S t a t e E l e c . & Gas Co.
Household F i n a n c e Corp.
Greyhound L e a s i n g & F i n a n c i a l Corp.
U.S. Bancorp.

Debt.
SF d e b t .
1st mtg.
Debt.
Pfd. stk.
Pfd. stk.
Com. s t k .
Notes
Debt
Debt.

25.0
75.0
45.0
325.0
27.5
15.0
35.4
100.0
50.0
40.0

Other
Norway
Toronto
Toronto

Notes
Debt.
Debt

100.0
28.0
55.0

1997
1997
2012
2017

8.60
9.25
8.20
8.38
8.11
8.28

8.60
9.25
8.24
8.30
9.00
8.28

A/A
B/B
Aa/AA
Aaa/AA
Aa/AA+
A/A+

1997
1992
1987

8.45
9.25
7.75

8.45
9.25
7.75

A/A
Baa/BBB
Aa/AA

1982
1987
1997

7.38
8.00
8.50

7.45
8.00
8.55

Aaa/AAA
Aaa/AA
Aaa/AA

w mm
mm mm

NOTES:
*

Rights offering.

1

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




^

T a b l e SB

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

1

J a n u a r y 31 through F e b r u a r y 11,1977
ISSUER

TYPE

S T A T E AND LOCAL

E a s t Chicago, I n d .
C h i l l i c o t h e , Iowa
I l l i n o i s H e a l t h F a c . Auth.
I l l i n o i s H e a l t h F a c . Auth.
I l l i n o i s H e a l t h F a c . Auth.
Greene Co. I n d u s t . Dev. A u t h . , Pa.
Maryland H e a l t h & Educ. Fac. Auth.
Maryland H e a l t h & Educ. F a c . Auth.
Kanawha Co. Bldg. Comm., W. Va.
Kanawha Co. Bldg. Comm., W. Va.
Kanawha Co. Bldg. Comm., W. Va.
N a s h v i l l e & Davidson Co. Metro. Gvt.
H l t h . & Educ. F a c . Bd., Tenn.
N a s h v i l l e & Davidson Co. Metro. G v t .
H l t h . & Educ. F a c . B d . , Tenn.
N a s h v i l l e & Davidson Co. Metro. Gvt.
H l t h . & Educ. F a c . Bd., Tenn.
Bucks Co. Water & Sewer A u t h . , Pa.
Bucks Co. Water & Sewer A u t h . , P a .
H i l l s b o r o u g h Co. P o r t D i s t . , F l a .
H i l l s b o r o u g h Co. P o r t D i s t . , F l a .
H i l l s b o r o u g h Co. P o r t D i s t . , F l a .
King Co., Wash.
Houston I n d . Sch. D i s t . , Texas

AMOUNT
(MILLIONS O F
DOLLARS)

NET INTEREST
COST

6.06

2.90-5.80

Aa/AA

2000

6.06

6.00

Aa/AA

2010
2008
2008
1979-1990
1999
2006
1979-1997
1978-1992

6.06
5.98
5.98

6.13
5.50
6.38
4.75-7.00
7.75
8.00
3.30-5.50
2.75-5.00

Aa/AA
Aaa/
A/—

2007
2007
1980-1993
2003
2007
2007
1980-1991
2006
1979-1992
1998
2008

6.55
6.55
6.55
6.15
6.72
6.72
6.58
6.58
6.58

Rev.

26.3

1977-1995

Rev.

12.3

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

35.4
16.4
17.0
5.0
7.0
11.0
19.5
70.0

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.

2

For State and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations.

MOODY S / S & P ' S
RATINGS

6.10
4.50-6.30
6.70
4.00-6.30
6.50
6.60

26.5
10.0
29.2
26.6
10.7
14.0
6.4
18.5
8.7
6.5
18.0

1

OFFERING
YIELD

Aa/AA
Aa/AA
A/AA
A/AA
A/AA
A/A
A/A
A/A
A-l/AA
A-l/AA
A-l/AA

5.80

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.

NOTES:




MATURITY

5.04
4.61

5.75
5.95
4.40—6.40
6.60

—/ —
Aa/AA
Aa/AA

•

•

•

•

•

•

•

•

•

•

T a b l e 5B C o n t i n u e d

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
As of February 11, 1977

TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

NET INTEREST
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

STATE AND LOCAL

Milwaukee Co., Wise.
Memphis, Tenn.
C a l i f o r n i a , S t a t e of
Lawrence Township H.S. Bldg. C o r p . ,
Ind.
Dayton, Ohio
New J e r s e y , S t a t e of
I s l i p , N.Y.
Arlington Heights, I l l i n o i s
Arlington Heights, I l l i n o i s




G.O.
G.O.
G.O.

21.5
26.0
75.0

1978-1997
1979-1997
1978-2002

4.77
4.86
4.91

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

26.2
12.0
100.0
10.5
10.9
23.9

1977-2004
1978-1997
1978-2002
1978-2002
1977-1984
1977-1989

4.87
5.12
5.82
4.32
6.61

—

2.75-5.10
3.20-5.30
2.70-5.25

Aaa/AAA
Aa/AA
Aaa/AAA

3.00-6.05
2.90-5.40
2.90-5.50
4.00-6.40
2.80-4.50
3.40-6.10

A/A
Aa/AAA
Aa/AAA
A/A
Aaa/AAA
A1/A+

\o

V

10
Table 6A

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

1

As of February 11, 1977

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Texas Oil & Gas Corp.
*South C a r o l i n a E l e c . & Gas Co.
*South C a r o l i n a E l e c . & Gas Co.
Southland Corp.
Northern I n d i a n a Pub. Svc. Co.
Missouri P a c i f i c R a i l r o a d Co.
Indiana B e l l Telephone Co.
*Houston I n d u s t r i e s
*Central L o u i s i a n a E l e c . Co.
* American Express C r e d i t Corp.
Western Union Corp.
Associated F i r s t C a p i t a l Corp.
Comb anks Co r p .
General Telepone & E l e c t r o n i c Co.
Gulf Power Co.
Kansas Gas & E l e c t r i c Co.
P h i l a d e l p h i a E l e c t r i c Co.
Union P a c i f i c R a i l r o a d Co.
*Kansas Gas & E l e c t r i c Co.
South Carolina B e l l T e l e . Co.
*Kentucky Telephone Co.
Ohio Edison Co.
Northwestern B e l l & T e l e . Co.
C e n t r a l Maine Power Co.
*Utah Power & L i g h t Co.
Montana Power Co.
•Southwestern B e l l Telephone Co.
Republic S t e e l Corp.
OTHER
Stockholm
Nippon T e l . & T e l e . P u b l i c Corp.
Nippon T e l . & T e l e . P u b l i c Corp.

1st mtg.
Com. s t k .
1st mtg.
SF d e b t .
Com. s t k .
Equip, t r .
Debt.
Com. s t k .
Com. s t k .
Debt.
Pfd. s t k .
Med.-term n o t e s
Notes
Com. s t k .
1st mtg.
1st mtg.
1st mtg.
Equip, t r .
Com. s t k .
Debt.
1st mtg.
Com. s t k .
Debt.
Com. s t k .
1st mtg.
Pfd. s t k .
Debt.
SF d e b t .

75.0
38.0
30.0
50.0
40.0
15.0
130.0
65.0
28.0
50.0
75.0
100.0
20.0
150.0
35.0
25.0
75.0
16.5
28.0
275.0
40.0
103.7
165.0
20.0
55.0
30.0
400.0
125.0

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Indef

Debt.
Notes
Notes

50.0
50.0
100.0

Feb.
Feb.
Feb.

NOTES:
*

Included in table for first time.

1

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




16
17
17
21
22
23
23
23
28

3
8
8
8
9
9
10
15
16
17
23
26
29
•

16

Table 6B

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

1

As of February 11, 1977
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE O F O F F E R I N G

S T A T E & LOCAL

*Cypress-Fairbanks I n d . Sch. D i s t .
Texas
Dallas I n d . Sch. D i s t . , Texas
*Puerto Rico Highway A u t h o r i t y
*Puerto Rico Highway A u t h o r i t y
S t . Louis, Mo.
R a l e i g h , N.C.
Tennessee, S t a t e of
Richardson, Texas
South C a r o l i n a P u b l i c S e r v i c e
Authority
West J e f f e r s o n I n d u s t . Dev. Bd.,
Ala.
Antelope V a l l e y - E a s t Kern Water
Agy., Cal.
*Anchorage, Alaska
*Council B l u f f s , Iowa
*0regon Housing F i n . D i v . , Ore.
* P l a t t e River Power A u t h . , Colo.
*A r l i n g t o n I n d . Sch. D i s t . , Texas
A l e x a n d r i a , Va.
* A t l a n t a , Georgia
Washington S t a t e Pub. Power
Supply Sys.
P a s s a i c V a l l e y Sewerage Comm., N.J
H a r t f o r d , Conn.
*Wayne Co., Mich.
F l o r i d a , S t a t e of
Monroe Co., Mich.
L o u i s i a n a Mun. Power Comm.
Omaha P u b l i c D i s t . , Neb.
A t l a n t i c Co. Sewerage A u t h . , N . J .
*New York, S t a t e of
*Norfolk, Va.
New J e r s e y H l t h . Care Fac. F i n .
Auth.
*Santa Clara Redev. Agy., Cal.
Baltimore Co., Md.
*Terrebonne P a r i s h , La.

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

11.0
30.0
25.0
25.0
11.0
13.0
52.1
13.3

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

14
14
15
15
15
15
15
15

Rev.

306.0

Feb.

17

Rev.

40.0

Feb.

18

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

18.0
19.0
19.0
30.0
100.0
10.0
14.7
28.0

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.

22
22
22
23
23
23
23
23

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

145.0
80.0
20.0
15.0
60.0
13.3
75.0
180.0
36.5
100.0
27.0

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.

23
23
23
24
24
24

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

10.9
17.4
30.0
10.0

Mar.
Mar.
Mar.
Mar.

1
1
1
2

NOTES:
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.




1
1

T?
Table 6B 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 February 11, 1977
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

*East Bay Mun. U t i l . D i s t . , Cal.
*Port of S e a t t l e , Washington
Colorado Housing Finance Auth.




Rev.
Rev.
Rev.

12.0
18.3
20.0

Mar.
Mar.
Mar.

8
8
16

Table 7

STOCK PRICES AND VOLUME
TRADING VOLUME

STOCK PRICES
NYSE INDEX

AMEX

BJ INDUSTRIALS

NASDAQ

AMEX

NYSE

NASDAQ

1973

High
Low

65.58 (1/11)
49.12 (12/13)

1051.50 (1/11)
788.31 (12/5)

130.47 (1/11)
85.26 (12/20)

136.84 (1/11)
89.12 (12/13)

26.0 (9/20)
9.0 (8/20)

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

11.3 (1/11)
3.5 (8/27)

1974

High
Low

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

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)

1976

High
Low

57.51 (9/21)
48.04 (1/2)

1014.79 (9/21)
858.71 (1/2)

107.05 (7/12)
84.31 (1/2)

92.52 (7/15)
78.06 (1/2)

44.5 (2/20)
10.3 (1/2)

8.6 (2/20)
1.1 (1/2)

11.1 (2/20)
3 . 5 (1/2)

Dec.

3
10
17
24
31

55.20
56.33
56.24
56.49
57.88

950.55
973.15
979.06
985.62
1004.65

100.15
103.20
104.07
105.90
109.84

92.31
94.62
94.64
95.22
97.88

24.2
23.8
21.6
21.6
26.0

2.4
3.1
3.1
3.0
3.4

7.8
8.7
8.3
8.4
8.9

14
21
28

56.79
56.36
56.15
55.49

983.13
972.16
962.43
957.53

109.94
111.18
111.74

97.53
97.20
97.08
95.72

27.5
24.5
23.0
20.5

3.0
3.3
3.8
3.1

8.1
7.9
9.4
8.6

55.46
54.57

947.89
931.52

112.95
112.00

96.74
96.09

20.3
18.8

2.9
3.2

8.0

Jan.

4

Feb,

11

111.00

NOTES:
1

Figure, other than high, 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

12/31/65 - 50
Based on average price change until September 4.1973 thereafter, based on market value of shares listed.




/

8.0

Table 8

SECURITY CREDIT

END O F PERIOD

R E G U L A T E D MARGIN C R E D I T E X T E N D E D BY
1

BROKERS ON
MARGIN
STOCK

BROKERS ON 2
CONVERTIBLE
BONDS

BANKS

3

U N R E G U L A T E D NONMARGIN
STOCK CREDIT
AT B A N K S

OUTSTANDING

960

2,281

146
153
162
163
161
166
172
167
173
169
178
n.a.

1,000
1,037
1,042
1,076
1,007
1,028
898
1,061
859
1,068
839
n.a.

2,321
2,333
2,355
2,325
2,357
2,368
2,317
2,368
2,830
2,774
3,351
n.a.

1

—48

11

40
37
5
34
-69
21
-130
163
202
209
229
n.a.

40
12
22
-30
32
11
-51
-51
462
-56
577
n.a.

1975 - December

5,390

147

1976 - January
February
March
April
May
June
July
August
September
October
November
December

5,420
5,950
6,410
6,690
6,940
7,080
7,340
7,450
7,530
7,350
7,610
7,960

20

C H A N G E IN O U T S T A N D I N G

1975 - December
1976 - January
February
March
April
May
June
July
August
September
October
November
December

30
530
460
280
250
140
260
110
80
80
350

-1
7
9
1
-2
5
6
-5
6
-4
9
n.a.

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
value.




4

e
Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN M I L L I O N S O F D O L L A R S

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

1971
1972
1973
1974
1975

NET
FLOW
9,621
10,067
4,815
2,909
11,070

1976 - A p r i l
May
June
July
August
September
October
November

586
801
1,207
910
308
1,307
836
779

1976 - A p r i l
May
June
July
August
September
October
November

917
1,024
646
1,712
1,248
1,315
1,204
787

1

NET
NEW
MONEY

S A V I N G S & LOAN A S S O C I A T I O N S

2

ANNUAL 3
GROWTH
RATE
5,378
13.5
5,451
12.4
-442
5.3
-2,822
3.0
4,757
11.3
— —«

352
561
-36
333
47
75
582
539

9.8
10.8
6.8
17.9
12.8
13.4
11.8
7.8

SHARE CAPITAL

NET
FLOW
27,793
32,567
20,237
16,053
43,118
2,797
3,049
5,042
3,525
2,164
5,596
3,467
2,592
SEASONALLY
3,676
3,642
2,861
5,018
5,341
5.626
4,480
3,623

NET
NEW
MONEY

TOTAL

2

DEPOSITS

ANNUAL 3
GROWTH
RATE
19.0
20,653
18.7
23,884
9.8
10,507
7.0
4,668
17.7
29,276

37,414
42,634
25,052
18,962
54,188

2,583
2,835
1,353
3,282
1,967
1,944
3,224
2,381

3,383
3,850
6,249
4,435
2,472
6,903
4,303
3,371

ADJUSTED
14.7
14.4
11.2
19.4
20.3
21.0
16.5
13.2

NET
FLOW

4,593
4,666
3,507
6,730
6,589
6,941
5,684
4,410

ANNUAL 3
GROWTH
RATE
17.2
16.7
8.4
5.8
15.9
— —

13.4
13.4
10.0
19.0
18.3
19.0
15.3
11.7

NET
NEW
MONEY

2

26,331
29,335
10,062
1,846
34,033
3,935
3,396
1,317
3,615
2,014
2,019
3,806
2,920
——

——

NOTES:
1

Regular 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: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




H.16

/

IdT a b l e 10

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

PERIOD

OUTSTANDING COMMITMENTS
MUTUAL
ALL SAVINGS
SAVINGS BKSl
& LOAN
TOTAL
ASSOCIATIONS (N Y. STATE)

NET CHANGE
TOTAL

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

25.2

20.3

4.9

.45

.43

.02

1973 - Dec.

19.9

16.4

3.5

.04

.21

-.17

14.6

12.4

2.2

.09

t

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

14.6
14.5
15.0
16.2
16.8
17.0
17.9
19.1
20.0
20.1
20.4
20.4

12.5
12.6
13.0
14.2
14.7
14.9
15.9
16.9
17.9
18.0
18.4
18.5

2.1
1.9
2.0
2.0
2.1
2.1
2.1
2.2
2.1
2.1
2.0
2.0

-.03
-.01
.50
1.18
.55
.25
.92

20.5
21.1
21.5
21.9
22.5
22.6
23.2
24.1
25.1
26.3
27.5

18.5
19.2
19.4
19.7
20.2
20.4
20.9
21.6
22.5
23.6
24.8
25.4

2.0
1.9
2.1
2.2
2.3
2.2
2.3
2.4
2.6
2.7
2.7

.06

1976

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

NOTES:




1.21

.90
.01
.35
.04

.61
.48
.38
.48
.27
.50
.87
1.05

1.20
1.26

o>
o

1972 - Dec.

.08
.14
.39
1.17
.49
.21
.94
1.10
.96
.07
.42
.08

-.11
-.24
.11
.01
.06
.04
-.02
.11
-.06
-.06
-.07
.04

.02
.67
.27
.29
.44
.29
.44
.75
.82
1.11
1.23
.61

.04
-.06
.21
.09
.04
-.02
.05
.12
.23
.09
.03

T a b l e 11

1?

NET NEW MONEY B O R R O W I N G S
BY MAJOR HOUSING A G E N C I E S
IN MILLIONS O F DOLLARS

PERIOD

INTERMEDIATE AND LONG-TERM I S S U E S

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

TOTAL

FHLB

1974 - S e p t .
Oct.
Nov.
Dec.

+2,768
+1,665
-89
+507

+2,750
+1,599
+93
+961

+1,700
+1,499
-217
+470

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

-242
-659
+440
0
-1,568
+330
+236
-398
215
587
152
669

-5
-254
+689
+69
-1,279
+600
+300
-700
100
850
200
600

-4
-554
-11
-30
-1,279
0
0
-700
0
+150
0
0

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

-197
-1,160
447
131
-946
-101
-49
397
257

0
-800
-100
700
-600
-200
300
-200
200

0
-1,100
0
0
-600
0
0
0
0

NOTES:
Based on data from Treasury Survey of Ownership.
Sales of FHLB discount notes began in May 1974.
Digitizedo for FRASER
Preliminary


FHLMC

__

FNMA

+1,050
+100
+310
+491

F N M A & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

+18
+66
-182
-454

+300
0
-1
0
0
0
0
0
0
200
0

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

-237
-405
-249
-69
-289
-270
-64
302
115
-263
—48
69

0
200
0
0
0
0
0
-200
0

0
300
-300
700
0
-200
300
0
200

-197
-360
-547
-569
-346
99
-349
597
57

18

T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN M I L L I O N S O F D O L L A R S

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

2

FINANCIAL INSTITUTIONS
TOTAL

COMMERCIAL
BANKS

MSB's

S & L's

INSURANCE

FNMA-GNMA

COMPANIES

Not S e a s o n a l l y Ad l u s t e d
1971
1972
1973
1974
1975
1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

41,406
57,587
58,372
42,732
43,608

39,018
55,561
55,072
36,510
38,769

9,940
16,800
19,600
11,700
4,200

3,938
5,377
5,642
2,172
2,236

23,919
31,932
25,552
17,560
29,400

1,221
1,452
4,278
5,078
2,933

2,388
2,026
3,300
6,222
4,839

2,403
3,534
4,691
5,424
4,878
5,951
6,213
5,636
5,953
4,983
5,652

1,993
3,270
5,531
5,088
5,412
6,594
5,907
5,356
6,093
5,399
5,060

300
600
900
900
1,100
1,100
1,000
600
1,300
1,000
700
900

87
106
324
309
240
517
323
384
364
398
341

1,378
2,416
4,069
4,171
4,032
4,815
4,522
4,234
4,090
3,895
3,534
3,826

228
148
238
-292
40
162
62
138
326
106
485

410
264
-840
+336
-534
-643
306
280
-140
-416
592

2,189
2,848
3,844
3,771
3,232
3,894
4,070
3,803
4,359
4,398
4,176
4,439

336
274
414
-299
161
147
94
144
365
48
420

A

*

f

#

S e a s o n a l l y Ad l u s t e d
1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

3,873
4,748
4,879
4,697
4,071
4,546
5,407
4,722
5,914
5,358
6,349

3,387
4,333
5,565
4,535
4,414
5,111
5,360
4,675
6,311
5,914
5,767

678
962
987
762
826
699
968
372
1,129
1,023
814
1,177

184
249
320
301
195
371
228
356
445
445
357

486
415
-686 m
+162
-343
-565
47
47
-397 +
-556
582

\

•

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 8 3 per cent of the net increase estimated for all holders in 1974.

Beginning January 1972 data reflect activity in limited amount of conventional mortgages.
Digitized2for FRASER


I?

Table 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN B I L L I O N S O F D O L L A R S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

2

3

RESIDENTIAL

iC O M M E R C I A L

MULTIFAMILY
&
iCOMMERCIAL

FARM

QUARTER

TOTAL

TOTAL

1- t o 4 FAMILY

MULTIFAMILY

1969 - I
II
III
IV

34.1
30.8
28.2
29.6

25.5
23.6
21.4
22.3

21.2
19.0
16.8
16.0

4.4
4.5
4.6
6.3

6 .6
5.2
5.2
6.0

11. 0
9. 8
9. 8
12. 3

2.0
2.0
1.7
1.3

I
II
III
IV

23.3
26.9
34.1
37.1

16.7
19.2
24.5
28.1

11.2
13.6
16.2
19.5

5.5
5.5
8.2
8.6

5 .6
6.8
8.3
7.6

11. 1
12. 3
16. 5
16. 1

0.9
1.0
1.4
1.4

1971 - I
II
III
IV

41.8
51.4
56.6
60.3

32.8
40.0
42.2
46.0

23.3
30.0
33.1
36.3

9.5
10.4
9.1
9.7

6.6
8.9
11.7
11.5

16.,1
19.,3
20..8
21,,2

2.5
2.5
2.7
2.8

1972 - I
II
III
IV

70.6
72.9
75.2
89.3

50.6
53.6
56.7
65.7

39.4
40.7
46.0
49.5

11.2
12.9
10.7
16.2

16.6
15.6
14.7
20.4

27,.8
28 .6
25 .4
36 .5

3.4
3.6
3.8
3.3

1973 - I
II
III
IV

86.4
84.0
80.0
71.4

59.6
58.3
55.2
49.5

51.4
45.3
43.1
41.4

8.2
13.0
12.1
8.2

21.3
20.2
19.5
16.3

29 .5
33 .2
31 .6
24 .5

5.6
5 .5
5.3
5.6

1974 - I
II
III
IV

71.8
69.0
56.0
46.3

49.3
46.8
35.7
28.9

39.8
39.5
29.5
24.0

9.6
7.3
6.2
4.8

18.9
17.4
14.0
11.6

28 .5
24 .7
20 .2
16 .5

3.6
4.8
6.3
5 .8

1975 - I
II
III
IV

38.8
54.5
62.9
69.2

26.3
40.3
46.1
51.6

26.3
40.3
46.1
52.1

0.0
0.0
0.1
-0.5

7.2
9.4
12.5
14.1

7 .2
9 .3
12 .5
13 .6

5.3
4.8
4 .3
3.5

1976 - I
II
III

76.2
72.6
84.0

59.5
54.6
64.9

58.2
53.6
61.5

1.3
1.0
3.5

10.8
12.3
12.4

12 .1
13 .4
15 .9

6.0
5.6
6.6

1970

NOTES:
1
Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
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.

Digitized3 for FRASER
Residential mortgage debt includes nonfarm only and is sum of 1 to 4 family and multifamily mortgage debt


T a b l e 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S O F U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S

PERMITS 1
PERIOD

COMPLETIONS

STARTS

TOTAL

1—FAMILY

1969
1970
1971
1972
1973
1974
1975
1976

1,324
1,352
1,925
2,219
1,820
1,074
939
1,282

626
647
906
1,033
882
644
676
894

698
705
1,018
1,186
937
431
264
389

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,147
1,165
1,188
1,082
1,158
1,150
1,215
1,296
1,504
1,492
1,590
1,513

851
863
882
803
807
829
870
874
926
998
1,072
1,036

296
302
306
279
351
321
345
422
578
494
518
477

TOTAL

2 - O R MORE
FAMILY

|
|
1
I
|
'
!

1 —FAMILY

TOTAL

2 - O R MORE
FAMILY

1,407
1,434
2,052
2,357
2,045
1,388
1,161
1,540

811
813
1,151
1,309
1,132
888
893
1,163

656
621
901
1,048
914
450
269
377

1,236
1,547
1,417
1,367
1,422
1,510
1,382
1,537
1,840
1,814
1,716
1,940

957
1,295
1,110
1,055
1,065
1,139
1,123
1,171
1,280
1,337
1,237
1,323

279
252
307
312
357
371
259
366
560
477
479
617

1 —FAMILY

2-OR

MORE

FAMILY

|i

j
j
!
!

MOBILE
HOME
SHIPMENTS

1,399
1,418
1,706
1,972
2,014
1,692
1,296

808
802
1,014
1,143
1,174
932
866

592
617
692
828
840
760
430

413
401
497
576
567
329
216
250

1,213
1,299
1,399
1,266
1,360
1,373
1,307
1,401
1,387
1,314
1,445

926
953
1,032
986
934
1,052
1,038
1,094
1,017
976
1,104

287
346
367.
280
426
321
269
307
370
338
341

263
287
244
237
260
233
224
252
255
277
251
251 p

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, aH 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
Permit
data for 1969 and 1970 based on 13,000 areas with permit systems



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T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

EXISTING H O M E S

NEW HOMES

1

1

PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
BETWEEN
R E T U R N S ON
NEW A a a
NEW H O M E S
UTILITY
CONVENTIONAL
1
BOND
AND HUD(FHA)
YIELD
NEW HOME
DISCOUNT
SPREAD
(BASIS
(PERCENTAGE M O R T G A G E S (IN PER CENT)
(BASIS
POINTS)
POINTS)
POINTS)

H U D ( F H A ) INSURED L O A N S
S E C O N D A R Y MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

1975 - High
Low

9.25
8.90

15
-70

9.30
8.95

20
-65

9.74
8.69

31
-91

6.2
2.4

21
-49

9.70
8.94

1976 - High
Low

9.05
8.90

91
5

9.10
8.95

95
10

9.06
8.25

59
8

4.3
2.0

65
- 4

8.72
8.05

1976 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

9.05
9.00
8.95
8.90
9.00
9.05
9.05
9.05
9.00
9.00
8.95
8.90

39
42
42
32
5
35
33
58
77
71
91
n.a.

9.10
9.05
9.00
8.95
9.05
9.10
9.10
9.10
9.05
9.00
9.00
8.95

44
47
47
37
10
40
38
63
82
71
95
n.a.

9.06
9.04
n.a.
8.82
9.03
9.05
8.99
8.93
8.82
8.55
8.45
8.25

40
46
n.a.
24
8
35
27
46
59
26
40
n.a.

2.4
2.2
n.a.
2.5
4.1
4.2
3.8
3.3
2.5
4.3
3.6
2.0

- 1
- 4
n.a.
8
- 3
0
6
12
18
45
50
65

8.66
8.58
8.53
8 .58
8.95
8.70
8.72
8.47
8.23
8.29
8.05
n.a.

NOTES:
1
Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade 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.




H.16

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T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN M I L L I O N S O F D O L L A R S )

DATE O F
AUCTION

1976 - High

OFFERED

ACCEPTED

634 (5/17)

321 (5/17)

21 (12/27)

Low

AVERAGE
YIELD

AMOUNT
(IN M I L L I O N S O F D O L L A R S )
OFFERED

9.20 (6/1) 171 ( 9 / 7 )

19 (12/27) 8.39(12/27)

33 (1/26)

AVERAGE
YIELD

ACCEPTED

127 (11/15) 9.31 ( 6 / 1 ,
6/28)
23 (2/23)

8.90 (12/27)

1
14
28

349.5
146.6
261.2

224.7
98.8
157.5

9.20
9.14
9.12

131.4
77.3
93.6

90.5
70.3
59.2

9.31
9.30
9.31

J u l y 12
26

148.3
311.8

88.4
212.0

9.05
9.04

90.7
130.5

82.0
105.2

9.27
9.23

Aug.

9
23

190.1
171.3

107.4
107.0

9.01
8.97

136.7
162.1

93.4
115.3

9.17
9.14

Sept. 7
20

121.9
99.1

68.8
49.1

8.92
8.84

170.6
151.1

117.8
107.6

9.13
9.09

Oct.

4
18

124.3

111.2

61.8
45.3

8.80
8.70

153.8
143.7

94.4
121.4

9.07
9.02

Nov.

1
15
30

215.3
218.9
59.9

73.2
114.2
33.7

8.67
8.68
8.63

141.7
140.9
70.7

112.2
126.5
58.2

9.00
9.00
8.99

Dec. 13
27

36.0
20.9

22.6
18.9

8.51
8.39

79.7
70.5

68.1
67.3

8.89
8.80

1977 - J a n . 10
24

385.7
361.7

285.8
263.3

8.46
8.49

184.2
142.6

132.5
105.8

8.81
8.83

389.6

213.6

8.52

151.7

120.2

8.85

1976 - June

Feb.

7

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.
H.16



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