Full text of H.16 Capital Market Developments : January 22, 1973

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DECONTROLLED AFTER S I X ifcllTHS

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L . 5 . 8 Confidential ( F . R . )

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January

CAPITAL
MARKET
DEVELOPMENTS

Capital Markets Section, Division of Research and Statistics,
Board of Governors of the Federal Reserve System, Washington, D. C.




22,

1973

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INDEX
D e v e l o p m e n t s in t h e C o r p o r a t e and Municipal Bond Markets
C a p i t a l Market Y i e l d s
C a p i t a l Market Volume
Stock Market
Mortgage Market

SYMBOLS:
e

Estimate

p

Preliminary

r
n.a.

Revised
Not a v a i l a b l e




3
T A B L E 1: Y i e l d s , . Volume and Reception

WEEK ENDING:
1972 - Dec.

1
8
15
22
29

Jan.

5
12
19
26

WEEK ENDING:
1972 - Dec.

Jan.

1
8
15
22
29
5 |
12
19
26

YIELDS
MOODY'S
NEW ISSUE
SEASONED
Aaa
1
Aaa
UTILITY
7.05
7.07
7.05
7.15
7.08
7.21
——
7.10
7.11
- —

7.29
7.46

7.11
7.12
7.15
n.a.

YIELDS
BOND BUYER
MOODY'S
SEASONED 20
NEW ISSUE
Aaa
BOND INDEX 4.90
4.99
4.96
4.85
5.03
4.90
4.95
5.10
4.95
5.11
4.95
4.90
4.85
n.a.

5.08
5.03
5.00

CORPORATE BOND MARKET
VOLUME 2
PER CENT

GROSS
OFFERINGS
622
340
499r
138
52

SOLD BY END
OF WEEK
76
75
80
94
100

34
373
248
190e

100
80
94

BONDS SCHEDULED
WITHIN 28 DAYS
n.a.
n.a.
n.a.
n . a#
n.a.

n.a.
n.a.

MUNICIPAL BOND MARKET
VOLUME2
PER CENT

GROSS
OFFERINGS
407
881
575
244
11
52
467
467
382e

SOLD BY END
OF WEEK
58
76
65
68
54
55
80
75
n.a.

BONDS SCHEDULED
WITHIN 28 DAYS
1,203
569
255
518
518
963
942
802

1 Derived by a d j u s t i n g t o a Aaa b a s i s , new i s s u e s of p u b l i c l y - o f f e r e d c o r p o r a t e bonds
with c a l l p r o t e c t i o n , r a t e d A, Aa, or Aaa by Moody's I n v e s t o r s S e r v i c e ( e x c e p t s e r i a l
and c o n v e r t i b l e i s s u e s , o f f e r i n g s of n a t u r a l gas p i p e l i n e and f o r e i g n companies, and
bonds g u a r a n t e e d by t h e F e d e r a l Government.)
2 M i l l i o n s of d o l l a r s u n l e s s o t h e r w i s e i n d i c a t e d .
Note:

See f o o t n o t e s t o Table 3




T A B L E 2:

DATE
OFFERED

AMOUNT
(MIL. $)

1/16

13.0

1/17

20.0

1/18

OFFERED

40.0

DATE
| RELE\SED

D e t a i l s on Inventories

CORPORATE BONDS IN SYNDICATE END OF LATEST WEEK
ORIGINAL RATING AND
ISSUER
COUPON
YIELD CALL PROTECTION
G e n ' 1 T e l e of Midwest
Vermont Yankee Nuclear
Brown Group, I n c .

AMOUNT

7 5/8
7.70
7 3/8

ISSUER

COUPON

7.63
7.58
7.38

A
A
A

5
5
10

yrs
yrs
yrs

ESTIMATED PROPORTION SOLD
98%
30%

98%

ORIGINAL INCREASE I RATING ANDl ESTIMATED PROYIELD
IN YIELD I CALL PROT.|PORTION RELEASED

NONE

DATE
1972 =~Dec.

INVENTORIES 1
MUNICIPALS
BLUE LIST
IN SYNDICATE

CORPORATES
IN SYNDICATE

1973 - J a n .

N.C. - No c a l l p r o t e c t i o n .
A l l f i g u r e s in m i l l i o n s of d o l l a r s . Blue L i s t Is d a i l y average f o r week ended F r i d a v , c x c e p t f o r l a t e
fhich
i l n i l y average of t h r e e days emh-d Wednesday. A l l o t h e r f i g u r e s a r e as of F r i d a y .




T A B L E 3:

High G r a d e B o n d Y i e l d s

MOODY'S SEASONED
CORPORATE
Aaa 2
8.60 (7/3)
7.48 (12/21)

U.S. GOVERNMENT
20-YEAR
CONSTANT
MATURITIES 3
7.55 (5/29)
6.17 (12/18)

BOND
BUYER'S
SEASONED
MUNICIPALS 4
7.12 (5/29)
5.33 (12/11)

1970 - High
Low

NEW
UTILITY
Aaa 1
9.43 (6/19)
7.72 (12/11)

1971 - High
Low

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

7.71 (8/12)
7.06 ( 2 / 1 2 )

6.51 (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)

7.36 ( 4 / 2 8 )
7.05 (12/8)

6.19 (4/14)
5.74 ( 1 1 / 1 7 )

5.54 (4/13)
4.96 (10/21)

7.10
7.11

6.03
6.03

5,10
5.11

7.11
7.12
7.15

6.42
6.85
6.86

5.08
5.03
5.00

DATE

1972 - Dec.
1973 - J a n .

22
29
5
12
19

1

—
——

7.29r
7.46

New c o r p o r a t e i s s u e s , w i t h c a l l p r o t e c t i o n , a d j u s t e d ( a s d e s c r i b e d i n
f o o t n o t e 1 of T a b l e 1) t o a Aaa b a s i s .
Weekly a v e r a g e of d a i l y f i g u r e s . Average t e r m of bonds i n c l u d e d i s
,
22-24 y e a r s .
3
Weekly a v e r a g e of d a i l y f i g u r e s .
4
Thursday f i g u r e s . The a v e r a g e r a t i n g of t h e 20 bonds used i n t h i s i n d e x
f a l l s midway between t h e f o u r top g r o u p s a s c l a s s i f i e d by Moody 1 s I n vestors Service.
Note—Highs and lows a r e f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s
for d i f f e r e n t s e r i e s .
2




T A B L E 4:

Long-term C o r p o r a t e a n d S t a t e a n d L o c a l G o v e r n m e n t
S e c u r i t y O f f e r i n g s and P l a c e m e n t s
(In m i l l i o n s of d o l l a r s )

GROSS PROCEEDS
CORPORATE
1972

1971

STATE AND LOCAL 2

1

1970

1972

1971

1970

2,732
1,851
2,258

1,340
1,214
1 ,555
1 ,647

January
February
March

3,205
3,369
3,229

3 ,115
3 ,000
6 ,075

2,636
1 ,802
3,539

1 ,776
2 ,002
2 ,237

April
May
June

3 ,275
3 ,598
4 ,341

4 ,042
3 ,300
4,375

3 ,170
3 ,909
3,389

1 ,988
2 ,002
2 ,260

1 ,891
2 ,167
2 ,013

1,085

July
August
September

3 ,582
2,893
2,,720

4 ,147
2 ,532
3.,768

2 ,768
2 ,274
3 ;,518

1 ,800
1 ,951
1.,693

1 ,989
1 ,903
2 ,098

1 ,348
1 y*59
1 ,758

October
November
December

3 3,809
3, ,252e
2,, 650e

3,,387
3.,704
3. , 6 7 3

3.,777
4,,182
3.,980

2 :,155
1., 8 3 8
1.,755e

1,,728
2.,264
2:,068

1 ,924
1 ,748
2:,190

9.,803
11,,214
9.,212
9 , 711e

12.,190
11, , 6 8 8
10, ,447
10, 764

7.,977
10,,468
8, ,560
11, , 9 3 9

6.,015
6.,250
5:,444
5., 7 4 8 e

6.,841
6.,081
5:,990
6,,060

4,,109
3.,728
4;, 4 6 5
5 ;,862

2 1 , ,017
229
3 9 , 940

2 3 , 844
3 4 , 325
4 5 , 089

18, 4 4 5
2 7 , 005
3 8 , 944

12, 265
17, 709
2 3 , 457e

12, ,812
18, 902
2 4 , 962

7,,837
12, ,302
18, ,164

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st half
Three q u a r t e r s
Year

1
2

30,

'

996

' S e c u r i t i e s and Exchange Commission e s t i m a t e s of g r o s s p r o c e e d s .
I n v e s t m e n t B a n k e r s A s s o c i a t i o n of America e s t i m a t e s of p r i n c i p a l amounts.




T A B L E 5:

PUBLICLY
OFFERED

1

New C o r p o r a t e S e c u r i t y I s s u e s , T y p e of I s s u e a n d I s s u e r
(In m i l l i o n s of d o l l a r s )

GROSS PROCEEDS BY
TYPE OF ISSUE
COMMON
AND
MEMO:
PRIVATELY PFD.
ISSUES INCLUDED
PLACED
STOCK FOREIGN CONVERTIBLE

GROSS PROCEEDS BY
TYPE OF ISSUER
PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS1

3,041

1,053

4,164

2,261
2,874

1,476
1,369
856
1,047

4,541
4,240
4,030
4,745

10,764

5,135

2,439

3,193

133

767

2,543

9,805
11,214
9,195
9,711

5,361
4,634
4,192
4,084

1,593
2,781
1,867
2,458

2,851
3,798
3,136
3,182

74
245
57

511
449
836
352

1,525
2,109
1,629
1,045

3,704
3,673

2,003
1,190

433
1,283

1,269

62
12

395

811

150

980

1,217
891

269
352

1,408
1,450

3,205
3,369
3,229

1,767
1,907
1,677

604
412
577

834
1,041
976

59

195
83
233

392
529
604

533
988
740

752
498
227

1,529
1,354
1,658

3,275
3,598
4,341

1,622

92

1,676
1,336

1,218

1,219
738
1,538

178
391

3,582
2,893
2,720

1,807
1,523
863

3,809
3,252
2,650

1,763
1,361
950

1,201

12
3

2,680

864

15

i;i48
1,786

100
130

131

581
761
767

800

1,297
1,708
1,235

657
421
789

1,118
948
1,070

3
17
37

450
183
203

574
452
603

798
635
1,247

586
237
33

1,624
1,568
838

593
865

1,453
1,029

84

120

162
161

356
389
300

1,332
792
750

371
651

1,749
1,421
1,575

789
744

1,000

700

226

40

Other i s s u e r s a r e e x t r a c t i v e , r a i l r o a d and o t h e r t r a n s p o r t a t i o n , r e a l e s t a t e
and f i n a n c e , and commercial and o t h e r .
Source: S e c u r i t i e s and Exchange Commission. Q u a r t e r l y supplements a r e a v a i l -




3,495

25

T A B L E 6:

L a r g e L o n y term P u b l i c S e c u r i t y I s s u e ' s for N e w C a p i t a l ( c o n t i n u e d )
(Other than U.S. T r e a s u r y ) 1

ISSUER
Corporate
Union Tank Car
P u b l i c Svc of I n d i a n a
Penn Pwr & Lt
F l a Pwr & Lt
Duke Pwr
C e n t r a l Pwr & Lt
Montana Pwr
I n t e r n a t i o n a l Harvester Credit
Borg-Warner A c c e p t a n c e Corp
Borg-Warner A c c e p t a n c e Corp
C o n t i n e n t a l T e l Co of C a l i f
C e n t r a l Hudson Gas & E l e c Corp
Gen 1 1 A u t o , I n c .
J o h n Deere C r e d i t Co.
N o r t h e r n I n d i a n a Pub S e r v Co.
Maine Yankee Atomic Power
D e t r o i t Edison
Brown £ r o u p , I n c .
Pan Am World Airways
Vermont Yankee N u c l e a r Power
GTE of Midwest
Vermont Yankee N u c l e a r Power
H y s t e r Co.
P e o p l e s Gas Co.
Cincinnati G & E




TYPE 2

AMOUNT
(MILLIONS
OF
DOLLARS)

Bonds
21.0
Pref s t k
20.0
1 s t mtg bd
80.0
1 s t mtg bd
70.0
Cm
75.0
Pref
26.0
S . F . debs
25.0
Debs
75.0
Sub debs
12.5
Sr Debs
25.0
1 s t mtg bd
10.0
Cum p r f s t k 12.0
Com s t k
12.0
Debs
75.0
Com s t k
26.3
1 s t mtge
15.0
1 s t & Ref
100.0'
40.0
Debs
Conv debs
75.0
20.0
1 s t mtge
13.0
1 s t mtge
25.3
Preferred
15.5
Common
52.3
Common
Common
42.5

J a n u a r y 1 t h r o u g h J a n u a r y 19 1973
COUPON
!
RATE OR , ' OFFER - MOODY'S
NET INTER&.(,
RATING
EST COST
| YIELD

MATURITY
1993

7.40
7.15
7.49
7.47

—

2003
2003
—

\

7.47
7.15
7.43
7.42

—

—-

—M

7.50
7.50
7.80
7.50
7.63

7.46
7.55
7.83
7.52
7.63

—

w*

--

~m

1998

7.50

A
_r

_r

Beta

——

1

7.54

* •»

——

- -

Ae
Ap .

——

•

1998
1994
1993
1993
1997

2002
2003
1998
1998
1998

A

7.5/8
7.50

.
.
- -

7 3/8
7 1/2
7.70
7 5/8
7.48 .
-—

7.55
7.47
7.38
7.50
7.58
7.63
7.38

4
4a

4
B
A
4
T-

1--

T-

T A B L E b:

ISSUER
S t a t e and L o c a l

1

L a r g e Long-term P u b l i c S e c u r i t y I s s u e s for New C a p i t a l ( c o n t i n u e d )
( O t h e r t h a n U.S. T r e a s u r y ) '

TYPE 2

AMOUNT
^(MILLIONS
OF
DOLLARS)

MATURITY

1 - . j a n u sU;y 1 rnrni
COUPON
RATE OR
! OITKR- MOODY's
NET INTER - !
i;,<;
RATING
EST COST
| Y] l.l.l)

No i s s u e s week of
J a n u a r y 1, 1973
D o v e r , Del
Rev.
Wisconsin
G.O.
New York S t a t e Dorm. Auth
Rev.
S t a m f o r d , Conn.
G.O.
Hawaii
G.O.
Washington
G.O.
S a l t River P r o j e c t , Ariz.
Rev.
S a l t River Project, Ariz.
Rev.
Penna, S t a t e of
G.O.
W a s h i n g t o n , S t a t e of
G.O.
D a l l a s - F o r t Worth R e g i o n a l A i r port-Tex
Rev.
B i l l i n g s , Mont.
Rev.
D a l l a s C o . , Texas
G.O.
San A n t o n i o , Texas
Rev.
Rev.
Kansas C i t y Mo.
G.O.
D e l a w a r e , S t a t e of
Los Angeles D e p t , A i r p o r t , C a l i f , , R e v - r e f
JBonds
,
New York S t a t e




23.6
37.0
31.0 .
55.0
10.0
,33.7
41.3
25.0
10.0

1974-2008
1974-1993
1974-2003
1974-1993
1976-1993
1974-2003
1976-1998
2010
1975-2002
1974-2003

13.3
18.0
37.6
35.0
15.0
25.0
51.4
129.5

1974-2002
1977-2002
1974-1993
1974-1994
1974-2001
1974-1993
1979-2000
1974-2003

17.9

— mm

4.57
5.32
4.58
4.75
4.85
——

5.17
4.91
4.85
- -

5.08
4.55
4.76
5.14
4.49
5.10
4.60

3.40-5.38
3.10-5.10
3.50-5.40
3.20-5.00
3.70-5.30
3.10-5.20
3.75-5.20
5.34
3.40-5.35
3.10-5.20
4.00-5.90
3.90-5.40
3.00-5.25

A
Aa
A
——

A
Aa
A-l
A-l
* •

Aa
— *•

Baa-1
Aa
Aaa
A
3.10-5.35
A
4.20-5.25
A
3.00-4.90&5, . 40 M - .

T A B L E 6:

ISSUER
S t a t e and L o c a l
d , Texas
Harbor Co. Pub U t i l .
. # 1 , Wash

*
1
2

3

Large Long term Public Security I s s u e s for New Capital (continue rl)
(Other than U.S. T r e a s u r y ) 1

TYPE 2
Rev.
Elec rev.

AMOUNT
(MILLIONS
OF
DOLLARS)
10.5

MATURITY
1973-1996

_

/

J a n . 1 t h r o u g h J a n . 19,
COUPON
|
RATE OR
.)FFER- MOODY'S
NET INTER- '
K,C,
RATING
EST COST
| YIELD
3.10-5.25
A

12.8

Hights o f f e r i n g .
I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of $15 m i l l i o n and o v e r ;
S t a t e and l o c a l s e c u r i t y o f f e r i n g s of $10 m i l l i o n and o v e r .
I n c a s e of S t a t e and l o c a l government s e c u r i t i e s , G.O. d e n o t e s g e n e r a l o b l i g a t i o n ;
• t e v . - U t . , revenue o b l i g a t i o n s secured only by income from p u b l i c u t i l i t i e s ;
R e v . - Q . - U t . , revenue bonds s e c u r e d only by income from q u a s i - u t i l i t i e s ; R v v . - S . T . ,
r e v e n u e bonds s e c u r e d by revenue from s p e c i f i c t a x e s o n l y ; R e v . - R e n t . , revenue
bonds s e c u r e d s o l e l y by l e a s e payments.
I n c l u d e s f o r e i g n government and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and
1
Development i s s u e s and n o n - q u i r a n t e e d i s s u e s by F e d e r a l A g e n c i e s .




11
T A B L E 7:

F o r t h c o m i n g Large Long-term P u b l i c Security O f f e r i n g s for New Capital
(Other than U.S. T r e a s u r y ) 1

(continued)

ISSUER
Philadelphia Elect
N o r t h e r n S t a t e s Pwr
New York S t a t e E l e c t & Gas.
*Gulf Mtge & R e a l t y T r u s t
*Ethan A l l e n , I n c .
^Florida Tele
Texas Pwr & L t .
^ R e a l t y Fund T r u s t
*Chase M a n h a t t a n Mtge & R e a l t y
Trust
Commonwealth E d i s o n
^Houston L i g h t i n g & pwr
M i s s i s s i p p i Pwr & L t .
* P u b l i c Svc of C o l o .
* I d a h o Pwr
Chesapeake & Potomac T e l e of Va .
Con E d i s o n
* W h i t t a k e r Corp
^ C e n t r a l & Southwest Corp
^ I n s t i t u t i o n a l Investors Trust
^ F e d e r a l - M o g u l Corp
C o n t i n e n t a l I l l i n o i s Corp
W a l t e r Kidde & Co.
CBT Corp




TYPE
Bonds
Bonds
Com s t k
Bonds
Conv debs
Com ( r t s )
Bonds
Conv debs
Bonds
Debs
Com s t k
1 s t mtge
Com s t k
Com s t k
Bonds
1 s t mtge
Bonds
Com
Bonds
Bonds
Bonds
Debs
Bonds

AMOUNT
(MILLIONS
OF
DOLLARS)
100.0
60.0
25.0
20.0
15.0
15.0 •
50.0
15.0
60.0
100.0
75.0
30.0
30.0
27.0
50.0
150.0
25.0
50.0
20.0
30.0
100.0
65.0
25.0

As

of JJ aa nn uu aa rr yy 19,
19, 1972
APPROXIMATE DATE
OF OFFERING
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb,
Feb.
Feb.
INDEF
INDEF
INDEF

22
24
24
24
24
25
30
30
5
6
6
8
13
13
14
14
27

TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury) 1
(continued)
As o£ J a n u a r y

ISSUER
S t a t e and Local
D e c a t u r Sch. D i s t # 6 , 111
*Chicago P a r k D i s t , 111
Oregon, S t a t e of
N.Y.C. Housing Dev. Corp.
Washington Metro Area Trans Au1 h
C l a r k Co. Sch. D i s t . , Nev.
Cook Co. Comm. HSD #218
California
I l l i n o i s , S t a t e of
Dayton, Ohio
Hampton Rds. S a n i t a t i o n D i s t ,
Va.
D a l l a s Co, J r . C o l l . D i s t . ,
Tex.
Los Angeles Dept of Wtr & Pwr.
*Columbus, Ohio
High P o i n t , N. C,
* R a l e i g h , N. C.
•*North Texas U n i v e r s i t y
New York C i t y
Maryland, S t a t e of
S a n t a C l a r a Co. P u b l i c F a c .
Corp, C a l i f
La. Stadium and E x p o s i t i o n
Dist.

AMOUNT
(MILLIONS
OF
DOLLARS)

TYPE
G.O.
G.O.
G.O.
G.O.
Bonds
Bonds
G.O.
G.O.
G.O.
Rev.

*

11.8
20.0
75.0
52.0
220.0
13.5
11.7
30.0
150.0
33.5

19>

1973

APPROXIMATE DATE
OF OFFERING
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

23
23
23
23
24
25
25
30
30

Swr r e v .

25.0

G.O.
Elec rev
G.O.
G.O.
G.O.
Rev.
Q • 0.
G.O.

30.0
50.0
14.1
11.2
15.0
15.0
80.0
100.0

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
March
March

6
7
9
13
20
26
7
7

Rev-rev

23.0

March

20

Adv r e f

106.9

March

Feb.

1
-

I n c l u d e d in t a b l e f o r f i r s t t i m e .
I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of S15 m i l l i o n and o v e r ; S t a t e and l o c a l
Government i s s u e s of $10 m i l l i o n and o v e r .
I n c l u d e s f o r e i g n government and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and
Development i s s u e s and n o n - g u a r a n t e e d i s s u e s of F e d e r a l A g e n c i e s .




13

Table 8

STOCK PRICES AND VOLUME
STOCK PRICES 1 -

TRADING V O L U M E 2 '

DATE
NYSE INDEX 3 -

D J . INDUSTRIALS

AMEX 4"

NYSE

AMEX

- High
Low

52.36 ( 1 / 5 )
37.69 (5/26)

842.00(12/29) 27.02 (1/8)
631.16 ( 5 / 2 6 ) 19.36 ( 5 / 2 7 )

18.5 (12/4)
7.8 (8/14)

7.1 (1/2)
1.8 ( 8 / 1 4 )

- High
Low

57.76 ( 4 / 2 8 )
48.73 (1/4)

950.82 ( 4 / 2 8 ) 2 6 . 6 8 ( 4 / 2 8 )
7 9 7 . 9 7 ( 1 1 / 2 3 ) 22.72 ( 1 / 4 )

22.1 (2/12)
11.0 ( 9 / 1 7 )

6.7 (2/5)
2.7 (8/13)

- High
Low

65.14 (12/11) 1036.27(12/11) 28.53 (4/14)
25.61 (1/3)
889.30 ( 1 / 3 )
56.23 (1/3)

21.8 (11/10)
11.2 ( 9 / 8 ) .

7.4 (3/10)
2.6 (9/8)

- Dec.

1
8
15
22
29

64.29
65.01
64.63
63.38
64.48

1023.93
1033.19
1027.24
1004.21
1020.02

26.61
26.78
26.53
26.25
26.36 /

19.3
18.7
17.4
16.8
19.3

4.8
4.9
4.0
4.1
6.7

- Jan.

5
12
19

65.22
64.95
64.51

1047.49
1039.36
1026.19

26.68
26.51
26.31

19.3
20.4
18.6

4.0
4.8
3.8

1.

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

2.

NYSE is the New York Stock Exchange; AMEX is the American Stock Exchange.
Volume figures are daily averaged for the entire week,
(millions of shares).
Trading is normally conducted for 5-1/2 hours per day and 5 days per week, or
In recent years, however abbreviated trading to the extent, and over the time
Hours/
Days/
From
Through:
Day
Week
January 3, 1969
July 7, 1969
January 2, 1970

July 3, 1969
December 31, 1969
May 1, 1970

3.

12/31/65 - 50

4.

Average dollar value of shares listed.




4
4-1/2
5

5
5
5

27-1/2 hours per week.
periods, shown below:
Hours/
Week
20
22-1/2
25

1/,
T A B L E 9:

END OF PERIOD

,l
2
3

4

Security Credit

CREDIT EXTENDED TO
MARGIN CUSTOMERS BY:
BROKERS 1 1 BANKS 2 I TOTAL

;
iNET CREDIT
I CUSTOMERS' ! CUSTOMERS' NET;EXTENDED BY
' NET DEBIT i FREE CREDIT ' | BROKERS AND
.LANCES |
1 DEALERS: 3
BALANCES

(4)
(4)

2,160
2,170
2,220

(4)
(4)
(4)

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

2,488

2,542
2,512
2,459
2,330
2,231
2,245
2,117
2,056
2,097

(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)

4,950
4,910
5,400

2,410
2,400
2,440

7,360
7,310
7,840

(4)

5,700
6,180
6,620
7,010
7,200
7,510
7,660
7,780
7,800
7,800

2,490
2,510
2,520
2,530
2,560
2,650
2,690
2,780
2,830

8,190
8,690
9,140
9,540
9,760
10,160
10,350
10,560
10,630
10,650

2,850

20
-40
490

-20
-10

300
480
440
390
190
310
150
120
20

- -

40

-50
530

50
20
10
10
30
90
50
90
50
20

350
500
450
400
220
400
200
210
70
20

t— —

—

- -

- - ——
- - ——
- -

60
10
50
268
54
-30
-53
-129
-99
14
-128
-61
-41

"

- —

__
——
- - —
- ——
- —
——
- - -

Margin d e b t , as r e p o r t e d by t h e New York Stock Exchange. Although margin d e b t
u n t i l March 1968 i n c l u d e d ^ l o a n s s e c u r e d by U.S. governments, t h e amount of such
l o a n s i n c l u d e d i s t h o u g h t t o have been s m a l l .
"Bank l o a n s t o o t h e r s than b r o k e r s and d e a l e r s f o r p u r c h a s i n g or c a r r y i n g s e c u r i t i e s o t h e r than U.S. g o v e r n m e n t s . "
—
The d i f f e r e n c e between c u s t o m e r s ' n e t d e b i t b a l a n c e s and customers' n e t ' f r e e c r e d i t b a l a n c e s , t h i s f i g u r e r e p r e s e n t s t h e n e t c r e d i t extended by b r o k e r s and
d e a l e r s to the n o n f i n a n c i a l p u b l i c .
NOTE: With t h e e x c e p t i o n of bank loan d a t a , f i g u r e s a r e s u p p l i e d by t h e New York
Stock Exchange and a r e end of month d a t a . Bank l o a n s a r e f o r weekly r e p o r t i n g
l a r g e commercial b a n k s . Broker d a t a i n c l u d e s l o a n s f o r r e g u l a t e d s e c u r i t i e s ; bank
d a t a i n c l u d e s l o a n s f o r t h e purpose of p u r c h a s i n g or c a r r y i n g any s e c u r i t y , whether
r e g u l a t e d or n o t .
Series discontinued




T A B L E 10:

Savings F l o w s at Nonbank Depositary Intermediaries

($ m i l l i o n s )

s

DATE

MUTUAL SAVINGS BANKS
SAVINGS & LOAN ASSOCIATIONS
REGULAR DEPOSITS 3
NET
SHARE CAPITAL
NET
ANNUAL
NEW
NEW
ANNUAL
GROWTH
MONEY2
NET
NET
GROWTH
MONEY2
1
FLOW
RATE 1
FLOW
RATE

1969
1970
1971
1972e/

2 549
4 517
9 621
9 :,764

4.0
6.8
13.5
12.0

1971 - O c t o b e r
November
December

372
631
1;,209

——

October
November jd/
December e /

469
625
1 ,200

—

19721/ J u n e
July
August
September
October
November jj/
December e j

897
779
792
939
779
720
769

1972

1
2
3

—
- -

—

—

12.6
10.9
10.9
12.8
10.5
9.7
10.2

-763
936
5,678
5,378
224
512
325
292
500
275
—
—
—

- -

Not S e a s o n a l l y A d j u s t e d
4 , 068
3.1
- 1 , ,003
10, 965
8.1
5, ,285
28, 230
19.3
20, ,653
32, ,692
18.7
23,,911
1,,600
1,,562
3 s,114

1.,504
l : ,484
1,,168
- - —
2.,046
1:,886
- 1.,868
1 ,720
3,,200
1:,200
Seasonally Adjusted
- 2 :,844
18.1
- 3 ,076
19.3
- 2 ,706
16.7
—
2 ,930
17.8
- 2 ,706
16.2
—
2 ,237
13.2
1 ,948
11.4

TOTAL
DEPOSITS
ANNUAL
NET
GROWTH
RATE 1
FLOW

6, 617
15, 482
37, 851
42, ,456

—-

.

3. 4
7. 7
17. 5
16. 6

1,,972
2, ,193
4.,323

-•

2 ,515
:
2.,493
4,,400

-•

3.,741
3 ,855
3 ,498
3 ,869
3 ,485
2 ,957
2 ,717

NET
NEW
MONEY 2

- 1 , ,766
6,,231
26, ,331
29, ,289
1=
,728
1.,996
1.,493
2 ,178
;
2.,220
1:,475

16.,4
16,.7
14,.9
16 .3
14,.5
12 . 1
11 . 1

Annual growth r a t e f o r monthly d a t a i s t h e a n n u a l i z e d monthly p e r c e n t a g e i n c r e a s e i n d e p o s i t s .
Net New Money i s new d e p o s i t s n e t of b o t h w i t h d r a w a l s and i n t e r e s t .
Data f o r S&Ls a r e f o r
i n s u r e d a s s o c i a t i o n s o n l y , which r e p r e s e n t 96% of i n d u s t r y t o t a l r e s o u r c e s .
Regular d e p o s i t s a t mutual s a v i n g s banks e x c l u d e i t e m s such as C h r i s t m a s club and c e r t a i n
escrow a c c o u n t s , which r e p r e s e n t a very small p a r t of t o t a l d e p o s i t s .
SOURCE: N a t i o n a l A s s o c i a t i o n of Mutual Savings Ranks and F e d e r a l Home Loan Bank Board.




__
—
-- —
- -

T A B L E 11:

Mortgage C o m m i t m e n t s a t S e l e c t e d T h r i f t I n s t i t u t i o n s

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

TOTAL

1

ALL
SAVINGS &
LOAN
ASSOCIATIONS

MUTUAL
SAVINGS
BANKS
(N.Y. STATE)

( B i l l i o n s of D o l l a r : > > S e a s o n a l l y A d j u s t e d )
1971-Nov.
Dec.

16.6
16.6

13.2
13.1

3.4
3.6

.20
.09

.08
-.06

.12
.15

1972-Jan.
' Feb.
March
April
May

17.0
18.3
19.5
20.5
21.7
21.7
22.1
22.5
23.0
23.2
23.4

13.3
14.2
15.2
16.0
17.1
17.2
17 .5
18.0
18.3
18.5
18.7

3.7
4.1
4.3
4.5
4.6

.30
1.34
1.19
.99
1.22
.40
.46
.33
.50
.33
.20

.12
.97
.97
.79
1.13
.48
.39
.42
.33
.17
.19

.18
.37

July
Aug.
Sept.
Oct.
Nov.

4 5

. 4*. 6

4.5
4.2
4.7
4.7

!•
/

Based on d a t a from F e d e r a l Home Loan Bank Board and Savings Banks A s s o c i a t i o n s of
New York S t a t e . D a t a f o r s a v i n g s banks and S&L's i n c l u d e a minor amount of nonr e s i d e n t i a l commitments. S&L commitments i n c l u d e l o a n s i n p r o c e s s . Net changes
a r e d e r i v e d d i r e c t l y from unrounded o u t s t a n d i n g s l e v e l s a s r e p o r t e d and a f t e r
s e a s o n a l a d j u s t m e n t by F e d e r a l R e s e r v e . S u b t o t a l s may n o t add t o t o t a l s b e c a u s e
of r o u n d i n g .




.22

.20
.09
- .08
.07
-.09
.17
.16
.01

17

T A B L E 12:

DATE

N e t C h a n g e in Mortgage H o l d i n g s

1

FINANCIAL INSTITUTIONS
MUTUAL SAVINGS & i L I F E
TOTAL L i
LOAN
INSURANCE
SAVINGS
INCLUDING TOTAL | COMMERCIAL
ASSOC. | COMPANIES
I
BANKS
FNMA-GNMA
BANKS

FNMA-GNMA

Not S e a s o n a l l y A d j u s t e d
1968
1969
1970
1971
1972 - May
June
July
Aug.
Sept.
Oct.
Nov.

23,781
24,074
21,736
41,647

21,273
19,699
16,827
39,259

6,677
5,404
2,462
9,940

2,787
2,682
1,845
3,938

9,350
9,561
10,172
24,160

2,459
2,052
2,348
1,221

2,508
4,375
4,909
2,388

4,958
5,724
4,872
5,931
5,286
4,779

4,674
5,692
4,717
5,563
4,918
4,684

1,500
1,600
1,500
1,600
1,400
1,400
1,500

454
585
438
553
502
472
n.a.

2,720
3,453
2,758
3,313
2,926
2,673
2,692

24
54
79
97
90
139

284
37
164
368
137
95
130

3,847
4,371

3,558
4,118

909
862

468
524

2,101

80
365

289
253

3,456
3,828
4,464
4,363
4,908
5,176
4,849
5,471
4,748
4,714

3,250
3,550
4,329
4,327
4,521
5,060
4,593
5,179
4,714
4,738

1,112
1,178
1,264
1,361
1,434
1,489
1,451
1,477
1,155
1,393
1,524

290
315
464
400
453
516
472
* 515
537
484

1,871
2,075
2,596
2,481
2,567
2,959
2,678
3,108
2,911
2,726
2,856

-23

206
278
135
36
387
116
147
292
34
- 24
70

Seasonally Adjusted (r)
1971 - Nov.
Dec.
1972

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

2,367

-18

5
85
67
96
101
79
111
135

Monthly d a t a f o r commercial banks based on F e d e r a l Reserve e s t i m a t e s benchmarked
t o C a l l Report d a t a on r e a l e s t a t e l o a n s o u t s t a n d i n g as a v a i l a b l e . Other d a t a
d e r i v e d from mortgage debt o u t s t a n d i n g as r e p o r t e d s e p a r a t e l y by N a t i o n a l Assn.
•of Mutual Savings Banks, Federal Home Loan Bank Board, I n s t i t u t e of L i f e I n s u r a n c e
and, through August 1968, t h e F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n , and t h e r e a f t e r by FNMA and t h e Government N a t i o n a l Mortgage A s s o c i a t i o n . Data f o r mutual
s a v i n g s banks and f o r L i f e I n s u r a n c e companies may d i f f e r somewhat from t h o s e
d e r i v e d from r e g u l a r q u a r t e r l y s e r i e s because of minor c o n c e p t u a l d i f f e r e n c e s f o r
which a d j u s t m e n t s a r e not made in t h e monthly s e r i e s . A l t o g e t h e r , t h e s e groups
accounted f o r 87 per c e n t of t h e n e t i n c r e a s e e s t i m a t e d f o r a l l h o l d e r s in 1967.
Beginning J a n u a r y 1972 d a t a r e f l e c t a c t i v i t y i n l i m i t e d amount of c o n v e n t i o n a l
mortgages.




18

T A B L E 13:

N e t I n c r e a s e s in M o r t g a g e Debt O u t s t a n d i n g

B i l l i o n s of d o l l a r s , SAAR QUARTER

TOTAL

RESIDENTIAL3

1- to 4FAMILY

MULTIFAMILY

COMMERCIAL

> MULTI-AND
COMMERCIAL

FARM

1967

I
II
III
IV

16.0
20.8
26.3
27.2

10.3
14.0
18.9
19.7

7.0
10.6
15.1
15.9

3.3
3.4
3.8
3.8

3.9
5.0
4. 9
4. 7

7.2
8.4
8.8
8.5

1.8
1.8
2.5
2.8

1968

I
II
III
IV

28.1
26.4
25.8
29.4

19.4
18.2
17.4
20.2

16.2
15.0
13.9
16.3

3.2
3.2
3.5
3.9

6.4
6.0
6. 6
7.3

9.5
9.2
10.1
11.2

2.3
2.2
1 8
1.9

1969 - I
II
III
IV

31.8
29.1
26.2
24.9

23.6
21.5
19.0
18.2

- 19.2
16.8
14.4
13.0

4.4
4.7
4.7
5.3

6.1
5.4
5.4
5.2

10.5
10.1
10.0
10.5

2.2
2.2
1.7
1.4

1970 - I
II
III
IV

20.6
22.9
29.1
31.3

14.2
16.9
21.8
22.5

9. 1
11.5
15.5
16.0

5.1
5.4
6.3
6.5

4.8
4. 6
5.2
6.7

9.9
9.9
11.5
13.2

1.5
1.5
2.1
2.2

1971 - I
II
III
IV

37.1
47.8
53.6
53.4

26.6
36.1
40.1
40.1

18.5
26.4
31.4
31.4

8.1
9.7
8.7
8.7

8.3
9.4
11.2
10.8

16.3
19.1
19.9
19.5

2.2
2.3
2.3
2.5

1972 - I
II
Ille

61.2
64.9
66.2

43.9
47.3
48.4

34.3
37.4
38.0

9.6
9.9
10.4

14.8
14.9
14.9

24.4
24.8
25.3

2.6
2.6
2.9

'

•




•

•

I

T A B L E 14:

WEEK
ENDED

FNMA Weekly " A u c t i o n " R e s u l t s

IMPLICIT YIELD 2 (per c e n t )
COMMITMENTS IN $ MILLIONS
ACCEPTED
1-YEAR 1
6901-YEARJ1
906TOTAL
TOTAL
& OVER
MONTH
DAY
M0NTH & OVER
DAY
OFFERED
- -

7.62

—

- -

—

7.63
7. 62

- -

7.63
7.65

- -

—

7.69
7.72
7.72

——

7.71
7.69

—
—

July

24

123.9

113.0

113.0

Aug.

7
21

106.2
114.6

81.7
87.2

81.7
87.2

5
18

220.6
295.9

151.2
148.1

151.2
148.1

2
16
30

352.8
271.2
186.4

211.5
224.9
162.7

211.5
224.9
162.7

Nov.

13
27

78.7
60.8

49.2
36.2

49.2
36.2

Dec.

11
26

82.2
108.7

42.4
66.3

42.4
6 6 . 3i

——

—

7.67
7.67

Jan.

8

74.2

61.3

61.3

--

- -

7.68

Sept.
Oct.

—

__

__
- -

——

—

- -

- -

—

—
—

- -

N o te: Under t h e FNMA a u c t i o n s y s t e m , approved s e l l e r s of Governmentu n d e r w r i t t e n mortgages b i d f o r FNMA f o r w a r d p u r c h a s e commitments.
Average s e c o n d a r y market y i e l d s a f t e r a l l o w a n c e f o r commitment f e e and
r e q u i r e d p u r c h a s e and h o l d i n g of FNMA s t o c k , assuming prepayment of
15 y e a r s f o r 3 0 - y e a r G o v e r n m e n t - u n d e r w r i t t e n m o r t g a g e s . Y i e l d s shown
a r e g r o s s , b e f o r e d e d u c t i o n of 38 b a s i s p o i n t s f e e p a i d by i n v e s t o r s
to servicers.




20
T A B L E 15:

P r i v a t e H o u s i n g S t a r t s and P e r m i t s

|

DATE

-December

SEASONALLY ADJUSTED
ANNUAL RATE
TOTAL 1-FAMILY 2 OR MORE 11

STARTS
TOTAL
•

UNADJUSTED
j TYP E OF FINANCING
j FHA VA |
OTHER

i-

1

BUILDING '
PERMITS
(SEASONALLY
ADJUSTED
ANNUAL
RATE) 2

2,457 1,347

1 ,110

152 . 1

85 . 4 7 . 4

59.3

2 ,142

2,487 1,415
2,682 1,325
2 , 3 6 9 1,302
2 , 1 0 9 1,167
2,350 1,344
2,330.-1,296
July
2 , 2 1 8 1,289
August
2 , 4 8 4 1,410
September . 2,397 1 , 3 8 3
October — 2,462 1 , 3 0 8
November r / 2 , 3 8 8 1,307
December
2,392 1,240

1,,071
1.,357
L ,067
942
1,,006
1,,034
929
1,,074
1, 016
1, 154
1, 081
1, 152

150,.9
153,.6
205,. 8
213,.2
227..9
226..3
207. 5
231. 0
204. 4
218. 2
186. 3
152. 7>..

37,.4 7 . 5
27,. 8 8 . 0
37,. 7 1 0 . 5
29,. 1 8 . 5
32..4 9 . 4
31..9 9 . 6
26.,2 9 . 4
30. 3 9 . 9
28. 2 8 . 9
25. 4 8 . 5
21. 3 8 . 0
5.8
- -

106.0
117.,8
155.7
172.9
186.1
184.8
171.9
190.8
167.3
184.3
157.0

2 ,204
2 ,056
2 ,007
1 ,991
1 ,955
2 ,121
2.,108
2,,237
2,,265
2,,216
2, 139
2, 372

-January
February
March
April
May

- -

1

T o t a l s t a r t s a r e Census e s t i m a t e s i n c l u d i n g farm f o r both p e r m i t - i s s u i n g and
n o i . - i s s u i n g a r e a s . A d w e l l i n g u n i t i s s t a r t e d when e x c a v a t i o n b e g i n s ; a l l u n i t s
i n an a p a r t m e n t s t r u c t u r e a r e c o n s i d e r e d s t a r t e d a t t h a t t i m e . FHA and VA
s t a r t s a r e u n i t s s t a r t e d under commitments by t h e s e a g e n c i e s t o i n s u r e or g u a r a n t e e t h e m o r t g a g e s . As r e p o r t e d by FHA and VA, a u n i t i s s t a r t e d when a f i e l d
o f f i c e r e c e i v e s t h e f i r s t compliance i n s p e c t i o n r e p o r t , which i s made b e f o r e
f o o t i n g s a r e poured i n some c a s e s b u t n o r m a l l y a f t e r t h e f o u n d a t i o n s have been
completed. Other s t a r t s a r e d e r i v e d as a r e s i d u a l , a l t h o u g h t o t a l and FHA and
VA s t a r t s a r e n o t s t r i c t l y comparable i n concept or t i m i n g ; o t h e r s t a r t s i n c l u d e b o t h u n i t s f i n a n c e d by c o n v e n t i o n a l mortgages and u n i t s w i t h o u t m o r t g a g e s .

2

B u i l d i n g p e r m i t s a r e Census e s t i m a t e s based on 13,000 or a l l known p e r m i t issuing places. Unlike s t a r t s , seasonally adjusted building permits r e f l e c t
d i r e c t a d j u s t m e n t f o r d i f f e r e n c e s i n t h e number of days per month, as w e l l as
o t h e r d i f f e r e n c e s i n t i m i n g and c o v e r a g e .




21
T A B L E 16:

FHA
MORTGAGES

DATE

30-year

2

Mortgage and Bond Y i e l d s

1

CONVENTIONAL
MORTGAGES
3

SPREAD BETWEEN YIELDS
ON CONV. &
FHA MORTGAGES 5

NEW
ISSUE
Aaa
UTILITY
4

SPREAD BETWEEN
YIELDS ON NEW
CORPORATE BONDS
AND
. FHA MORTGAGES 6

1970 - High
Low

9.29
8.40

8.60
8.30

- . 10
-.74

9.43
7.72

1971 - High
Low

7.97
7.32

7.95
7.55

.28
-.19

8.26
7.02

.12
-.36

1971 - Nov.
Dec.

7.62
7.59

7.75
7.70

.13
.11

7.38
7.28

.24
.31

1972 - J a n .
Feb.
Mar.
Apr.
May
June
July
August
September
October
November
December

7.49
7.46
7.45
7.50
7.53
7.54
7.54
7.55
7.56
7.57
7.57
7.56

7.60
7.60
7.55
7.60
7.60
7.60
7.65
7.65
7.70
7.70
7.70
7.70

.11
.14
.10
.10
.07
.06
.11
.10
.14
.13
.13
.14

7.21
7.34
7.24
7.45
7.38
7.32
7.38
7.37
7.40
7.38^—
7.09
7.15

1

2

3
4
5
6

|

1

.37
.70

.28
.12
.21
.05
.15
;22
.16
.18
.16
.19
.61
.55

N e i t h e r mortgage nor bond y i e l d s i n c l u d e a l l o w a n c e f o r s e r v i c i n g c o s t s which a r e
much h i g h e r f o r m o r t g a g e s t h a n f o r b o n d s . G e n e r a l l y , bonds pay i n t e r e s t semia n n u a l l y ; m o r t g a g e s , m o n t h l y . Mortgage y i e l d s , i f computed as e q u i v a l e n t . t o
a s e m i - a n n u a l i n t e r e s t i n v e s t m e n t , would be s l i g h t l y h i g h e r than given in t h e
table.
Based on F H A - f i e l ' d - o f f i c e o p i n i o n s about a v e r a g e b i d p r i c e s i n the p r i v a t e
s e c o n d a r y market f o r new-home mortgages f o r immediate d e l i v e r y . S e p a r a t e
d a t a a v a i l a b l e f o r 2 5 - y e a r a n d — b e g i n n i n g J u l y 1 9 6 1 - - 3 0 - y e a r mortgages w i t h
minimum downpayments, w e i g h t e d by p r o b a b l e volume of t r a n s a c t i o n s . Y i e l d s
computed by FHA, assuming prepayment p e r i o d of 12 y e a r s f o r 2 5 - y e a r mortgages
and 15 y e a r s f o r 3 0 - y e a r m o r t g a g e s .
Based on F H A - f i e l d - o f f i c e o p i n i o n on t y p i c a l c o n t r a c t i n t e r e s t r a t e s (rounded)
on c o n v e n t i o n a l f i r s t mortgages p r e v a i l i n g i n t h e market a r e a s of i n s u r i n g
offices.
See n o t e f o r T a b l e 1.
Y i e l d s p r e a d e q u a l s c o n v e n t i o n a l mortgage r a t e l e s s FHA s e c o n d a r y market y i e l d .
Y i e l d s p r e a d e q u a l s FHA s e c o n d a r y market y i e l d l e s s new Aaa c o r p o r a t e bond , .
yield.




22

DATE

1971
Nov.
Dec.

T A B L E 17:

NEW HOMES
CON- FEES &
TRACT CHARGES EFFEC-! MATURITY
(PER
TIVE ! (YEARS)
RATE
CENT) RATE 1
(PER
CENT)
2
3
1

C o n v e n t i o n a l Mortgage Terms

LOAN/
PRICE LOAN
RATIO AMT.
(PER ($000)
CENT)

1

EXISTING HOMES
LOAN' (
CON- FEES &
TRACT CHARGES EFFEC- MATU- PklCI(PER
RITY RATIO
RATE
TIVE
CENT) RATE (YEARS) (PER
(PER
CENT)
CENT)
2
3

LOAN'
AMT.
(S000)

7.65
7.62

. 0.87
0.93

7 .79
7 .77

26.7
26.6

75.4
74.5

27,. 3
26,. 5

7.56
7. 5 1

0.79
0.78

7.69
7.64

24.6
24.6

74.6
74.6

23.2
23.9

7.62
7.45
7.38
7.38
7.40
7.41
7.43
7.45
7.43
7.48
7.50

0,95
1.02
0,84
0.83
0.84
0.85
0.83
0.86
0.86
0.88
0.91

7,.78
7.. 6 1
7.,52
7..51
7..53
7..55
7. 56
7. 59
7. 57
7. 62
7. 65

26.5
27.0
27.2
27.2
27.2
27.2
27.2
27.5
27.3
27.2
27.5

75.0
76.5
76.2
76.0
76.2
76.5
77.0
77.5
77.5
77.3
77.3

27.,6
27.,8
28.,2
28.,5
28.,5
27. 8
28. 2
27. 9
27. 9
27. 4
28. 0

7. 4 5
7 . 35,
7. 3 1
7.30
7.33
7.36
7 .37
7 .39
7,.42
7.. 4 3
7,.44

0.82
0.79
0.77
0.78
0.77
0.78
0.83
0.81
0.83
0.84
0.84

7.58
7.48
7.44
7.42
7.46
7.49
7.50
7.52
7.55
7.57
7.58

24.7
25.4
25.1
25.2
25.2
25.5
25.6
26.3
26.2
26.1
26.3

74.7
75.8
75.6
75.3
75.4
76.1
76.2
76.5
76.5
76.3
76.8

24.1
24.8
24.4
24.9
24.6
25.2
25.2
25.4
24.8
25.0
25.4

1972
Feb.
March
April
May
June
July
Aug.
Sept.
Oct. r /
Nov. £ /

1

Compiled by Federal Home Loan Bank Board i n c o o p e r a t i o n with Federal Deposit Insurance
C o r p o r a t i o n . Data a r e weighted averages based on p r o b a b i l i t y sample survey of c h a r a c t e r i s t i c s of c o n v e n t i o n a l f i r s t mortgages o r i g i n a t e d by major i n s t i t u t i o n a l lender
groups ( i n c l u d i n g mortgage companies) f o r purchase of s i n g l e family homes; Data exclude loans f o r r e f i n a n c i n g , r e c o n d i t i o n i n g or m o d e r n i z a t i o n ; c o n s t r u c t i o n loans to
h o m e - b u i l d e r s ; and permanent loans which a r e coupled with c o n s t r u c t i o n loans to ownerb u i l d e r s . Related s e r i e s on c o n v e n t i o n a l mortgage r a t e s o n l y , based on unweighted
opinions of f i e l d - o f f i c e d i r e c t o r s of the Federal Housing A d m i n i s t r a t i o n , a r e a v a i l a b l e
somewhat sooner than the r e s u l t s of the FHLBB-FDIC s u r v e y , and a r e i n c l u d e d - i n the case
of new home mortgage r a t e s - - i n Table 16.

2

Fees and charges — expressed as a p e r c e n t a g e of the p r i n c i p a l mortgage amount — i n c l u d e
loan commissions, f e e s , d i s c o u n t s , and o t h e r charges which p r o v i d e added income to the
l e n d e r and a r e paid by t h e borrower. They exclude any c l o s i n g c o s t s r e l a t e d s o l e l y to
t r a n s f e r of p r o p e r t y ownership.

3

I n c l u d e s f e e s & charges amortized over a 10 year p e r i o d i n a d d i t i o n t o the c o n t r a c t
interest rate.