Full text of H.16 Capital Market Developments : January 23, 1978
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k Capital Marl<et Devdopmerits January 23, 1978 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE 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 TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Divi- 9 - 16 MORTGAGE MARKET sion of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a f o r m collectible at par in U.S. Currency. SYMBOLS e ESTIMATE P PRELIMINARY r REVISED n.a NOT A V A I L A B L E DATA DO NOT # $ T Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE B O N D MARKET YIELDS WEEK E N D I N G NEW ISSUE 1 Aaa UTILITY VOLUME RECENTLY OFFERED A a a UTILITY 2 GROSS OFFERINGS ($ MILLIONS) 3 PER C E N T S O L D BY END OF WEEK N E W ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 1977 - November 4 11 18 25 8.35 8.29 8.24 8.23 8.32 8.26 8.24 8.19 306 699 409 390 100 97 95 96 0 40 21 48 December 2 9 16 23 30 8.26 8.35 8.36 8.23 8.34 8.38 8.41 8.48 770 224 581 74 13 64 82 69 86 86 295 160 283 121 116 8.47 8.65r 8 . 66p 415 412 95 88 0 39 72 1978 - J a n u a r y 6 13 20 — — — 8.70 8 . 68p MUNICIPAL B O N D MARKET YIELDS WEEK E N D I N G MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 20-BOND INDEX 3 GROSS OFFERINGS ($ MILLIONS) PER C E N T S O L D BY END OF WEEK NEW ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 1977 - November 4 11 18 25 5.20 5.20 5.15 5.05 5.55 5.51 5.45 5.45 530 554 1,197 702 87 86 74 93 124 140 306 271 December 2 9 16 23 30 5.05 5.05 5.00 5.10 5.15 5.47 5.54 5.55 5.62 5.66 392 465 1,709 810 127 81 71 87 70 81 221 281 420 487 428 1978 - J a n u a r y 6 13 20 5.15 5.25 n.a. 5.64 5.75 5.74 145 858 807 87 89 82 316 284 273 NOTES: 1 Federal Reserve series of implied yield on newiy 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 1 NEW I S S U E A a a UTILITY DATE RECENTLY O F F E R E D A a a UTILITY 2 MOODY'S S E A S O N E D CORPORATE A a a 3 U . S . GOVT. 2 0 - Y E A R C O N S T A N T MATURITY 4 B O N D BUYER 2 0 - B 0 N D INDEX 1973 - High Low 8.52 (8/10) 7.29 (1/21) 8.32 (8/10) 7.28 (1/5) 7.77 ( 8 / 2 4 ) 7.11 (1/5) 7.79 ( 6 / 1 0 ) 6.42 (1/5) 5.59 (8/3) 4.99 (10/11) 1974 - High Low 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 (1/4) 7.15 (12/12) 5.15 (2/7) 1975 - High Low 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) 1976 - High Low 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) 1977 - High Low 8.36 (12/16) 7.90 ( 1 / 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) 8.26 8.35 8.36 8.23 8.34 8.38 8.41 8.48 8.08 8.13 8.18 8.23 8.28 7.75 7.81 7.84 7.89 7.99 5.47 5.54 5.55 5.62 5.66 8.48 8,65r 8.66p 8.30 8.40r 8.44p 8.02 8.18 8.17 5.64 5.75 5.74 1977 - Dec. 2 9 16 23 30 1978 - J a n . 6 13 20 8.70 8.68p 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 ilu. I=n< 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. Digitized forr FRASER Revised. http://fraser.stlouisfed.org/ • ' "relimi^ry. Federal Reserve Bank of St. Louis > •<="» 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS GROSS PROCEEDS CORPORATE PERIOD 1977 STATE AND LOCAL 1976 1 1975 1 1977 1976 1975 January February March 3,989 2,708 5,495 3,381 3,863 6,632 5,367 4,528 5,378 3,556 3,435 4,137 2,451 2,885 3,365 2,361 2,387 2,135 April May June 3,639 3,735 5.321 3,507 4,186 6,439 4,294 5,798 5,596 3,456 4,571 5,787 2,218 3,575 3,115 2,406 2,900 3,064 July August September 4,074 3.322 3,905 3,216 3,357 4,817 4,327 2,405 2,836 3,185 4,080 3,891 2,734 2,821 2,814 3,580 2,783 2,159 October November December 3,800e 4,800e 4,lOOe 4,431 3,047 6,480 4,705 4,076 4,307 3,800e 3,300e 3,400e 3,524 3,336 2,342 2,323 2,381 2,052 03 04 12,192 12.695 11,301 12,700e 13,876 14,132 11,390 13,958 15,273 15,688 9,568 13,088 11,128 13,814 11,156 10,500e 8,701 8,908 8,369 9,202 6,883 8,370 8,522 6,756 1st Half 3 Qtrs. Year 24,887 36,188 48,888e 28,008 30,961 40,529 53,617 24,942 36,098 46,598e 17,609 25,978 35,180 15,253 23,775 30,531 01 02 39,398 53,356 NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. 3 E s t i m a t e d by F e d e r a l R e s e r v e on t h e b a s i s of a v a i l a b l e d a t a . 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 MEMO COMMON MANUFACAND ISSUES INCLUDED PRIVATELY TURING PREFERRED PLACED FOREIGN CONVERTIBLE STOCK BONDS TOTAL PUBLICLY OFFERED 4,497 3,757 2,982 4,244 4,044 3,140 3,317 3,897 765 1,879 378 541 4,569 5,358 4,715 5,276 858 1,800 1,560 6 108 495 2,774 3,182 2,826 3,019 3,852 2,757 1,415 1,044 644 4,986 4,618 5,072 554 949 690 920 400 235 1,310 250 92 21 31 3 753 1,349 510 2,385 1.465 1,414 1,327 1,156 140 155 190 196 2,459 1,513 1,019 2,744 602 820 1,195 591 1,248 1,035 695 557 626 300 433 125 600 350 850 935 150 475 0 6 0 50 2 56 25 262 208 906 743 1,125 1,348 652 1,182 1,309 966 551 986 435 1,598 774 50 557 808 334 294 416 277 45 322 2,048 973 1,965 1,182 1,179 2,257 1,646 1,813 1,614 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,846 2,559 1977 - I II III IV 12,192 12,695 11,301 6,504 5,606 6,366 3,071 4,215 3,057 2,617 2,874 1,878 1976 - September October November December 4,817 4,431 3,047 6,480 2,100 2,163 753 1977 - J a n u a r y February March April May June July August September 3,989 2,708 5,495 3,639 3,735 5.321 4,074 3.322 3,905 2,786 1,102 2,610 1,961 1,600 2,045 2,360 1,947 2,059 2,992 601 786 1,690 1,087 887 2,241 1,019 818 1,220 OTHER ISSUERS 262 478 199 55 13,876 14,132 11,390 13,958 1,101 COMMUNICATIONS 1,340 1,843 1,267 1,795 1976 - I II III IV 2,729 1,256 2,568 PUBLIC UTILITY 3,553 3,121 1,861 1,612 1.466 843 497 1,417 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. % # # e # e e e # # • « 1 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' J a n u a r y 3 t h r o u g h J a n u a r y 20, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE Iowa P u b l i c S e r v i c e Co. Iowa P u b l i c S e r v i c e Co. M i d d l e South U t i l s . P e t r o - L e w i s Corp. P a c i f i c T e l . & T e l e . Co. Iowa S o u t h e r n U t i l i t i e s Co. F l o r i d a Power & L i g h t Co. N o r t h w e s t N a t u r a l Gas Co. L o u i s i a n a Power & L i g h t Co, Houston N a t u r a l Gas Corp. ICI North America I n c . UT C r e d i t Corp. UT C r e d i t Corp. Pfd. stk. Com. s t k . Com. s t k . Debt. Debt. 1 s t mtg. 1 s t mtg. Pfd. stk. 1 s t mtg. Debf. Debt. SF d e b t . Sub-SF d e b t •15.0 22.0 150.0 25.0 300.0 15.0 75.0 15.0 75.0 50.0 175.0 75.0 25.0 1986 2003 2003 2003 2003 9.00 8.70 8.88 8.85 9.00 8.85 8.70 8.94 8.85 9,00 Baa/BBB A/A+ Aaa / AA Aa/A+ A/A- OTHER B e l l Canada Norway, Kingdom of Bonds Notes 200.0 125.0 2008 1983 9.00 8.13 9.00 8.22 Aa/AA Aaa/AAA —— — — . — — — — — 11.00 9.00 8.75 9.13 11.00 8.98 8.85 9.03 1997 2018 2008 2008 — NOTES: * Rights offering. 1 Includes only corporate and other security offering! of $15 million and over; excludes options, exchanges, and secondary offerings. —/ B Aa/AAAa/AA A/A+ —— — oo Table SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 J a n u a r y 3 t h r o u g h J a n u a r y 20, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD 5.82 7.38 5.25 5.25 5.44 5.81 5.06 5.14 4.94 6.14 5.47 4.99 5.12 5.31 6.01 6.01 4.40-5.90 5.00-7.25 4.50-5.35 5.50 3.75-5.55 4.25-6.10 3.75-5.25 4.60-5,35 3,65-5,30 6.10 4,00-6.10 3.70-5.25 4.00-5.40 4.00-5.25 4.25-5.70 6.10 5.25-7.10 7.50 4.60-4.90 4.35-5.60 5.80 5.90 6.10 MOODY'S/S&P RATINGS STATE AND LOCAL McPherson, Kansas P h i l a d e l p h i a , Pa. S p r i n g f i e l d , Ore. S p r i n g f i e l d , Ore. F l o r i d a S t a t e Board of Edup. Los Angeles Co. Hosp. Auth., Calif. A r l i n g t o n C o . , Va. Oregon, S t a t e of W i s c o n s i n , S t a t e of F a r m i n g t o n , N.M. Miami, F l a . H a m i l t o n C o . , Ohio Anoka-Hennepin I n d . Sch. Dist:., Minn. S. C a l i f o r n i a Rapid Transit Dist., Cal D a l l a s , Texas D a l l a s , Texas Kanawha Co. Bldg. Comm., W. Va. Kanawha Co. Bldg. Comm., W. Va. C a l i f o r n i a T o l l B r i d g e Auth, C o l o r a d o S p r i n g s , Colo. Colorado Springs, Colo. C o l o r a d o S p r i n g s , Colo. M a r t i n Co., F l a . Rev. G.O. Rev. Rev. G.O. Rev. G.O. G.O. G.O. Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 19.7 78.6 9.5 3.1 75,0 27.5 24.5 150.0 118.0 40.0 14.0 18.7 10,6 15.2 21.5 38.5 6.8 15.6 20.0 20.4 24,1 43.5 19.4 NOTES: Includes only state and local security offerings qf $10 million end over; excludes secondary offerings. For State and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. 1982-2007 1979-2003 1985-1995 1999 1979-2007 1981-2005 1979-1998 1984-1998 1979-2003 2008 1979-2007 1979-1998 1979-1997 1978-1983 1983-1997 2008 1981-1994 2007 1983-1986 1983-2003 2010 2017 2008 •*— 4,89 5.85 5.85 5.85 6.13 A/A+ Baa/AA-1/A+ A-1/A+ Aa/AA Aa/A Aaa/AA+ Aaa/AA Aaa/AAA A/A+ A—1/A+ Aaa/— A—1/— Baa-l/A A-l/A A-l/A Baa-l/ABaa-l/AA-1/A+ Aa/AA Aa/AA Aa/AA A/A+ Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY J a n u a r y 3 t h r o u g h J a n u a r y 20, 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL * T a r r a n t Co. Hosp. A u t h . , Tex. Newport News, Va. Hawaii, S t a t e of W e l l s Co. Hosp. A u t h . , I n d . W e l l s Co. Hosp. A u t h . , I n d . Savannah P o r t A u t h . , Ga. M i s s o u r i Hsg. Dev. Comm. M i s s o u r i Hsg. Dev. Comm. G e o r g i a Mun. E l e c t r i c A u t h . G e o r g i a Mun. E l e c t r i c Auth. G e o r g i a Mun. E l e c t r i c A u t h . D a l l a s - F t . Worth Reg. A i r p o r t , Tex. D a l l a s - F t . Worth Reg. A i r p o r t , Tex. M i n n e s o t a Hsg. F i n a n c e Agy. I n d u s t r y Urban Dev. Agy., C a l . T i t u s Co. F r e s h Water Supply D i s t . , Tex. Tacoma, Wash. B r a z o s p o r t I n d . Sch. D i s t . , Tex. T y l e r , Tex. Kenai P e n i n s u l a Borough, Alk. C a l i f o r n i a , S t a t e of M i n n e t o n k a , Minn. i Rev. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. 23.0 14.7 75.0 4.9 9.5 10.3 11.8 23.2 22.7 17.3 35.0 5.0 26.0 38.3 35.0 1981-1998 1979-1998 1981-1998 1992-1999 2009 1997 1981-2003 2022 1979-1998 2004 2012 1998 2008 1979-1994 2008 Rev. Rev. G.O. G.O. G.O. G.O. G.O. 16.2 11.0 12.3 16.3 26.0 150.0 11.0 2008 1979-2002 1979-1998 1980-1998 1979-1993 1979-2003 1979-1994 ; 5. ,08 5. 21 — — 5. 76 5 . 76 6 . 04 6 . 04 6 . 04 — — 5 . 23 7. 06 — 5. 32 . 4 . 99 5 . 06 5 . 52 5, 10 , 4 . 99 4. . 6 0 - 6 . 40 3. 9 0 - 5 . 40 4. 3 5 - 5 . 50 6. 3 0 - 7 . 00 7.25 5.90 4. 0 0 - 5 . 60 5.88 3. 7 5 - 5 . 70 6.00 6.14 6.50 6.75 4 . 0 0 - 5 . 55 6.92 6.00 3. 90-5. 3. 8 5 - 5 . 4. 00-5. 4. 20-5. 3. 6 5 - 5 . 3. 9 0 - 5 . A— 1/A+ A—1/A+ Aa/AA A/A A/A A/—— Aa/AA Aa/AA A/A+ A / A+ A/A+ Baa/— Baa/— A-l/AA A/A —— 60 30 25 70 35 25 Aa/A+ Aa/ — A-l/AA A/A Aaa/AAA A/— 10 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of J a n u a r y 20, 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) CORPORATE Commonwealth E d i s o n Co. J e r s e y C e n t r a l Power & L i g h t Co. El Paso E l e c t r i c Co. Alabama Power Co. S o u t h e r n Railway Co. Duquesne L i g h t Co. Southern P a c i f i c Transp. Texas E l e c . Svc. Co. Texas U t i l s . Co. American C r e d i t Corp. Montgomery Ward C r e d i t Corp. South C a r o l i n a E l e c t r i c & Gas Co. *South C a r o l i n a E l e c t r i c & Gas Co. Union P a c i f i c R a i l r o a d Co. A t c h i s o n Topeka & Santa Fe Railway *Iowa P u b l i c S e r v i c e Co. *General Motors A c c e p t . Corp. * G e n e r a l Motors A c c e p t . Corp. Kansas Power & L i g h t Co.. * I n d i a n a & Michigan Elec* Co. * T i p p e r a r y Corp. *Midland G l a s s Co. Gamble C r e d i t Corp. American S a v i n g s & Loan A s s o c . El Paso N a t u r a l Gas Co. - Com. s t k . 1st mtg. Com. s t k . 1 s t mtg. Equip, t r . Com. s t k . Equip, t r . Pfd. stk. Pfd. stk. Notes Med.-term n o t e s 1 s t mtg. Pfd. stk. Equip, t r . Equip. t r . Pfd. stk. Debt. Notes 1 s t mtg. 1 s t mtg. Conv. d e b t . Debt. Notes Mtg.-backed Pfd. stk. 150.0 50.0 24.0 100.0 22.1 50.0 18.8 30.0 30.0 50.0 100.0 30.0 84.8 19.5 21.0 22.0 150.0 150.0 35.0 100.0 15.0 25.0 30.0 150.0 75.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options APPROXIMATE DATE OF OFFERING Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Indef Indef Indef 24 24 25 25 25 26 31 31 1 1 7 8 8 8 28 . . 11 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of J a n u a r y 20, 1978 • TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING STATE & LOCAL e • • • • Pomerado Hosp. A u t h . , C a l . Sacramento Reg. Co. S a n t . D i s t . , Cal. Compton Comm. Redev. A g y . , C a l . P e n n s y l v a n i a , S t a t e of S a l t Lake C i t y Sch. D i s t . , Utah C l e a r Creek I n d . Sch. D i s t . , Tex. Alvin Indr. Sch. D i s t . , Tex. San F r a n c i s c o , C a l . New York S t a t e Dorm. Auth. Michigan S t a t e Hsg. Dev. Auth. P e n n s y l v a n i a T u r n p i k e Comm. D a l l a s Co., Tex. ^ M i n n e a p o l i s Sch. D i s t . #1, Minn. *Lamar Con. I n d . Sch. D i s t . , Tex. Milwaukee Co., Wise. I l l i n o i s , S t a t e of L o u i s i a n a , S t a t e of Wash. Pub. Pwr. Supply System Hamilton Co., Ohio N o r f o l k I n d u s t r i a l Dev. A u t h . , Va. Maryland D e p t . of T r a n s p o r t a t i o n * G a l v e s t o n C o . , Tex. Ohio, S t a t e of New Hampshire, S t a t e of * H a r t f o r d , Conn. *HoustOn I n d e p . Sch. D i s t . , Tex. ^Montgomery C o . , Ohio *Kent H o s p i t a l F i n a n c e A u t h . , Mich. • Rev. 16.4 Jan. 23 G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. G.O. Rev. G.O. G.O. G.O. Rev. 50.0 11.0 95.0 19.0 18.0 18.1 55.0 16.9 55.0 50.0 27.0 13.8 15.2 26.5 105.0 45.0 150". 0 63.0 21.5 360.0 10.0 60.0 33.9 15.7 23 24 24 24 24 24 25 26 26 26 30 31 31 31 31 31 31 Rev. 39.0 Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Feb. Feb. Feb. Feb. 40*0 52.5 - • NOTES: 1 Includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. 1 13 14 16 22 28 Table 7 STOCK PRICES AND VOLUME DATE 1 STOCK PRICES N Y S E INDEX 3 BJ INDUSTRIALS AMEX 4 2 TRADING VOLUME NASDAQ NYSE AMEX NASDAQ 102.01 (3/14) 58.26 (12/9) 96.53 (3/15) 54.87 ( 1 0 / 3 ) 24.9 (1/3) 7.5 (7/5) 4.4 (1/3) .9 (9/26) 7.5 (1/3) 2.8 (7/5) 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) 57.51 (9/21) 48.04 (1/2) 1014.79 ( 9 / 2 1 ) 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) 1977--High Low 57.69 (1/3) 49.78 (11/2) 999.75 (1/3) 800.85 (11/2) 1 2 7 . 8 9 ( 1 2 / 3 0 ) 105.05 ( 1 2 / 3 0 ) 109.61 (1/12) 93.66 (4/5) 35.3 (11/11) 10.6 ( 1 0 / 1 0 ) 4.2 (1/13) 1.4 ( 9 / 2 2 ) 11.2 ( 1 1 / 1 0 ) 5.1 (5/27) 1978--High Low 51.82 (1/3) 49.52 (1/11) 817.74 ( 1 / 3 ) 775.73 ( 1 / 1 3 ) 126.69 (1/3) 119.73 (1/11) 104.00 ( 1 / 3 ) 99.09 (1/11) 28.0 (1/9) 17. 7 ( 1 / 3 ) 2.9 (1/9) 1.9 (1/11) 10.2 ( 1 / 6 ) 8.2 (1/11) Dec. 2 9 16 23 30 52.34 51.72 51.61 52.26 52.50 823.98 815.23 815.32 829.87 831.17 124.61 124.14 125.59 126.28 127.89 104.10 103.57 104.05 103.94 105.05 22.5 21.1 20.3 23.4 20.9 3.0 2.7 2.9 3.0 3.3 9.3 9.7 9.1 8.9 8.8 6 13 20 50.64 49.57 47.93 793.49 775.73 776.94 123.05 120.64 121.83 101.66 99.77 100.58 22.9 23.4r 20. 3p 2.5 2 . 2r 2. 2p 9.4r 8.6r 7.5p 1974 -High Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 1975--High Low 51.24 (7/15) 37.16 (1/8) 1976--High Low 1978 Jan. NOTES: 1 figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 3 Volume figures are weekly averages of daily figures (millions of shares). 12/31/65 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. 13 Table 8 SECURITY CREDIT ( i n m i l l i o n s of d o l l a r s ) REGULATED MARGIN CREDIT EXTENDED BY B R O K E R S ON MARGIN STOCK END OF PERIOD 1 BROKERS ON CONVERTIBLE BONDS UNREGULATED NONMARGIN S T O C K CREDIT AT B A N K S 3 2 BANKS OUTSTANDING 1,067 864 845 2,253 2,312 2,283 196 197 199 196 196 198 204 200 196 191 , 24CF-Z 832 844 810 807 801 823 823 829 824 827 822 2,312 2,319 2,312 2,350 2,345 2,403 2,419 2,438 2,434 2,431 2,456 -5 9 26 -12 -203 — 19 —8 i 2 -3 -13 12 -34 -3 1976 - October November December 7,530 7,610 7,960 169 178 204 1977 - J a n u a r y February March April May June July August September October November December 8,270 8,480 8,690 8,880 9,070 9,230 9,460 9,560 9,590 9,560 9,610 9,740 CHANGE IN O U T S T A N D I N G 1976 - October November December 80 350 1977 - J a n u a r y February March April May June July August September October November December 310 210 210 190 190 160 23a 100 30 -39 50 130 : " 2 6 -4 -4 491/ 99 59 -29 29 7 -7 38 -5 58 —6 22 16 6 -5 3 -5 j ' 19 -4 -3 25 - 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. 5 E a r l i e r d a t a n o t s t r i c t l y c o m p a r a b l e due t o c h a n g e s i n r e p o r t i n g . 4 Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS MUTUAL SAVINGS BANKS DATE REGULAR DEPOSITS NET FLOW 10,067 4,815 2,909 11,070 11,546 1973 1974 1975 1976 -Apr11 May June July Aug. Sept. Oct. j>/ Nov. J D / 107 856 1,484 677 282 1,200 587 390 -April May June July Aug. Sept. O c t . j>/ Nov. 2./ 527 927 796 1,394 1,326 1,231 1,310 473 1 ANNUAL 3 GROWTH RATE 12.4 5.4 2.2 11.3 11.6 NET NEW MONEY 5,451 -442 -2,822 4,757 5,275 —— . 5.1 8.9 7.6 13.2 12.4 11.9 12.0 4.3 SAVINGS & LOAN ASSOCIATIONS -168 577 38 396 -12 -137 296 90 —— —— —— —— 2 SHARE CAPITAL NET FLOW 32,567 20,237 16,006 42,769 50,287 ANNUAL 3 GROWTH RATE 18.6 9.9 7.0 17.3 17.7 NET NEW MONEY TOTAL 2 DEPOSITS NET FLOW 23,884 10,507 4,668 29,276 34,369 42,634 25,052 18,915 53,839 61,833 2,124 1,924 3,647 3,419 —— 6,384 2,048 —— 4,164 3,913 —— 2,863 2,631 5,962 1,666 2,380 2,244 1,752 n.a. SEASONALLY ADJUSTED 2,231 4,503 7,868 4,841 3,149 7.162 2,967 2,142 3,397 3,947 3,738 6,180 6,220 5,980 4,209 3,519 3,924 4,874 4,534 7,574 7,546 7,211 5,502 3,852 —» — —* mtm — — 11.7 13.4 12.6 20.6 20.4 19.2 13.3 11.0 — ANNUAL 3 GROWTH RATE 16.6 8.5 5.5 15.8 16.0 NET NEW MONEY 29,335 10,062 1,846 34,033 39,644 1,756 3,996 2,086 4,309 2,622 1.529 2,540 n.a. 9.9 12.2 11.3 18.7 18.3 17.3 13.0 9.3 NOTES: 1 Rspilar 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 15 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS 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 NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS ( N Y. S T A T E ) 6.28 1.20 -5.31 -3.92 -1.39 2.2 -5.20 -3.91 -1.29 18.6 2.0 5.81 6.06 - .25 20.8 21.3 21.7 21.8 22.3 22.6 23.1 23.7 24.6 26.1 27 .3 28.2 18.8 19.3 19.5 19.6 20.0 20.4 20.8 21.3 22.0 23.5 24.6 25.5 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.4 2.6 2.6 2.7 2.7 .06 .61 .48 .38 .48 .27 .50 .87 1.05 1.20 1.26 .92 .20 .58 .16 .10 .32 .53 .33 .50 .78 1.46 1.09 .92 .02 -.06 .19 .05 .05 .02 .03 .12 .19 .06 .09 27 .9 28.4 29.6 30.2 30.3 31.4 32.1 34.1 35 .5 38.0 39.3 25.1 25.4 26.4 27.0 27.0 27.6 28.4 30.1 31.4 33.4 34.6 2.8 3.0 3.2 3.2 3.3 3.8 3.7 4.1 4.1 4.6 4.7 -.35 .48 1.24 .56 .12 1.07 .80 1.97 1.32 2.51 1.38 -.45 .30 1.04 .59 .02 .58 .83 1.66 1.31 2.04 1.20 .10 .18 .20 -.03 .10 .52 -.03 .33 .01 .47 .18 1972 25.2 20.3 4.9 1973 19.9 16.4 3.5 1974 14.7 12.5 1975 20.6 Jan. Feb. Mar. Apr. May June July Aug. Sept, Oct. Nov. Dec. 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 1976 TOTAL MUTUAL ALL SAVINGS S A V I N G S BKS & LOAN ASSOCIATIONS (N Y. S T A T E ) 7.48 . 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. 16 Table 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM ISSUES TOTAL 1975 - J u l y Aug. Sept. Oct. Nov. Dec. +236 -398 215 587 152 669 +300 -700 100 850 200 600 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 —964 -851 124 -953 -107 -58 787 195 -37 -552 145 0 —604 -304 693 -607 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.e 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 NOTES: Based on data from Treasury Survey of Ownership. Sales of FHLB discount notes began in May 1974. p Preliminary http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis L FHLMC FHLB 0 -700 0 +150 0 0 0 -1,100 0 0 -600 -206 0 291 +190 190 310 -297 -219 0 0 0 0 -300 0 0 -200 0 -6 105 0 0 304 0 0 300 0 FNMA FNMA& FHLB SHORT-TERM DISCOUNT NOTES 1 0 0 0 0 200 0 +300 0 100 700 0 600 —64 302 115 -263 —48 69 0 196 -4 -7 -7 -6 -9 +190 -10 -8 —9 -7 0 300 -300 700 0 -200 300 0 200 318 12 -212 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 -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 17 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 TOTAL INCLUDING FNMA-GNMA 21,930 41,406 57,587 58,372 42,739 43,497 63,245 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's 17,020 39,018 55,561 55,072 36,517 38,658 65,365 2,462 9,940 16,800 19,600 11,700 4,200 13,900 1,956 3,938 5,377 5,642 2,172 2,236 4,074 10,254 23,919 31,932 25,552 17,567 29,289 44,977 INSURANCE 1FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 N o t S e a s o n a l l y Ad l u s t e d 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept, Oct. Nov. Dec. 3,930 4,275 7,114 8,532 9,280 10,683 8,341 9,504 9,130 8,352 4,256 4,317 7,048 8,409 8,593 10,506 8,427 9,667 8,963 8,383 1,100 1,100 2,000 2,300 2,400 2,900 2,300 3,000 2,300 2,200 2,100 196 156 291 414 388 976 649 719 660 690 2,926 3,030 4,617 5,281 5,647 6,134 5,226 5,728 5,259 4,879 4,744 34 31 140 414 158 496 252 220 744 614 -326 - 42 66 123 687 177 - 86 -163 167 - 31 S e a s o n a l l y Ad l u s t e d 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept, Oct. Nov 5,717 5,510 7,318 7,957 8,735 9,470 7,465 8,710 8,975 8,481 5,984 5,375 7,101 7,663 7,680 9,061 7,901 9,139 9,008 8,739 1,555 1,427 2,047 2,161 2,165 2,581 2,286 2,858 2,113 2,182 2,247 337 307 280 401 366 816 559 696 735 735 3,980 3,567 4,487 4,648 4,882 5,156 4,743 5,336 5,412 5,248 5,494 112 74 287 453 267 508 313 249 748 574 -267 135 217 294 1,055 409 -436 -429 - 33 -258 Monthly d a t a f o r commercial banks b a s e d on F e d e r a l R e s e r v e e s t i m a t e s benchmarked t o C a l l R e p o r t 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 a s a v a i l a b l e . Other d a t a d e r i v e d f r o m m o r t g a g e d e b t o u t s t a n d i n g a s 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 A s s n . of Mutual S a v i n g s Banks, F e d e r a l Home Loan Bank Board, American C o u n c i l of L i f e I n s u r a n c 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 Government N a t i o n a l Mortgage A s s o c i a t i o n . A l t o g e t h e r , t h e s e g r o u p s a c c o u n t e d f o r 73 p e r 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 i n 1976. 18 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN B I L L I O N S OF 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 RESIDENTIAL MULTIFAMILY 1- t o 4 FAMILY iCOMMERCIAL MULTFAMILY & COMMERCIAL FARM TOTAL TOTAL 1970 - I II II IV 25.5 25.3 33.5 35.4 18.7 18.3 ' 23.9 26.8 13.2 12.5 15.5 18.8 5.5 5.8 8.4 8.0 5.7 6.9 8.6 ' 7.4 11.2 12.7 17.0 15.4 1.0 0.0 1.0 1.3 1971 - I II III IV 41.2 51.8 57.8 59.5 32.7 40.3 43.1 44.7 23.2 29.6 33.8 35.7 9.5 10.7 9.3 9.1 6.7 9.3 12.1 11.6 16.2 20.0 21.4 20.7 1.7 2.1 2.6 3.1 1972 - I II III IV 67.6 74.1 77.6 88.1 49.3 54.1 59.1 63.6 38.0 41.0 48.1 47.9 11.3 13.1 11.0 15.7 14.8 16.5 14.9 21.0 26.1 29.6 25.9 36.7 3.5 3.5 3.6 3.6 1973 - I II III IV 80.6 87.4 80.7 70.4 56.0 59.9 56.2 48.5 47.8 46.9 43.7 40.6 8.2 13.0 12.5 7.9 19.1 21.7 19.4 16.4 27.3 34.7 31.9 24.3 5.6 5.8 5.0 5.5 1974 - I II II IV 69.9 70.9 54.5 46.7 48.7 47.2 35.1 29.7 39.2 40.3 28.4 25.4 9.5 6.9 6.7 4.3 17.5 18.7 13.6 11.2 27.0 25.6 20.3 15.5 3.6 4.9 5.8 5.9 1975 - I II III IV 44.0 55.0 62.3 67.7 29.7 39.8 45.3 50.8 28.9 39.8 44.9 51.9 0.8 0.0 0.4 -1.1 9.0 10.3 12.9 12.8 9.8 10.3 13.3 11.7 5.3 4.9 4.0 4.1 1976 - I II III IV 78.6 77.3 94.0 97.4 59.7 58.0 73.8 76.1 58.3 58.1 70.0 74.6 1.4 -0.1 3.8 1.5 13.7 14.5 13.4 13.7 15.1 14.4 17.2 . 15.2 5.3 4.8 6.9 7.6 104.5 129.9 137.7 79.9 102.4 110.1 76.5 96.2 102.4 3.4 6.2 7.7 15.5 19.0 19.3 18.9 25.2 27.0 9.1 8.5 8.3 QUARTER 1977 - I ( r ) I I (P) III(p) * . 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 R e s i d e n t i a l mortgage d e b t i n c l u d e s nonfarm o n l y and i s sum of 1 - t o 4 - f a m i l y and mult i f ami l y mortgage d e b t , DigitizedNOTE: for FRASER All data revised as of October 10, 1977 due t o r e e s t i m a t i o n of s e a s o n a l f a c t o r s . • # *_ , 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 TOTAL 1 —FAMILY TOTAL 2 - O R MORE FAMILY 1969 1970 1971 1972 1973 1974 1975 1976 1,324 1,352 1,925 2,219 1,820 1,074 939 1,281 626 647 906 1,033 882 644 676 895 698 705 1,018 1,186 937 431 264 386 1976 - Oct Nov. Dec. 1,481 1,583 1,532 987 1,055 1,049 494 528 483 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,333 1,526 1,687 1,605 1,615 1,678 1,639 1,772 1,695 1,850 1,893 1,858 930 1,060 1,188 1,051 1,077 1,105 1,089 1,156 1,135 1,216 1,257 1,223 403 466 499 554 538 573 550 616 560 634 636 635 1-FAMILY b - O R j 1 | I MOBILE COMPLETIONS STARTS TOTAL MORE FAMILY 1,407 1,434 2,052 2,357 2,045 1,388 1,160 1,538 811 813 1,151 1,309 1,132 888 892 1,162 656 621 901 1,048 914 450 268 376 1,715 1,706 1,889 1,269 1,236 1,324 446 470 565 1,384 1,802 2,089 1,880 1,937 1,897 2,083 2,029 2,065 2,203 2,121 2,295 1,006 1,424 1,503 1,413 1,455 1,389 1,437 1,453 1,523 1,562 1,543 1,605 378 378 586 467 482 508 646 576 542 641 578 690 i l —FAMILY ! : ! ! j SHIPMENTS 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 808 802 1,014 1,143 1,174 932 867 1,026 592 617 692 828 840 760 430 336 413 401 497 576 567 329 216 250 1,326 1,399 1,435 989 1,068 1,074 337 331 361 263 247 248 1,416 1,637 1,707 1,540 1,536 1,647 1,671 1,699 1,901 1,624 1,789 1,103 1,242 1,236 1,226 1,177 1,209 1,267 1,282 1,489 1,212 1,266 313 395 471 314 359 438 404 l 258 275 275 252 1 ! 25 I 2 cm 2SI 417 2/0 412 iOO 412 523 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 b e y " - In apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units m the structure are re.uly f. ' us 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 HOME MORE FAMILY i ! 2-OR > ' 1 8 i ) /, * N3 O Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET EXISTING HOMES NEW HOMES PERIOD RATE (IN PER CENT) SPREAD (BASIS POINTS) SPREAD BETWEEN NEW Aaa RETURNS ON NEW HOMES UTILITY CONVENTIONAL BOND AND HUD(FHA) YIELD NEW HOME DISCOUNT SPREAD YIELD (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS (IN PER CENT) (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET RATE (IN PER CENT) SPREAD (BASIS POINTS) 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 Oct. Nov. Dec. 9.00 8,95 8.90 71 90 NA 9.00 9.00 8.95 71 95 NA 8.55 8.45 8.25 26 40 NA 4.3 3.6 2.0 45 50 65 8.29 8.05 NA 8.80 8.80 8.85 8.90 8.95 9.00 58 52 63 59 NA 93 83 99 86 72 82 N.A. 8.85 8.85 8.90 8.95 9.00 9.05 9.05 9.05 9.05 9.05 9.05 9.10 63 57 68 64 NA 98 88 1.04 91 .77 82 N.A. 8.40 8.50 8.58 8.57 NA 8.74 8.74 8.74 8.72 8.78 8.78 8.91 18 22 36 26 NA 67 57 73 58 50 55 N.A. 3.2 3.9 4.6 4.5 NA 1.9 1.9 40 30 27 33 NA 26 26 26 28 22 27 19 8.22 8.28 8.22 8.31 NA 8.07 8.17 197 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 9.00 9.00 9.00 9.00 9.05 9.10 1.9 1.7 2.2 2.2 3.2 8.01 8.14 8.28 8.23 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. payment, prepaid in 15 years, for immediate delivery, are used. H 16 21 T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITT' AMOUNT (IN MILLIONS OF DOLLARS) DATE O F AUCTION ACCEPTED OFFERED 634 ( 5 / 1 7 ) 321 (5/17) 9.20 ( 6 / 1 ) 171 ( 9 / 7 ) OFFERED 1976 - High AVERAGE YIELD 21 (12/27) 19 (12/27) 8.39(12/27] Low AMOUNT (IN MILLIONS OF DOLLARS) 33 ( 1 / 2 6 ) AVERAGE YIELD ACCEPTED 127 (11/15) 9 . 3 1 ( 6 / 1 , 6/28) 23 ( 2 / 2 3 ) 8.90 (12/27) 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 Feb. 7 24 389.6 478.8 213.6 271.1 8.52 8.58 151.7 148.3 120.2 115.6 8.85 8.87 Mar. 7 21 702.3 434.9 324.9 287.1 8 .66 8.70 206.4 167 .5 153.2 114.9 8.90 8.92 Apr , 4 18 321.5 134.6 201.9 67.9 8.72 8.62 196.1 152.0 158.3 122.4 8.97 8.97 May 2 16 31 723.1 585 .4 534.3 422.2 285 .5 319.7 8.70 8.74 8.79 383.4 415.9 365 .3 255.1 278.0 218.6 9.03 9.08 9.13 June 13 27 188.1 90.8 78.1 49.7 8.77 8.73 210.5 160.6 157.5 105 .5 9.13 9.11 July 11 25 130.5 75 .9 77.3 54.1 8.72 8.71 163.9 122.9 101.6 82.8 9.08 9.06 Aug. 8 22 195.0 143.1 8.75 119.9 78.3 8.77 199.8 170.4 144 .4 92.3 9.06 9.06 Sept. 7 19 50.3 62.6 35.1 40.3 8.74 8.74 138.9 107.5 113.9 70.5 Oct. 3 17 31 131.3 325.8 156.1 82.2 212.6 105.7 8.77 8.84 8.86 187.3 242.7 328.1 137.2 167.8 224.0 9.06 9.05 9.07 9.11 9.14 Nov. 14 28 13 27 9 110.6 99.8 329.1 855 .4 1011.0 69.5 83.2 224.3 569.7 605.3 8.86 8.85 8.89 8.98 9.13 308.6 229.0 262.2 329.4 403.6 202.8 183.5 168.9 190.5 192.8 9.16 9.16 9.17 9.21 9.28 Dec. 1978 - J a n . 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
@FedFRASER