Full text of H.16 Capital Market Developments : July 18, 1977
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Market Developments July 1 8 , 1 9 7 7 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 year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET SYMBOLS 6 p r n.a. ESTIMATE PRELIMINARY REVISED NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION C O R P O R A T E B O N D MARKET YIELDS WEEK ENDING 1977 - May NEW ISSUE 1 Aaa UTILITY 6 13 20 27 8.32 8.34 June 3 10 17 24 8.15 8.11 8.01 8.07 July 1 8 15 8.14 8.14p VOLUME RECENTLY 2 OFFERED Aaa UTILITY GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 8.33 8.32 8.31 8.28 77 415 260 398 95 99 98 97 33 8 15 24 8.25 8.22 8.06 8.07 457 212 382 800 97 95 84 70 23 33 148 230 8.03 8.12r 8.12p 262 650 822 68 78 82 278 192 165 — — ni I MUNICIPAL B O N D MARKET YIELDS WEEK ENDING 1977 - May June July VOLUME MOODY'S NEW ISSUE Aaa BOND BUYER 2D-BOND INDEX 6 13 20 27 5.23 5.25 5.20 5.25 5.76 5.82 5.70 5.71 3 10 17 24 5.26 5.20 5.20 5.20 1 8 15 5.18 5.20 5.20 GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK NEW ISSUES ^ IN SYNDICATE ($ MILLIONS) 1,073 884 674 855 75 92 90 87 350 180 188 194 5.72 5.65 5.55 5.61 219 1,292 1,039 1,124 88 89 166 213 88 89 203 244 5.56 5.63 5.64 1,519 202 734 92 75 86 259 230 191 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 I S S U E A a a UTILITY DATE 1 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 Q - B O N D INDEX 1973 - High Low 8.52 (8/10) 7.29 (1/21) 8.32 (8/10) 7.28 (1/5) 7.77 (8/24) 7.11 (1/5) 7.79 (8/10) 6.42 (1/5) 5.59 (8/3) 4.99 (10/11) 1974 - High Low 10.61 ( 1 0 / 4 ) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 (1/4) 7.15 (12/12) 5.16 (2/7) 1975 - High Low 9.80 (5/2) 8.89 (2/7) 9.71 (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 8.34 (5/20) 7.90 (1/7) 8.33 (5/6) 7.95 (1/7) 8.12 (3/11) 7.88 (1/7) 7.78 (5/13) 7.26 (1/7) 5.93 (2/4) . 5.55 (6/16) 8.22 8.22 8.06 8.07 8.00 7.98 7.94 7.94 7.68 7.68 7.63 7.63 5.72 5.65 5.55 5.61 8.03 8.12* 8.12p 7.91 7.93r 7.94p 7.57 7.58 7.60p 5.56 5.63 5.64 1977 - June 3 10 17 24 8.15 8.11 8.01 8.07 July 1 8 15 8.14 8.14p —— 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 t o p groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS S T A T E AND LOCAL CORPORATE PERIOD 1977 J 1976 1 1975 1 1977 J 1976 Z 1975 January February March 3,989 2,708 5,495 3,381 3,863 6,632 5,367 4,528 5,378 3,419 3,142 4,135 2,451 2,885 3,365 2,361 2,387 2,135 April May June 3,450e 3,350e 4,300e 3,507 4,186 6,439 4,294 5,798 5,596 3,563 4,163e 5,700e 2,218 3,575 3,115 2,406 2,900 3,064 July August September 3,216 3,357 4,817 4,327 2,405 2,836 2,734 2,821 2,814 3,580 2,783 2,159 October November December 4,431 3,047 6,480 4,705 4,076 4,307 3,524 3,336 2,342 2,323 2,381 2,052 12,192 11,lOOe 13,876 14,132 11,390 13,958 15,273 15,688 9,568 13,088 10,696 13,426e 8,701 8,908 8,369 9,202 6,883 8,370 8,522 6,756 23,292e 28,008 39,398 53,356 30,961 40,529 53,617 24,122e 17,609 25,978 35,180 15,253 23,775 30,531 Q1 02 03 04 1st Half 3 Qtrs. Year 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 . Z Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS G R O S S PROCEEDS BY TYPE OF I S S U E G R O S S P R O C E E D S BY TYPE OF ISSUER BONDS PERIOD TOTAL PUBLICLY OFFERED COMMON AND PRIVATELY PREFERRED PLACED STOCK 1 MEMO MANUFACTURING I S S U E S INCLUDED PUBLIC UTILITY COMMUNICATIONS OTHER ISSUERS FOREIGN CONVERTIBLE 1976 - I II III IV 13,876 14,132 11,390 13,958 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,846 3,553 3,121 1,861 2,559 1,340 1,843 1,267 1,795 262 478 199 55 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 1977 - I 12,192 6,504 3,071 2,617 858 6 2,774 3,019 1,415 4,986 1976 - A p r i l May June July August September October November December 3,507 4,186 6,439 3,216 3,357 4,817 4,431 3,047 6,480 2,350 1,937 3,140 1,239 1,565 2,100 2,729 1,256 2,568 629 1,051 1,904 1,348 1,113 2,163 753 1,101 2,992 528 1,198 1,395 629 678 554 949 690 920 428 350 1,005 500 367 400 235 1,310 250 37 15 426 100 7 92 21 31 3 568 1,709 1,480 1,198 1,031 753 1,349 510 2,385 644 1,148 1,348 932 920 1,465 1,414 1,327 1,156 450 20 1,409 26 212 140 155 190 196 1,847 1,309 2,202 1,061 1,195 2,459 1,513 1,019 2,744 1977 - January February March April 3,989 2,708 5,495 2,786 1,108 2,610 601 780 1,690 602 820 1,195 300 433 125 0 6 0 906 743 1,125 986 435 1,598 50 557 808 2,048 973 1,965 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. # # # # # # # # # # T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U . S . TREASURY ' J u l y 5 t h r o u g h J u l y 1 5 , 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE CORPORATE Burlington Northern, Inc. P h i l a d e l p h i a E l e c . Co. T r a i l e r T r a i n Co. T r a i l e r T r a i n Co. General Motors Acceptance Corp. General Motors Acceptance Corp. F o r d Motor C r e d i t Co. C h r y s l e r Corp. F i r s t Union N a t i o n a l Bank APL C o r p . S o u t h e r n C a l i f . E d i s o n Co. S o u t h e r n C a l i f . E d i s o n Co. Baker I n t e r n a t i o n a l C o r p . Dow C h e m i c a l Co. May Department S t o r e s Co. G e n e r a l Dynamics Corp. G e n e r a l Dynamics C o r p . OTHER Aiic tL*Tt*"Xl CI A AUD Austria Pfd. stk. 1 s t mtg. Equip, t r . Equip, t r . Debt. Notes Notes Med-term notes Notes Debt. 1 s t mtg. 1 s t mtg. Notes Debt. Debt. Gvt. g d t . Gvt. g d t . Bonds Bonds 100.0 75.0 30.0 15.0 200.0 100.0 100.0 100.0 25.0 35.0 125.0 75.0 25.0 300.0 50.0 166.0 34.0 2003 1992 1977-1982 2007 1985 1989 9 mo.5 yr. 1984 1997 2002 1984 1987 2007 2002 2002 1980-1986 50.0 50.0 1992 1984 NOTES: * 1 Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 5.70 8.63 8.20 — 8.00 7.30 7.88 8.00 10.75 8.25 7.25 7.55 7.94 7.95 8.00 7.00 8.63 7.80 OFFERING YIELD MOODY'S/S&P'S RATINGS 5.70 8.60 8.20 6.20-7.40 8.08 7.30 7.94 6.00-8.50 Baa/BB A/AA/A . A/A Aaa/AA Aaa/AA A/ABaa/BBB 8.00 10.75 8.30 7.25 7.55 7.88 8.00 8.00 7.00-7.63 B/BB Aa/AA Aa/AA A /A Aa/A+ A/AA Aaa/AAA Aaa/AAA 8.63 7.80 —/ — Aaa/AAA Aaa/AAA Table SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U . S . TREASURY i J u l y 5 through J u l y 1 5 , 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY S / S & P S RATINGS 3.25-5.75 6.00 5.70 3.00-5.30 3.50-6.20 2.75-4.25 3.10-5.50 5.65-5.70 3.80-6.40 6.67 6.70 4.25-6.40 6.80 3.00-5.40 3.20-5.70 4.30-5.50 5.73 5.83 3.25-5.88 3.25-6.00 3.75-6.40 6.70 3.30-4.90 4.70-5.75 A/A A/A Aa/AA Aa / — Baa-l/AA —/— A/AAA Aa/AA A/A A/A A/A A-l/A A-l/A Aaa/AAA A/AAA Aaa/AAA Aaa/AAA Aaa/AAA A/A A/A A/A A/A A/A.+ Aa/AA S T A T E A N D LOCAL L o u i s v i l l e R i v e r f r o n t C o r p . , Ky. L o u i s v i l l e R i v e r f r o n t C o r p . , Ky. S a b i n e R i v e r A u t h . , Texas Alabama Public. Sch. & C o l l e g e Auth. N i a g a r a F a l l s , N.Y. B o u l d e r V a l . Sch. D i s t . RE 2 , Colo. Ramapo, N.Y. San A n t o n i o , Texas I l l i n o i s H e a l t h F a c . Auth. I l l i n o i s H e a l t h Fac. Auth. I l l i n o i s H e a l t h Fac. Auth. M a s s a c h u s e t t s Hsg. F i n a n c e Agy. M a s s a c h u s e t t s Hsg. F i n a n c e Agy. Plantation, Fla. Plantation, Fla. Washington Pub. Power Supply S y s . Washington Pub. Power Supply S y s . Washington Pub. Power Supply S y s . A l e x a n d r i a S a n i t a t i o n A u t h . , Va. E l i z a b e t h , M.J. P o r t a g e C o . , Ohio P o r t a g e C o . , Ohio Ocala, Fla. Ocala, Fla. Rev. Rev. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. 5.3 8.5 40.0 24.9 20.3 18.3 18.4 75.0 12.2 13.7 6.6 9.7 43.1 11.4 19.2 59.3 63.5 107.2 25.1 12.0 7.2 12.3 7.9 11.2 NOTES: 1 hv iudes only state and local security offerings of $10 million and over, excludes secondary offerings. 2 t or md local government securities, G.O. denotes general obligation; Rev. denotes revenue >fo!igations. 1978-1997 2010 2007 1978-1997 1978-1997 1977-1984 1978-2006 2000-2002 1979-1995 2004 2007 1980-1997 2019 1978-2001 1978-2002 1985-2000 2009 2018 1978-2001 1978-1997 1978-1995 2007 1978-1987 1987-2005 5.84 5.84 5.75 5.13 6.17 —— 5.39 5.72 -- — — ——- —— —— 5.71 5.71 5.71 5.65 5.73 6.66 6.66 — — Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U . S . TREASURY J u l y 5 through J u l y 1 5 , 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS STATE AND LOCAL H o u s t o n , Texas Mlddletown Tp. S c h o o l Auth. D e t r o i t , Mich. / Pa. G*0• Rev. G.O. 40.0 14.9 14.0 1978-1997 1979-1992 1978-1992 4.72 6.85 2.80-5.45 3.75-5.60 4.50-6.90 Aaa/AA A—1/— Baa/BBB 11 T a b l e 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of J u l y 15, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMA DATE OF OFF! CORPORATE * B a l t i m o r e Gas & E l e c . Co. Com. s t k . Long I s l a n d L i g h t i n g Co. Com. s t k . ( r t s . ) P e o p l e s Gas Co. Com. s t k . New England E l e c . System Com. s t k . Columbus & Southern Ohio E l e c . Co. 1 s t mtg. Kansas C i t y Power & L i g h t Co. Pfd. s t k . ^Standard O i l Co. ( I n d i a n a ) Debt. C l e v e l a n d E l e c . I l l u m i n a t i n g Co. 1 s t mtg. C e n t r a l T e l e p h o n e & U t i l i t i e s Corp 1 s t mtg. World Airways Equip, t r . M i d - C o n t i n e n t T e l e . Co. Pfd. s t k . *Clark Equipment Co. Notes Bank o f America Mtg-backed Wickes Corp. Notes Gulf U n i t e d Corp. Debt. Michigan G e n e r a l Corp. Debt. U n i t e d F i n a n c i a l Corp. o f C a l i f . Notes ^Southern P a c i f i c Co. Equip, t r . * I l l i n o i s Power Pfd. stk. *Northern I n d i a n a Pub. Svc. Co. 1 s t mtg. *Dayton Power & L i g h t Co. Com. s t k . * C a r o l i n a Power & L i g h t Co. 1 s t mtg. *Pub. S v c . Co. of New Hampshire Pfd. s t k . I n t e r n a t i o n a l T e l . & T e l e . Corp. Med-term n o t e s 41, . 0 92, .0 45. ,0 30, .0 40. . 0 25, .0 400. ,0 75. .0 42. ,5 65. 0 15. ,0 50. ,0 150. 0 50. 0 60. 0 25. 0 30. 0 15. 2 50. 0 50. 0 40. 0 100. 0 17. 0 50. 0 July 18 J u l y 19 July 19 J u l y 20 J u l y 21 J u l y 21 J u l y 26 J u l y 26 J u l y 27 J u l y 27 July July July July July July July Aug. 2 Aug. 3 Aug. 11 Aug. 16 Aug. 16 Aug. Indef • OTHER World Bank World Bank World Bank Brazil *Honda Motor Co. 250. 250. 250. 50. 71. July July July July July Notes Bonds Notes Bonds Com. s t k . NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options 0 0 0 0 7 19 19 19 11 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As o f J u l y 15, 1977 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERII STATE 4 LOCAL *Barberton, Ohio *Western Iowa Mun. E l e c . Coop. Assoc. Phoenix, A r i z . Birmingham-Jefferson C i v i c Ctr. Auth., Ala. Nebraska P u b l i c Power D i s t . Meriden, Conn. *Hawthorne P a r k i n g A u t h . , Cal. Howard C o . , Md. * E r i e C o . , N.Y. M a s s a c h u s e t t s Mun. W h o l e s a l e E l e c . Co. *Cherry Creek Sch. D i s t . # 5 , Colo. P o r t l a n d , Oregon *Bayshore Reg. Sewerage A u t h . , N.J *Florida, S t a t e of Pennsylvania, State of Birmingham, A l a . West V i r g i n i a Bd. o f R e g e n t s Los A n g e l e s Pub. Fac. C o r p . , Cal. *Jackson, Miss. *Jackson, Miss. ^ S e a t t l e , Wash. Port Sheldon T p . , Mich. Anaheim Redev. A g y . , C a l . Waterbury, Conn. L i t t l e Rock, Ark. * U n i v e r s i t y of Texas System *Texas A & M U n i v . System H a r r i s C o . , Texas New Hampshire Hsg. F i n . Agy. V i r g i n i a C o l l e g e B l d g . Auth. Oklahoma, S t a t e o f P o r t l a n d , Oregon I l l i n o i s H e a l t h Fac. Auth. * C a l i f o r n i a , S t a t e of Oklahoma C i t y , Okla. A l l e g h e n y H o s p i t a l Dev. A u t h . , Pa. Rev. 10.7 July 18 Rev. Rev. 14.5 12.0 July July 18 19 Rev. Rev. G. 0 . Rev. G. 0 . G.O. 31.7 200.0 10.3 19.4 15.3 35.0 July July July July July July 19 19 20 20 20 21 Rev. G.O. Rev. Rev. G.O. G.O. G.O. Rev. Rev. Rev. G.O. Rev. Rev. G. 0 . G.O. G. 0 . Rev. Rev. G.O. Rev. Rev. G.O. Rev. Rev. G • 0. G. 0 . Rev. 177.4 17.8 38.0 16.0 30.0 130.0 35.0 51.0 64.5 9.0 1.8 29.0 23.0 30.0 20.8 15.0 20.0 10.0 19.0 60.0 14.9 75.8 38.0 12.0 30.0 26.3 31.0 July July July July July July July July July July July July July July July July July July July July July Aug. Aug. Aug. Aug. Aug. Aug. 21 25 25 26 26 26 26 26 26 26 26 27 27 27 27 27 28 28 28 28 NOTES: 1 issue^S SF^^a"!y's^nMrV^,a^?ciK;exScIuttes^^n!dary^^er^>Bj'0r8'*1 * included in the table for the first time. ^ 3 3 4 9 9 10 19 Table 6B Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of J u l y 15, 1977 TYPE ISSUER AMOUNT (IN MILLIONS OF DOLLARS) STATE & LOCAL * M a y f i e l d H e i g h t s , Ohio * S a l t R i v e r A g r i c . Improv. & Power Dist. POSTPONEMENT Bayshore Reg. Sewerage A u t h . , N . J . APPROXIMATE DATE OF OFFERING Rev. 14.5 Aug. 15 Rev. 160.0 Aug. 18 Rev. 16.0 July 14 # # # # # # # # % I Table 7 STOCK PRICES AND VOLUME 1 STOCK PRICES DATE NYSE INDEX 3 B J INDUSTRIALS AMEX 4 NASDAQ 2 TRADING VOLUME NYSE AMEX NASDAQ 26 . 0 ( 9 / 2 0 ) 9 .0 (8/20) 5.5 (1/12) 1.4 (8/20) 11.3 (1/11) 3.5 (8/27) 1973 - High Low 65.58 (1/11) 49.12 (12/13) 1051.50 (1/11) 788.31 (12/5) 1974 - High Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 ( 3 / 1 4 ) 58.26 (12/9) 96.53 (3/15) 54.87 (10/3) 24 .9 ( 1 / 3 ) 7 .5 ( 7 / 5 ) 4.4 (1/3) .9 (9/26) 7.5 2.8 (1/3) (7/5) 1975 - High Low 51.24 (7/15) 37.16 (1/8) 881.81 (7/15) 632.04 (1/2) 96.86 (7/15) 62.20 (1/2) 88.00 (7/15) 60.70 (1/2) 35 . 2 ( 2 / 1 3 ) 8 .7 (9/15) 4.2 (2/21) 1.1 (9/15) 8.1 2,5 (2/13) (9/15) 1976 - High Low 57.51 (9/21) 48.04 (1/2) 1014.79 (9/21) 858.71 (1/2) 107.05 (7/12) 84.31 (1/2) 92.52 (7/15) 78.06 (1/2) 44 . 5 ( 2 / 2 0 ) 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) 52.56 (5/31) 999.75 (1/3) 898.66 (5/31) 123.18 (7/15) 109.61 (1/12) 101.41 (7/15) 93.66 (4/5) 31 . 5 ( 1 / 5 ) 13 . 6 ( 5 / 2 7 ) 4.2 1.9 (1/13) (5/23) 10.5 (1/19) 5.1 (5/27) 18 . 4 19 . 0 22 • 4r 21 . 8 2.3 2.6 2.5 3.2r 5.9 6.0 7.2 7.3 19 . 9 18 . 5 16 . 8 2.9 2.9 2.9 7.6 7.4 8.4 130.47 (1/11) 85.26 (12/20) 136.84 ( 1 / 1 1 ) 89.12 (12/13) June 3 10 17 24 53.36 53.80 54.64 55.42 912.23 910.79 920.45 929.70 113.28 114.55 116.95 120.19 96.19 9/.07 98.61 99.66 July 1 8 15 54.92 54.81 54.99 912.65 907.99 905.95 120.58 121.60 123.18 99.90 100.81 101.41 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 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/66 = 50 4 Dased on average prk* change untU 5eptember 4,1*>73 thereafter, based on market value of shares listed, * http://fraser.stlouisfed.org/ Federal .Reserve Bank of St. Louis .. i -- t ^ t ^ ? Table 8 SECURITY CREDIT 4 R E G U L A T E D MARGIN CREDIT E X T E N D E D BY END O F PERIOD BROKERS O N 1 MARGIN STOCK BROKERS ON 2 CONVERTIBLE BONDS 3 BANKS U N R E G U L A T E D NONMARGIN STOCK CREDIT AT B A N K S OUTSTANDING 2,355 2,325 2,357 2,825 2,576 2,807 2,651 2,774 2,866r 2,817r 1,057 1,077 1,007 880 876 881 1,081 1,068 864 845 1976 - March April May June July August September October November December 6,410 6,690 6,940 7,080 7,340 7,450 7,530 7,350 7,610 7,960 162 163 161 166 172 167 174 169 178 204 1977 - January February March April May 8,270 9,480 8,690 8,880 9,070r 196 197 199 196 196 832r 844 r 801r 809 801 2,844r 2,850r 3,399 2,878 2,886 9 1 -2 5 6 -5 7 5 9 26 19 20 -69 127 -4 5 200 -13 -204r 19r 22 -30 32 468 -249 231 -156 123 92r -49r -8 1 2 -3 -13r 12 r -43r 8r —8 C H A N G E IN O U T S T A N D I N G 1976 - March April May June July August September October November December 460 280 250 140 260 110 80 1977 - January February March April : May 310 " 210 210 190 190r —— 80 350 , , ; 27r 6r 549r -52 lr 8 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 dat* 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. Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS REGULAR DEPOSITS DATE ANNUAL 3 GROWTH RATE NET FLOW 1972 1973 1974 1975 1976 10,067 4,815 2,909 11,070 11,546 1976 - Oct. Nov. Dec. 836 779 1,757 1977 - Jan. Feb. Mar. , Apr.*' 913 847 1,903 107 1 12.4 5.4 2.2 11.3 11.6 —— —— —— NET NEW MONEY 2 SHARE CAPITAL NET FLOW NET NEW MONEY ANNUAL 3 GROWTH RATE 18.6 9.9 7.0 17.3 17.7 5,451 -442 -2,822 4,757 5,275 32,567 20,237 16,006 42,769 50,287 582 539 367 3,452 2,581 6,277 — 645 585 623 -168 5,218 3,406 7,578 2,124 i 2 TOTAL DEPOSITS NET FLOW 23,884 10,507 4,668 29,276 34,369 42,634 25,052 18,915 53,839 61,833 3,224 2,381 2,279 4,288 3,360 8,034 4,944 3,186 3,604 1,924 6,131 4,253 9,481 2,231 —— —— ANNUAL 3 GROWTH RATE 16.6 8.5 5.5 15.8 16.0 — NET NEW MONEY 2 29,335 10,062 1,846 34,033 39,644 3,826 2*920 2,646 5,449 3,771 4,227 1,756 SEASONALLY ADJUSTED 1976 - Oct. Nov. Dec. 1977 - Jan. Feb. Mar. / AprX 1,396 852 1,086 14.1 8.5 10.7 965 589 696 527 9.5 5.7 6.7 5.1 — —— —— 5,016 4,047 4,423 18.5 14.7 15.9 — 4,285 2,932 3,608 3,397 15.2 10.3 12.5 11.7 — — — — — 6,412 4,899 5,509 17.3 13.1 14.5 5,250 3,521 4,304 3,924 13.7 9.1 11.0 9.9 —— NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. 2 New deposits net of both'withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. ^ VI / Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS O F DOLLARS, 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 S A V I N G S SAVINGS BKS & LOAN ASSOCIATIONS (N.Y. S T A T E ) TOTAL MUTUAL ALL S A V I N G S S A V I N G S BKS & LOAN ASSOCIATIONS (N.Y. STATE) 1972 - D e c . 25.2 20.3 4.9 .45 .43 .02 1973 - D e c . 19.9 16.4 3.5 .04 .21 -.17 1974 - D e c . 14.6 12.4 2.2 .09 -.09 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.8 14.6 15 .2 16.1 16.7 17.0 17.9 18.9 19.7 20.1 20.2 20.6 12.7 12.7 13.2 14.1 14.6 14.9 15.8 16.7 17.6 18.0 18.2 18.6 2.1 1.9 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 -.03 -.01 .50 1.18 .55 .25 .92 1.21 .90 .01 .35 .04 .18 .06 .41 .95 .53 .29 .84 .98 .86 .37 .22 .35 -.11 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 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 1977 - Jan. Feb. Mar. Apr. May 27.9 28.4 29.6 30.2 25.1 25 .4 26.4 27.0 27.0 2.8 3.0 3.2 3.2 -.35 .48 1.24 .62 - .45 .30 1.04 .59 -.01 -.24 .11 .01 .04 .04 -.03 .09 -.09 .02 -.03 -.02 .02 -.06 .19 .05 .05 -.02 .03 .12 .19 .06 .09 .10 .18 .20 .03 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 endof period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. T a b l e 11 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS OF DOLLARS 1 PERIOD INTERMEDIATE AND LONG-TERM I S S U E S TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES TOTAL FHLB 1974 - S e p t . Oct. Nov. Dec. +2,768 +1,665 -89 +507 +2,750 +1,599 +93 +961 +1,700 +1,499 -217 +470 1975 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -242 -659 +440 0 -1,568 +330 +236 -398 215 587 152 669 -5 -254 +689 +69 -1,279 +600 +300 -700 100 850 200 600 -4 -554 -11 -30 -1,279 0 0 -700 0 +150 0 0 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 -964 -851 124 -953 -107 -58 787 195 0 -1,100 0 0 -600 -552 145 0 —604 -304 693 -607 -206 291 +190 190 310 -297 -219 1977 - J a n . Feb. Mar. Apr. 12r -862r 289 350 188r -592r -354 752 — 37 ! i i i i NOTES: Based on data f r o m Treasury Survey of Ownership. 1/ Sales of F H L B discount notes began in May 1974 p Preliminary 0 0 0 0 0 -300 0 0 -200 0 0 FHLMC __ FNMA +1,050 +100 +310 +491 FNMA & FHLB SHORT-TERM DISCOUNT NOTES 1 +18 +66 -182 -454 +300 0 -1 0 0 0 0 0 0 200 0 -1 0 +700 +100 0 +600 +300 0 100 700 0 600 -237 -405 -249 -69 -289 -270 -64 302 115 -263 —4 8 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 -393r -4 -lr lr -350 752 -176 -270 643 -402 —— 0 Table 12 NET CHANGE IN MORTGAGE HOLDINGS IN M I L L I O N S O F D O L L A R S ! PERIOD INCLUDING FNMA-GNMA 2 FINANCIAL INSTITUTIONS TOTAL TOTAL COMMERCIAL MSB's S & L's BANKS | INSURANCE FNMA-GNMA (COMPANIES Not S e a s o n a l l y Ad/justed 41,406 57,587 58,372 42,739 43,497 62,845 39,018 55,561 55,072 36,517 38,658 64,965 9,940 16,800 19,600 11,700 4,200 13,500 3,938 5,377 5,642 2,172 2,236 4,074 23,919 31,932 25,552 17,567 29,289 44,977 1,221 1,452 4,278 5,078 2,933 2,414 2,388 2,026 3,300 6,222 4,839 -2,120 1976 - June July Aug. Sept. Oct. Nov. Dec. 6,140 6,394 6,241 6,331 5,183 5,149 6,313 6,783 6,088 5,961 6,471 5,599 5,457 6,476 1,300 1,200 1,200 1,700 1,200 1,100 1,100 517 314 384 364 398 341 690 4,804 4,512 4,239 4,081 3,895 3,531 3,913 162 62 138 326 106 485 773 -643 306 280 -140 -416 -308 -163 1977 - J a n . Feb. Mar. Apr. May 3,630 4,175 6,614 8,098 3,956 4,217 6,548 7,975 800 1,000 1,500 1,900 1,900 196 156 291 380 2,926 3,030 4,617 5,281 5,658 34 31 140r 414 -326 - 42 66r 123 1971 1972 1973 1974 1975 1976 Seasonally Adjusted 1976 - June July Aug. Sept. Oct. Nov. Dec. 4,924 5,246 5,427 6,173 5,332 5,949 6,289 5,346 5,281 5,415 6,517 5,967 6,288 6,539 982 1,183 1,051 1,514 1,185 1,242 1,173 358 225 359 438 444 366 573 3,831 3,753 3,840 4,234 4,270 4,268 4,425 175 120 165 331 68 412 368 -422 - 35 12 -344 -635 -339 -250 1977 - J a n . Feb. 5,417 5,410 6,818 7,523 5,684 5,275 6,601 7,229 1,255 1,327 1,547 1,761 1,665 337 307 280 367 3,980 3,567 4,487 4,648 4,893 112 74 287r 453 -267 135 217r 294 Mar. Apr. May NOTES: 1 M o n t h l y data for commercial banks based on Federal Reserve estimates benchmarked t o Call Report data o n real e s t a t e loans outstanding as available. Other data derived f r o m mortgage debt outstanding as reported separately by National Assn. of M u t u a l Savings Banks, Federal H o m e Loan Bank Board, Institute of Life insurance and, through August 1968, the Federal National Mortgage Association, and thereafter by F N M A and the Government National Mortgage Association Data for mutual savings banks and f o r Life Insurance companies may differ somewhat f r o m those derived f r o m regular quarterly series because of minor conceptual differences t o r w h i c h adjustments arc not made in the m o n t h l y series. Altogether, these groups accounted for 83 per cent of the net increase estimated for ail holders in 1974 2 Beginning January 1972 data reflect activity ;n limited amount of conventional mortgages. Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN BILLIONS OF DOLLARS, 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 QUARTER TOTAL 3 RESIDENTIAL TOTAL FAMILY MULTIFAMILY 1- t o 4 - MULTFAMILY ft COMMERCIAL FARM COMMERCIAL 1969 - I II III IV 34.1 30.8 28.2 29.6 25.5 23.6 21.4 22.3 21.2 19.0 16.8 16.0 4.4 4.5 4.6 6.3 6.6 5.2 5.2 6.0 11.0 9.8 9.8 12.3 2.0 2.0 1.7 1.3 1970 - I II III IV 23.3 26.9 34.1 37.1 16.7 19.2 24.5 28.1 11.2 13.6 16.2 19.5 5.5 5.5 8.2 8.6 5.6 6.8 8.3 7.6 11.1 12.3 16.5 16.1 0.9 1.0 1.4 1.4 1971 - I II III IV 41.8 51.4 56.6 60.3 32.8 40.0 42.2 46.0 23.3 30.0 33.1 36.3 9.5 10.4 9.1 9.7 6.6 8.9 11.7 11.5 16.1 19.3 20.8 21.2 2.5 2.5 2.7 2.8 1972 - I II III IV 70.6 72.9 75.2 89.3 50.6 53.6 56.7 65.7 39.4 40.7 46.0 49.5 11.2 12.9 10.7 16.2 16.6 15.6 14.7 20.4 27.8 28.6 25 .4 36.5 3.4 3.6 3.8 3.3 1973 - I II III IV 86.4 84.0 80.0 71.4 59.6 58.3 55.2 49.5 51.4 45.3 43.1 41.4 8.2 13.0 12.1 8.2 21.3 20.2 19.5 16.3 29.5 33.2 31.6 24.5 5.6 5.5 5.3 5.6 1974 - I II III IV 71.8 69.0 56 .0 46.3 49.3 46.8 35.7 28.9 39.8 39.5 29.5 24.0 9.6 7.3 6.2 4.8 18.9 17.4 14.0 11.6 28.5 24.7 20.2 16.5 3.6 4.8 6.3 5.8 1975 - I II III IV 38.8 54.5 62.9 69.2 26.3 40.3 46.1 51.6 26.3 40.3 46.1 52.1 0.0 0.0 0.1 -0.5 7.2 9.4 12.5 14.1 7.2 9.3 12.5 13.6 5.3 4.8 4.3 3.5 1976 - I II r III r IV r 75.7 71.3 87.6 94.7 58.6 53.3 65.3 71.9 58.2 53.0 64.4 70.4 0.5 0.2 0.8 1.5 11.1 12.4 14,5 14.1 11.6 12.6 15.3 15.6 6.0 5.6 7.9 8.7 NOTES: 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 2 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. 3 Residential mortgage debt includes nonfarm only and is sum of 1 to 4 family and multifamily mortgage d e b t . 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 OF UNITS, SEASONALLY A D J U S T E D ANNUAL RATES PERMITS 1 PERIOD TOTAL 1969 1970 1971 1972 1973 1974 1975 1976 1976 - J u l y Aug. Sept. Oct. Nov. Dec. 1977 - Jan. Feb. Mar. Apr. May ! I 1 1 —FAMILY COMPLETIONS STARTS 2 - O R MORE FAMILY 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 1,215 1,296 1,504 1,492 1,590 1,514 870 874 926 998 1,072 1,053 345 422 578 494 518 461 1,307 1,529 1,712 1,563 1,606 927 1,064 1,208 1,030 1,070 380 465 504 533 536 TOTAL | ! 1 —FAMILY 2 - O R 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 1,413 1,530 1,768 1,715 1,706 1,889 1,129 1,172 1,254 1,269 1,236 1,324 284 358 514 446 470 565 1,384 1,802 2,089 1,899 1,929 1,006 1,424 1,503 1,433 1,461 378 378 586 466 468 TOTAL MOBILE 1 —FAMILY 2 - O R MORE HOME FAMILY 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 | 1,307 1,401 1,387 1,326 1,399 1,435 1,038 1,094 1,017 989 1,068 1,074 269 307 370 337 331 361 221 242 248 263 247 248 1,416 1,637 1,707 1,532 1,485 1,103 1,242 1,236 1,219 1,137 313 397 471 313 348 258 275 275 252 242p NOTES: Private building permits (for 14,000 areas w i t h 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 o f the units in the structure are ready for use. Private mobiie 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 w i t h permit systems • • • • • • • • • • T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES HUD(FHA) INSURED LOANS SECONDARY MARKET EXISTING HOMES 1 PERIOD 1 RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) 1975 - High Low 9 .25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1976 - High Low 9 .05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4.3 2.0 65 - 4 8 .72 8.05 1976 - J u l y 9.05 9,05 9.00 9.00 8.95 8.90 33 58 77 71 90 n.a. 9.10 9.10 9.05 9.00 9.00 8.95 38 63 82 71 95 n .a. 8.99 8.93 8.82 8.55 8.45 8.25 27 46 59 26 40 n.a. 3.8 3.3 2.5 4.3 3.6 2.0 6 12 18 45 50 65 8 .72 8.47 8.23 8.29 8.05 n.a. 8.80 8.80 8.85 8.90 8.95 58 52 63 59 n .a. 8.85 8.85 8.90 8.95 9.00 63 57 68 64 n.a. 8.40 8.50 8.58 8.57 n .a. 18 22 36 26 n.a. 3.2 3.9 4.6 4 .5 n.a. 40 30 27 33 n.a. 8.22 8.28 8.22 8.31 n.a. Aug. Sept. Oct. Nov. Dec. 1977 - J a n . Feb. Mar. Apr. May SPREAD (BASIS POINTS) SPREAD BETWEEN RETURNS ON NEW A a a NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND SPREAD DISCOUNT NEW HOME YIELD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) POINTS) POINTS) (BASIS POINTS) YIELD (IN PER CENT) NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. 22 Table 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS OF DOLLARS) OFFERED 1976 - High ACCEPTED 634 ( 5 / 1 7 ) 321 ( 5 / 1 7 ) Low 68.8 121.9 99.1 49.1 4 18 124.3 111.2 45.3 1 15 30 215.3 218.9 59.9 Dec. 13 27 36.0 20.9 Nov. OFFERED 9.20 (6/1) 171 ( 9 / 7 ) 1977 - J a n . 10 24 AVERAGE YIELD ACCEPTED 127 ( 1 1 / 1 5 ) 9.31 (6/1, 6/28) 21 ( 1 2 / 2 7 ) 19 ( 1 2 / 2 7 ) 8 . 3 9 ( 1 2 / 2 7 ) 33 ( 1 / 2 6 ) 1976 - S e p t . 7 20 Oct. AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) 23 ( 2 / 2 3 ) 8.90 (12/27) 8.92 8.84 170.6 151.1 117.8 107.6 9.13 9.09 8.80 8.70 153.8 143.7 94.4 121.4 9.07 9.02 73.2 114.2 33.7 8.67 8.68 8.63 141.7 140.9 70.7 112.2 126.5 58.2 9.00 9.00 8.99 22.6, 18.9 8.51 8.39 79.7 70.5 68.1 67.3 8.80 385 361 285.8 263.3 8.46 8.49 184.2 142.6 132.5 105.8 8.81 61.8 8.89 * * ^ 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 21 703.3 434.9 324.9 287.1 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 8.73 160.6 210.5 157.5 105.5 9.13 9.11 J u l y 11 130.5 77.3 8.72 163.9 101.6 9.08 f NOTES: Average secondary market y i e l d s are g r o s s b e f o r e deduction, of the f e e of 38 b a s i s p o i n t s paid f o r mortgage s e r v i c i n g . They r e f l e c t the average a c c e p t e d bid y i e l d f o r home mortgages assuming a prepayment, p e r i o d of 12 y e a r s f o r 3 0 - y e a r l o a n s , w i t h o u t s p e c i a l a d j u s t ment f o r 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 (FNMA) commitment f e e s and r e l a t e d stock requirements on 4-month commitments. Mortgage amounts o f f e r e d by b i d d e r s r e l a t e to t o t a l e l i g i b l e bids received. '
@FedFRASER