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«•««

Market
Developments

April 16, 1979

Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION



DIVISION OF RESEARCH AND STATISTICS
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 in the United
States, its possessions. Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
year or $.35 each. Elsewhere, $20.00 per year or $.50
each. Address requests to Publications Services, Division of Administrative Services, and make payment
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.




TABLES
1 - 6

S E C U R I T Y V O L U M E AND Y I E L D S

7, 8

STOCK MARKET AND S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE MARKET

SYMBOLS
e
p
r
n.a

ESTIMATE
PRELIMINARY
REVISED
NOT AVAILABLE

—

DATA DO NOT EXIST

3

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
YIELDS
WEEK ENDING

1979-Feb.

Mar.

Apr.

2
9
16
23

NEW ISSUE 1
A a a UTILITY

VOLUME

RECENTLY 2
OFFERED
Aaa UTILITY

PER CENT
SOLD BY END
OF WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

9.40
9.51
9.55
9.63

— —

9.42
— —

9.59

663
454
20
290

100
97
100
70

0
15
0
86

325
120
123
1,064
425

99
100
100
97
100

4
0
0
35
0

615
300

98
100

13
0

2
9
16
23
30

9.64
9.61
9.64
9.60

9.67
9.60
9.65
9.63
9.59

6
13

9.59
9.68p

9.61r
9.67p

-

3
GROSS
OFFERINGS
( $ MILLIONS)

-

MUNICIPAL BOND MARKET
YIELDS
WEEK ENDING

MOODY'S
NEW ISSUE
Aaa

VOLUME

BOND BUYER
20-BOND
INDEX

3
GROSS
OFFERINGS
( $ MILLIONS)

PER CENT
SOLD BY END
O F WEEK

NEW ISSUES 4
IN SYNDICATE
( $ MILLIONS)

1979-Feb.

2
9
16
23

5.70
5.60
5.60
5.75

6.22
6.31
6.33
6.38

393
265
596
745

81
80
77
79

115
53
156
264

Mar.

2
9
16
23
30

5.80
5.80
5.80
5.80
5.90

6.42
6.34
6.30
6.29
6.28

981
828
1,376
759
913

91
89
94
80
88

138
122
178
226
197

Apr.

6
13

5.85
5.85

6.25
6.33

657
756

92
76

163
279

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.

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.



Table 2

HIGH GRADE BOND YIELDS
NEW ISSUE
Aaa UTILITY

DATE

1975 - High

1

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U S. GOVT. 20-YEAR
CONSTANT MATURITY

4

BOND BUYER
2Q-BOND INDEX

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

9.71 (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)

8.95 (5/28)
7.93 (12/10)

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

8.66 (5/28)
7.91 (12/31)

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

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

8.36 (12/16)
7.90 ( V 7 )

8.48 (12/30)
7.95 (1/7)

8.28 (12/30)
7.88 (1/7)

7.99 (12/30)
7.26 (1/7)

5.93 (2/4)
5.45 (11/17)

9.29 (12/15)
8.60 (3/24)

9.54 (12/22)
8.48 (1/6)

9.27 (12/29)
8.30 (1/6)

9.00 (12/22)
8.02 (1/6)

6.67 (12/22)
5.58 (3/17)

9.68 (4/13)
9.42 (2/9)

9.67 (4/13)
9.40 (2/2)

9.38 (3/23)
9.19 (2/2)

9.12 (3/2)
8.89 (2/2)

1979 - January
February
March

6.42 (3/2)
6.22 (2/2)

9.54
9.53
9.62

9.51
9.56
9.62

9.25
9.26
9.37

8.98
9.03
9.08

6.47
6.31
6.33

1979 - Mar.

9.64
9.61

9.36
9.35
9.38
9.38
9.35

9.12
9.08
9.07
9.08
9.05

6.42
6.35
6.30
6.29
6.28

9.31
9.36p

9.05
9.10p

5

6.25
6.33

Low

1976 - High
Low

1977 - High
Low

1978 - High
Low

1979 - High
Low

Apr.

2
9
16
23
30

9.64
9.60

9.67
9.60
9.65
9.63
9.59

6
13

9.59
9.68p

9.61r
9.67p

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
weeks.

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.




•

•

•

•

•

•

•

•

•

•

/

Table 3

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

GROSS PROCEEDS

1

CORPORATE

PERIOD

2

STATE AND LOCAL

1979

1978

1977

1979

1978

1977

2,675e
2,800e
3,600e

3,013
2,657
4,442

4,362
2,792
5,578

2,778
2,571
4,400e

3,306
2,753
4,844

3,402
3,442
4,063

April
May
June

3,285
4,035
5,215

3,998
3,797
5,660

3,824
5,525
4,369

3,409
4,566
5,786

July
August
September

4,226
3,311
3,832

4,289
3,469
4,177

3,920
6,407
2,323

3,113
4,118
4,013

October
November
December

3,685
3,207
4,374e

4,221
5,331
6,531

3,231
4,320
3,690

3,807
3,332
3,646

02
03
04

10,112
12,535
11,369
ll,266e

12,732
13,455
11,935
16,083

10,903
13,718
12,650
11,241

10,907
13,761
11,244
10,785

1st Half
3 Qtrs.
Year

22,647
34,016
45,282e

26,187
38,122
54,205

24,621
37,271
48,512

24,668
35,912
46,697

January
February
March

01

9,075e

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2
Securities Industry Association estimates of principal amounts.



9,749e

Table 4

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

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

BONDS

COMMON
AND
PRIVATELY
PREFERRED
PLACED
STOCK

MEMO
MANUFACTURING

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

TOTAL

PUBLICLY
OFFERED

FOREIGN

CONVERTIBLE

1977 - I
II
III
IV

12,732
13,455
11,935
16,083

6,498
5,606
6,215
5,867

3,527
4,975
3,506
5,999

2,707
2,874
2,214
4,217

268
346
272
275

6
108
495
39

3,031
3,440
3,250
4,054

3,047
4,125
2,901
4,246

1,415
1,059
644
1,320

5,238
4,830
5,140
6,460

1978 - I
II
III

10,112
12,535
11,369

4,748
5,421
5,284

3,383
4,196
3,868

1,981
2,918
2,217

233
260
120

4
158
115

2,218
2,898
2,534

2,367
3,672
3,012

844
384
1,120

4,684
5,581
4,701

1977 - October
November
December

4,221
5,331
6,531

2,114
2,211
1,542

979
1,200
3,820

1,128
1,920
1,169

10
89
176

1
22
16

731
782
2,541

1,437
1,729
1,080

8
1,013
299

2,045
1,805
2,610

1978 - January
February
March
April
May
June
July
August
September
October r /
November

3,013
2,657
4,442
3,285
4,935
5,215
4,226
3,311
3,832
3,685
3,207

1,382
1,464
1,902
1,958
1,719
1,744
2,177
1,497
1,610
1,651
1,608

998
667
1,718
853
1,277
2,066
1,541
1,032
1,295
865
873

633
526
822
474
1,039
1,405
508
782
927
1,169
726

233
0
0
12
106
142
80
40
0
10
30

0
0
4
20
2
136
16
6
93
101
22

273
716
1,229
549
878
1,471
842
721
971
495
840

644
465
1,258
743
1,685
1,244
799
875
1,338
1,619
761

519
34
291
35

1,578
1,441
1,665
1,960
1,470
2,151
2,231
1,162
1,308
1,279
1,148

ISSUES INCLUDED

NOTES:
1

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

Source: Securities and Exchange Commission.



349
353
552
215
290
457

1

Table SA

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
A p r i l 2 t h r o u g h A p r i l 13, 1979

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

CORPORATE

Philadelphia Elec. Co.
Continental Oil Co.
Tennessee Natural Gas Line Co.
Iowa Public Service
Public Service Co. of Indiana
Virginia Electric & Power Co.
Avco Financial Services Inc.
Gulf States Utilities
Chemical New York Corp.
Pacific Power & Light Co.
Chesapeake & Potomac Tel. Co. of Va.

Com. s t k .
Debt.
Debt.
Com. s t k .
Pfd. s t k .
1 s t . mtg.
Notes
1 s t . mtg.
Notes**
1 s t mtg.
Debt

65.6
200.0
15.0
21.5
35.0
100.0
125.0
75.0
100.0
100.0
200.0

OTHER
Sweden, Kingdom of

Notes

150.0

2009
1989

9.38
10.25

9.40
10.25

Aa/AA
—/B

2009
1987
2009
2004
2009
2019

8.96
10.25
9.88
10.13
10.90
10.25
9.50

8.96
10.30
9.97
10.13
10.90
10.32
9.58

Aa/AA
A/A
A/A
A/A+
Aaa/-Baa/BBB
Aaa/AAA

1986

9.50

9.63

Aaa/AAA

— —

— -

NOTES:
*

Rights offering.

1
Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.

** Floating rate notes.


00

T a b l e 5B

INTERMEDIATE AND LONG-TERM*
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
A p r i l 2 through A p r i l 13,1979
ISSUER

AMOUNT
(MILLIONS OF
DOLLARS)

TYPE

NET INTEREST
COST

MATURITY

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

5.15-5.50
5.20-6.90
5.50-7.10
7.30
5.60-7.20
5.10-5.85
5.25-6.45
5.15-6.00
5.10-5.65
5.20-5.90
5.30-6.10
6.25
5.70-7.25
7.38
5.50-6.80
7.00
5.90-7.40
7.88
5.60-7.10
7.38
7.38
5.30-6.70
7.00

A-1/A+
Aa/AA
--/AA
--/AA
A-l/AA
Aaa/AAA
A-1/A+
Aa/AA
A-l/AAA
Aa/A+

STATE AND LOCAL

Hinds County, Miss.
Memphis, Tenn.
Kansas C i t y , Kansas
Kansas C i t y , Kansas
Wichita, Kansas
D a l l a s , Texas
Nueces River A u t h . , Tex.
F l o r i d a S t a t e Board of Education
Hempstead, N.Y.
Kenosha County, Wise.
Penn H i l l s School D i s t . , Pa.
Penn H i l l s School " i s t . , Pa.
Floyd C t y . , Ky.
Floyd C t y . , Ky.
H e a r t l a n d Consumers Power D i s t . ,
H e a r t l a n d Consumers Power D i s t . ,
P u e r t o Rico P u b l i c Bldg. Auth.
Puerto Rico P u b l i c Bldg. Auth.
C a b e l l , Putnam & Wayne C o u n t i e s ,
C a b e l l , Putnam & Wayne C o u n t i e s ,
C a b e l l , Putnam & Wayne C o u n t i e s ,
Delaware S t a t e Hsg. Auth.
Delaware S t a t e Hsg. Auth.

10.0
25.0
16.9
18.1
30.0
37.0
13.0
33.0
14.4
10.0
5.5
5.3
15.3
3.7
37.2
77.9
25.8
99.2
17.5
26.2
6.2
30.7
18.5

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

S.D.
S.D.
W.Va.
W.Va.
W.Va.

1980-1994
1981-1999
1980-1999
2009
1980-2009
1980-1999
1981-2009
1980-2000
1980-1993
1981-1998
1981-1994
1998
1981-1999
2002
1984-2002
2016
1980-1991
2004
1981-1999
2010
2011
1980-1997
2011

— —

5.72
-

-

— —

5.49
6.03
5.72
5.57
- -

— —
— —

7.24
7.24
-

-

——

7.90
7.90
-

-

- - -

-

— /——
—
——/ ——

--/AA—/AAA/AA/ABaa-l/A
Baa-l/A
A/AA
A/AA
A/AA
Aa/-Aa/ - -

NOTES:
1

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.

*

Greater than 12 months.


http://fraser.stlouisfed.org/
#
e
Federal Reserve Bank of St. Louis

#

#

#

e

e

#

#

•

•

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
A p r i l 2 through A p r i l 13, 1979

ISSUER
STATE AND LOCAL

Massachusetts Bay Trans. Auth.
I b e r i a Home Mtg. A u t h . , La.
I b e r i a Home Mtg. A u t h . , La.
I b e r i a Home Mtg. A u t h . , La.
Houston, Texas
Houston, Texas
San F r a n c i s c o Redev. Agcy., C a l i f .
San F r a n c i s c o Redev. Agcy., C a l i f .
Maine S t a t e Housing Auth.
Maine S t a t e Housing Auth.
D e t r o i t , Michigan
D e t r o i t , Michigan
Tacoma, Wash.
Martinsburg, W. Va.
Martinsburg, W. Va.
Oregon, S t a t e of
Alaska, S t a t e of
Arkansas Hsg. Dev. Agcy.
Arkansas Hsg. Dev. Agcy.




TYPE

Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
Rev.
G.O.
G,0.
Rev.
Rev.

AMOUNT
(MILLIONS
OF
DOLLARS)

60.0
5.9
9.5
2.2
10.0
25.0
40.0
57.0
6.4
17.2
3.5
29.9
38.0
10.0
15.0
150.0
60.0
15.0
60.0

MATURITY

1980-2019
1981-1999
2010
2011
1981-1999
2012
1983-1999
2009
1980-1999
2020
1984-1988
2004
1984- 2014
1980-1999
2010
1990-1999
1980-1989
2011
1981-2005

NET INTEREST
COST

6.65
— —

— —
— —

6.66
6.66
7.24
7.24

-

-

- -

6,33
- -

5.82
5.59
- -

OFFERING
YIELD

5.50-6.90
5.70-7.10
7.35
7.30
5.75-6.20
6.75
6.10-7.00
7.25
5.50-6.90
7.20
5.50-5.80
6.75
5.40-6.65
5.50-7.15
7.38
5.40-5.95
5.30-5.55
6.80
5.40-6.60

MOODY S/S&P S
RATINGS

A-l/AA
A-l/AA
A-l/AA
A-l/AA
A/A
A/A
A/A
A/A
A-l/AA
A-l/AA
A/A
A/A
A-1/A+
A-l/AA
A-l/AA
Aaa/AA+
A-1/A+
Aa/AA
Aa/AA

10
Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
As of A p r i l 13, 1979

ISSUER

TYPE

1

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

Mapco I n c .
Georgia Power Co.
South C aro lin a E l e c . & Gas Co.
South C aro lin a E l e c . & Gas Co.
I l l i n o i s Power Co.
Emons I n d u s t r i e s I n c .
*Charter New York Corp.
*Time I n c .
Utah Power & Light Co.
Utah Power & Light Co.
Consumers Power Co.
C o n t i n e n t a l I l l i n o i s Corp.
Gulf Power Co.
*Southwestern P u b l i c Service Co.
Southern Railway Co.
Louisiana Power & Light Co.
General Motors Accept. Corp.
General Motors Accept. Corp.
Flexi-Van Corp.
Public Service of New Hampshire
Wisconsin Power & Light Co.
Delmarva Power & Light Co.
C r e d i t h r i f t F i n a n c i a l Corp.
C r e d i t h r i f t F i n a n c i a l Corp.
*Johns-Manville Corp.
*United Gas P i p e l i n e Co.
*Transamerica Corp.
West Texas U t i l i t i e s Co.
Public S e r v i c e Co. of Indiana
T r a i l e r T r a i n Co.
Appalachian Power Co.
Columbia Gas System I n c .
Montana Dakota U t i l i t i e s Co.
*Carolina Power & L i g h t Co.
^General T e l . Co. of C a l i f .
Brae Corp.
Kansas City Power & Light Co.

Debt.
1st nrbg.
Com. s t k .
1st mtg.
Com. s t k .
Equip, t r .
Notes
Debt.
Pfd. s t k .
1 s t mtg.
1st nrbg.
Notes
1st mtg.
1st mtg.
Equip, t r .
1st mtg.
Debt.
Notes
Com. s t k .
Pfd. stk.
Com. s t k .
Com. s t k .
Notes
Notes
Notes
1st mtg.
Debt.
1st mtg.
1st nrbg.
Equip, t r .
1st mtg.
Debt.
1st mtg.
1st mtg.
Debt.
Com. s t k .
Pfd. s t k .

50.0
125.0
20.0
35.0
65.0
25.0
75.0
150.0
20.0
35.0
100.0
200.0
30.0
30.0
18.0
45.0
200.0
100.0
30.0
25.0
20.0
26.0
35.0
15.0
100.0
50.0
100.0
25.0
50.0
24.0
70.0
75.0
35.0
100.0
75.0
19.0
40.0

NOTES:
*

Included in table for first time.

1

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




Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
May
May
May
May
May
May
May
May

18
18
18
18
19
19
19
19
19
19
23
23
24
25
25
26
26
26

2
3
8
10
10
15
16
17
22
23

11
Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
As of A p r i l 13, 1979
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

Rev.
Rev.
Rev.
Rev.
G.O.
G .0.
Rev.
G.O.
G.O.

75.0
110.0
52.1
23.7
12.8
12.0
12.4
16.6
20.0

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

16
16
16
16
16
18
19
19
19

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

15.0
12.4
86.8
30.4
55.0
25.0
55.0
30.0
43.0
40.5
150.0
12.0
48.0

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
May

19
20
24
24
26

APPROXIMATE
DATE OF OFFERING

STATE * LOCAL

L a f a y e t t e Pub. T r . F i n . A u t h . , L a .
South Carolina Public S e r v . Auth.
N. L i t t l e Rock Resid.Hsg.Fac.Bd.Ark.
*Waukegan, 111.
Albuquerque, N. Mexico
Alief I n d . Sch. D i s t . , Texas
*Clark County, Kentucky
*Nassau Co., N.Y.
*Nassau Co., N.Y.
H a r r i s County Flood Control D i s t . ,
Texas
*Monfcgomery Co., Kentucky
Wisconsin, S t a t e of
Baltimore, Md.
Boston, Mass.
Addison, 111.
Mesa County, Colorado
Vermont Housing F i n . Agcy.
New J e r s e y Health Care F i n . Auth.
*New Hampshire
*N. Carolina Mun. Power Agcy. No.l
*Davis Co. Sch. D i s t . , Utah
*Valdez, Alaska

NOTES:
1

Include state and local government issues of $10 million and over.
Included in the table for the first time.




9
10
15

M

Table 7

STOCK PRICES AND VOLUME
STOCK PRICES

DATE

im- -High

NYSE INDEX

BJ INDUSTRIALS

TRADING VOLUME

AMEX

NASDAQ

NYSE

AMEX

NASDAQ

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)

1976- •High
Low

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

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

8 . 1 (2/13)
2.5 (9/15)

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)

1977- •High
Low

57.69 (1/2)
49.78 (11/2)

11.1 (2/20)
3.5 (1/2)

105.05 (12/30)
93.66 (4/5)

35.3 (11/11)
10.6 (10/10)

1978- •High
Low

4 . 2 (1/13)
1.4 (9/22)

60.38
48.37
58.0$
53.88

Low

1979- High
Low
1979
Jan.

1.1

(1/2)

999.75 (1/3)
127.89 (12/30)
800.85 (11/2) 109.61 (1/12)
907.74 (9/8)
176.87 (9/15)
742.12 (2/28) 119.73 (1/11)
877.60 (4/5)
182.38 (4/3fr
807.00 (2/27) 152.03 (1/2)

(9/12)
(3/6)
(4/5)
(2/27)

139.25 (9/13)
99.09 (1/11)

66.4 (8/3)
7.6 (1/20)

11.0 (10/30)
1 . 3 (1/20)

18.8 (5/18)
2.8 (1/20)

133.75 (4/6)
117.84 (1/2)

41.9 (4/4).
18.3 (1/2)

5.4 (4/4)
2.2 (1/22)

18.3 (4/4)
7.2 (1/2)
10.6

11.2

(11/10)

5 . 1 (5/27)

5
12
19
26

55.41
55.91
55.85
56.99

830.73
836.28
837.49
859.75

157.66
160.33
161.04
162.35

122.05
123.74
124.65
127.04

27.4
27.1
27.4
30.4

Feb.

2
9
16
23

3.5
3.2
3.3
2.9

55.79
54.88
55.37
54.88

834.63
822.42
827.01
823.28

159.25
160.08
163.15
162.55

125.82
123.76
125.57
125.04

27.0
25.2
24.0
24.3

Mar.

2
9
16
23
3(5

54.37
55.81
56.55
57.08
57.13r

2.5
2.8
3.0
3.0

10.4
10.2
10.0
10.3

815.75
842.86
852.82
859.75
862.18

162.97
166.66
172.77
176.80
179.70

6
13

58.04
57.53

875.69
870.50

181.74
180.32

25.2
28.9
28.5
32.2
31.0
34.7r
29.7

3.2
3.5
4.1
4.7
4.6

Aprl

123.67
127.25
128.55
130.58
131.76
133.75
133.54

11.0
13.4
12.9
14.4
15.3
16.5r
15.1

NOTES:
1
2
3

12.1

4.5r
4.0

Figures other then highs end tows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays.
Volume figures are weekly averages of dally figures (millions of shares).
12/31/68 - 60

4

11.0

10.8

Based on average price change until September 4,1973 thereafter, based on market value of shares listed.


http://fraser.stlouisfed.org/
Federal Reserve Bank of St. #
Louis

#

e

#

#

e

e

*

e

13
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

B R O K E R S ON
MARGIN
STOCK

1

BROKERS ON 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

OUTSTANDING

1978 - February
March
April

May
June
July
August
September
October
November
December
1979 - January
February
March

CHANGE IN OUTSTANDING

1978 - February
March
April
May
June
July
August
September
October
November
December
1979 - January
February
March

9.780
9,920
10,260
10,660
11,090
11,190
11,740
12,400
12,090
11,000
10,830

242
246
248
245
242
247
243
225
216
209
205

10,750
10,790
10,870

204
195
n.a.

190
140
340
400
430
100
550
660
-310
-1,090
-170

-4
4
2
-3
-3
5
-4
-18
-9
-7
-4

-80
40
80

877
2,544
855
2,544
914
2,560
s e r i e s discontinued

26
-21
-22
-59
16
s e r i e s discontinued
— —

-1
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

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS
DATE

1974
1975
1976
1977
1978-June
July
August
September
October
November
December

NET
FLOW
2,165
11,070
12,670
10,647

ANNUAL 3
GROWTH
RATE
2.3
11.3
11.6
8.9

19 7 9 - J a n u a r y ^ .
February^

1,304
341
260
1,378
510
275
1,236
266
700

1978-June
July
August
Sep tember
October
November
December

723
668
1,054
1,116
1,096
353
456

6.4
5.9
9.2
9.7
9.4
3.0
3.9

452
729

3.8
6.2

1979-January
.
February^

1

—
— —

— —
— —

NET
NEW
MONEY
-2,822
4,757
5,275
2,874
-90
38
-75
-41
48
-59
-391
-121
350
— —

2

SHARE CAPITAL

NET
NEW
MONEY

ANNUAL 3
GROWTH
RATE
4,668
7.1
16,006
29,276
17.6
42,769
17.6
34,369
50,169
15.2.
32,004
50,963
NOT SEASONALLY ADJUSTED
6,656
1,744
2,812
3,074
2,312
2,069
1,606
6,433
2,645
2,534
2,157
1,897
5,802
710
4,743
4,377
2,874
2,571
SEASONALLY ADJUSTED-4/
4,675
14.0
3,846
11.4
4,578
13.4
5,757
16.7
3,510
10.0
4,399
12.4
3,710
10.4
—
4,564
12.7
3,409
9.4
NET
FLOW

——

— —

— —

——

——

—

— —

mm mm

-

-

-

-

TOTAL

2

DEPOSITS

NET
FLOW
18,171
53,839
62,839
61,610
7,960
3,415
2,572
7,811
3,155
2,432
7,038
5,009
3,574
5,398
4,514
5,632
6,873
4,606
4,752
4,166
5,016
4,138

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.

4 Seasonally a d j u s t e d s e r i e s have been r e v i s e d due to r e c a l c u l a t i o n of seasonal f a c t o r s .
SOURCE:
 National Association of Mutual Savings Banks and Federal Home Loan Bank Board.


ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5
— —
— —

•

•

12.1
10.0
12.3
14.9
9.9
10.1
8.8
10.5
8.6

NET
NEW
MONEY
1,846
34,033
39,644
34,783
1,654
2,850
1,994
1,565
2,582
1,838
298
4,256
2,921

— —

— —

-

-

2

15
T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
B I L L I O N S O F DOLLARS, SEASONALLY A D J U S T E D

OUTSTANDING COMMITMENTS
PERIOD
TOTAL

ALL S A V I N G S
MUTUAL
& LOAN
SAVINGS BKS
ASSOCIATIONS (N Y. S T A T E )

NET C H A N G E
TOTAL

ALL S A V I N G S
MUTUAL
& LOAN
SAVINGS BKS
ASSOCIATIONS (N Y. S T A T E )

1974

14.5

12.3

2.2

-5.36

-4.03

-1.33

1975

20.0

18.0

2.0

5.47

5.72

-.25

1976

27.3

24.6

2.7

7.30

6.60

.70

1977

38 2

33.7

4.5

10.89

9.08

1.81

1978

38.3

33.4

4.9

,06

—. 32

.38

1978 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

38.0
37.3
36.9
36.5
36.2
36.1
36.0
36.4
36.7
38.8
39.1
38.3

33.6
33.0
32.7
32.3
31.9
31.5
31.5
31.9
32.3
33.9
34.0
33.4

4.4
4.3
4.3
4.3
4.3
4.6
4.6
4.6
4.4
4.8
4.9
4.9

-.32
-.70
-.38
-.39
-.34
.02
-.05
.35
-.34
1.96
.22
-.65

—. 08

-.24
-.09
-.04
-.03
.05
.34

1979 - Jan.
Feb.

37.5
36.5

32.6
31.7

4.8
4.8

—. 88
-.79

-.61

-.34
-.42
-.39
-.32
-.03
.36
.42
1.63
.10
-.64
—. 81
—. 86

-.02
-.01
-.08

.33

.12
-.01

-.04
-.07

NOTES:
Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include 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.

http://fraser.stlouisfed.org/
H.16
Federal Reserve Bank of St. Louis

16
Table 11

NET NEW MONEY BORROWINGS
BY MAJOR HOUSING A G E N C I E S
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLB

1977-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

12
-862
289
344
532
605
531
347
195
247
466
1,078

188
-592
-354
746
297
203
553
301
-291
211
500
0

1978-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

399
1,712
887
848
3,091
1,492
1,605
1,811
1,683
1,680
1,108
3,023
534
1,933
1,499

-12
1,388
-17
600
1,483
1,276
1,881
1,182
1,131
1,630
885
2,183

0
1,400
0
0
1,500
0
700
1,200
0
0
900
750

0
1,325
1,500

0
837
0

1979-Jan.
Feb

e/
Mar.- 7

NOTES:
Based on data from Treasury Survey of Ownership.

Sales of FHLB discount notes began in May 1974.


0
-200
0
—6
105
0
0
304
0
0
300
0

FHLMC

FNMA

FNMA & FHLB
SHORT-TERM
DISCOUNT
NOTES 1

-189
-393
-4
0
200
3
-47
-3
9
11
200
0

-1
1
-350
752
-8
200
600
0
-300
200
0
0

-176
-270
643
-402
235
402
-22
46
486
-36
-34
1,078

-12
-12
-17
0
-17
276
-19
-18
181
-70
-15
183
-116
488
0

0
0
0
600
0
1,000
1,200
0
950
1,700
0
1,250

411
324
904
248
1,608
216
-276
629
552
50
223
840

0
0
1,500

650
608
-1

17
Table 12

NET CHANGE IN MORTGAGE HOLDINGS
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
FNMA-GNMA

21,930
41,406
57,587
58,372
42,739
43,497
62,783
96,814
109,736

1970
1971
1972
1973
1974
1975
1976
1977
1978

2

FINANCIAL INSTITUTIONS
TOTAL

17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924
101,040

COMMERCIAL
BANKS

2,462
9,940
16,800
19,600
11,700
4,200
13,900
27,900
33,800

MSB's

S & L's

1,946
3,938
5,377
5,642
2,172
2,236
4,074
6,565
6,378

10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,158
51,695

INSURANCE FNMA-GNMA
COMPANIES

2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184
9,167

4,910
2,388
2,026
3,300
6,222
4,839
-2,120
890
8,696

Not Seasonally Adjusted
1978 - J u l .
Aug.
Sept.
Oct.
Nov.
Dec.

8,428
10,063
8,407
8,561
8,923
7,916

3,200
3,700
2,800
3,000
3,200
2,200

1979 - J a n .
Feb.

681
636
550
500
594
452

3,991
4,721
4,294
4,265
4,184
3,438

556
1,006
763
796
945
1,826

728
998
984
883
485
702

377

9,156
11,061
9,391
9,444
9,408
8,618

2,602
2,464

465

798

604
552
531
464
632
317

3,647
4,214
4,188
4,450
4,762
3,818

707
1,096
708
822
964
1,156

538
915
808
898
604
654

544

3,925
3,470

591

820

Seasonally Adjusted
1978 - J u l .
Aug.
Sept.
Oct.
Nov.
Dec.

8,586
10,195
8,990
9,729
10,140
8,414

1979 - Jan.
Feb.

8,048
9,280
8,182
8,831
9,536
7,760

3,090
3,418
2,755
3,095
3,178
2,469

Seasonally a d j u s t e d data revised due t o r e - e s t i m a t i o n of seasonal f a c t o r s .

NOTES:
1

fW commercial

banks based on Federal Reserve estimates bench marked to Call Report data on real estate loans outstanding as avail
'
9 a 9® d e b t outstanding as reported separately by National Assn. of Mutual Savings Banks, Federal Home Loan
n
r , 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 alt holders in 1974.
http://fraser.stlouisfed.org/
Beginning of St. Louis
Federal Reserve Bank January 1972 data reflect activity in limited amount of conventional mortgages.
d

^

d 8 t a d e r V e d f r o m mort

T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING 1
IN BILLIONS OF DOLLARS, SEASONALLY ADJUSTED ANNUAL RATES

2
QUARTER

TOTAL

3

RESIDENTIAL
TOTAL

1- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTFAMLY
&
COMMERCIAL

FARM

1972 - I
II
III
IV

67,9
73.9
77.2
88.8

49,8
53.9
58,6.
64.1

38,5
40.7
47.7
48.4

11,3
13,2
11.0
15,7

14.7
16,5
14,9
21,1

26.0
29.6
25.9
36.8

3.5
3,5
3,7
3.6

1973 - I
II
III
IV

82.0
86.7
79.8
71.1

57.5
59,2
55.4
48.9

49,4
46,1
42.9
41.1

8,1
13,1
12,5
7.9

18,8
21,7
19,4
16.7

27,0
34,8
31.9
24,5

5,6
5,8
5,0
5,5

1974 - I
II
III
IV

71.1
69.6
53.6
47.7

50.4
45.9
34.1
30.4

• 40,8
39.0
27,4
26.1

9,5
7.0
6,7
4,3

17.2
18.8
13.7
11.4

26.7
25.7
20.3
15.7

3.6
4,0
5.8
5,9

1975 - I
II
III
IV

45.8
53.0
61.3
68.7

32,0
38.1
45.1
50.4

31.1
38.7
45,2
50,5

0.9
-0.6
-0.1
—0.1

8,6
10.1
12,1
14,2

9,4
9,4
12.1
14.1

5.3
4,9
4.0
4.1

1976 - I
II
III
IV

80.9
74.5
93.1
99.6

62.5
55.0
72.7
78.9

61.0
55.2
68.9
76.5

1.5
—0.2
3.8
2.4

13.3
14.8
13.5
13.0

14.8
14.5
17.2
15.5

5.2
4.7
6.9
7.7

1977 - I
II
III
IV

108.5
133.8
140.1
153.6

85.9
110.0
113.7
119.4

81.6
101.8
106.2
110.2

4.2
8.3
7.5
9.2

14.0
14.5
17.8
25.6

18.2
22.8
25.3
34.8

8.6
9.2
8.6
8.7

1978 - I
II
I I I (r)
IV (p)

133.7
145.3
152.4
152.6

105.4
114.0
112.5
120.5

96.2
104.8
101.4
109.7

9.2
9.2
11.1
10.8

19.3
21.7
28.1
21.1

28.5
30.9
39.2
31.9

9.0
9.6
11.8
11.0

NOTES:
1

Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, Natighal 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
#r6^eMy where hot 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 muitifamilv mortgage debt.


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
1975
1976
1977
1978

TOTAL

1—FAMILY

COMPLETIONS

STARTS
2 - O R MORE
FAMILY

TOTAL

1—FAMILY

2 - O R MORE
FAMILY

TOTAL

1 —FAMILY 2 - O R MORE
FAMILY

MOBILE
HOME
SHIPMENTS

1,324
1,352
1,925
2,219
1,820
1,074
939
1,297
1,677
1,658

1978 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

1979 - Jan.
Feb.

626
647
906
1,033
882
644
676
894
1,125
1,078

698
705
1,018
1,186
937
431
264
403
552
581

1,407
1,434
2,052
2,357
2,045
1,338
1,160
i 1,538
I 1,987
2,020

811
813
1,151
1,309
1,132
888
892
1,162
1,451
1,433

656
621
901
1,048
914
450
268
376
375
587

1,399
1,418
1,706
1,972
2,014
1,692
1,297
1,362
1,652
1,866

808
802
1,014
1,143
1,174
932
867
1,026
1,254
1,366

592
617
692
828
840
760
430
336
398
499

413
401
497
576
567
329
216
246
277
275

! 1,632
1,563
1,731
1,727
1,724
1,664

1,035
1,020
1,092
1,135
1,114
1,149

597
543
639
592
610
515

2,104
2,004
2,024
2,054
2,107
2,074

1,455
1,431
1,432
1,436
1,502
1,539

646
573
592
618
605
535

1,928
1,948
1,900
1,883
1,885
1,872

1,320
1,363
1,370
1,414
1,375
1,405

608
584
530
468
510
467

232
283
272
286
280
303

1,324
1,360

841
814

483
546

1,669
1,411

1,148
964

521
447

1,814

1,314

500

311
264

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


vo

Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL L O A N S
PRIMARY MARKET
NEW HOMES
PERIOD

1

HUD(FHA) INSURED LOANS
SECONDARY MARKET

EXISTING H O M E S

NEW HOMES

1

1

SPREAD

BETWEEN
RETURNS ON
NEW A a a
CONVENTIONAL
UTILITY
AND HUD(FHA)
BOND
NEW HOME
YIELD
MORTGAGES (IN PER CENT)
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

DISCOUNT
(PERCENTAGE
POINTS)

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

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

98
63

9.11
8.40

73
22

4 .7
1.7

40
4

8.31
8.01

1978 - Jan.
Feb .

9.15
9.25
9.30
9.40
9.60
9.75
9.80
9.80
9.80
9.95
10.10
10.30

NA

9.20
9.25
9.30
9.45
9.60
9.75
9.80
9.80
9.85
9.95
10.15
10.30

54
47
53
58
59
72
100
79
72

NA

9.11

NA
NA

4.7

4

NA

NA

NA

Mar.
Apr.
May

June
July
Aug.

Sept.
Oct.
Nov.
Dec.

1979 - Jan.
Feb.

10.30
10.35

54
47
48
58
59
72
100
74
72
NA
NA
NA

76

10.30
10.35

NA
NA
NA

76

NA

9.29
9.37
9.67

46
45
65

4.1
4.7
5.0

NA

NA

NA

9.92
9.78
9.78
9.93
9.99
10.16
10.17
10.17

84
98
72
55

1
3
- 7
NA

NA
NA

3.1
2.1
2.1
2.1
3.6
4,8

-12
2
2
2
11
14

NA
NA

4.9
4.9

13
18

8.71
8.83
8.92
9.02
9.16
9.08
8.80
9.06
9.23
NA
NA
NA

9.59

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.

Rate* 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.



21
Table 16

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

AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

AVERAGE
YIELD

ACCEPTED

CONVENTIONAL
AMOUNT
(IN MILLIONS OF DOLLARS)
OFFERED

AVERAGE
YIELD

ACCEPTED

1011(1/9)

605(1/9)

Low

130(8/7)

80(8/7)

July 10
24

503.3
253.4

327.4
144.1

10.02
10.00

169.8
146.2

90.5
88.4

10.17
10.21

Aug.

7
21

130.3
368.8

80.1
197.1

9.82
9.80

74.7
150.0

47.5

81.0

10.15
10.07

Sept. 5
18

351.2
366.7

154.7
181.2

9.78
9.79

199.4
285.3

126.3
157.4

10.02
10.01

Oct.

2
16
30

682.4
425.4
857.0

278.6
176.2
377.6

9.91
9.98
10.20

395.5
336.1
425.2

166.9
148.8
179.9

10.10
10.18
10.31

Nov. 13
27

452.8
335.2

182.4
139.4

10.27
10.33

488.2
373.2

199.5
187.3

10.49
10.64

Dec. 11
27

283.4
343.6

144.4
175.2

10.40
10.60

262.2
155.2

141.5
79.4

10.77
10.92

Jan.

8
23

211.0
93.9

101.1
54.3

10.67
10.73

71.2
42.3

36.0
22.1

11.02
11.13

Feb.

6
20

42.4
168.2

37.9
123.3

10.61
10.47

19.4
43.6

17.9
27.5

11.07
11.02

Mar.

5
19

265.0
243.3

141.8
142.6

10.43
10.42

47.0
97.9

33.8
79.7

10.96
10.92

Apr.

2

260.7

139.2

10.44

167.8

98.6

1978 - High

1979

10.69(12/27) 717(5/15) 363(5/15)
9.13(1/9)

75(8/7)

48(8/7)

10.92(12/27)
9.28(1/9)

10.92

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.




Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102