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DECONTROLLED AFTER SIX MONTHS
L.5.8 Confidential;(F.R.)

July 27, 1970

CAPITAL
MARKET
VELOPMENTS

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




INDEX
3-5

Developments in the Corporate and Municipal Bond Markets

6-7

Capital Market Yields

8-13

Capital Market Volume

14-17

Stock Market

18-33

Mortgage Market

SYMBOLS:
e

Estimate

p

Preliminary

r

Revised

n.a.

Not available




TABLE 1: Yields, Volume and Reception
CORPORATE BOND MARKET
WEEK ENDING:
NEW ISSUE
9,05
9.23
9.30
9.14

1970 - June

9.02
8.70
8.58
8.38
n.a.

July

WEEK ENDING:

1970 - June

July

MOODY'S
_ SEASONED
Aaa

5
12
19
26
3
10
17
24
31

GROSS
OFFERINGS

8.30
8.42
8.55

261
383
520
560

8.60

360
395
475
403
375e

8.60
8.55
8.49
8.50
n. a.

PER CENT
SOLD BY END ,
OF WEEK

1,069
1,285
869
v 794

84
89
!

BONDS.SCHEDULED
WITHIN 28 DAYS

92

92
100
94
83.
88
n.a.

886
58b
674
883

MUNICIPAL BOND MARKET
VOLUME2"
V PER CENT
GROSS
SOLD BY END
BONDS SCHEDULED
OF WEEK
WITHIN 28 DAYS
OFFERINGS

YIELDS
MOODY'S
BOND BUYER
SEASONED
SEASONED 20
Aaa
BOND INDEX

6.10

6.92
7.03
7.03

6.86

91
302
397
224

69
72
79
74

608
754
398
509

6.65
6.50
6.50
6.15

6.79

119
179
282
346 .
375e

54
67
62
72
n.a.

634
845
781
808
n. a.

6.75
6.85
6.95

6.59

6.60
6.28
n.a.

1 Derived by adjusting to a Aaa basis, new issues of publicly-offered corporate bonds
with call protection, rated A, Aa, or Aaa by Moody's Investors Service (except serial
and convertible issues, offerings of natural gas pipeline and foreign companies, and
bonds guaranteed by the Federal Government.)
2 Millions of dollars unless otherwise indicated.
Note:

See footnotes to Table" 3




-

•

.

- •

TABLE 2: Details on Inventories
DATE .
OFFERED
7/23
7/20
7/22
7/21
7/20
7/14
7/9

AMOUNT
(MIL. 1 )

Balto. & Ohio R.R.
Pioneer Nat. Gas
Kansas, Neb. Nat. Gas
Bell Tel. Penn.
A. O. Smith Corp.
Pacific P&L
Brooklyn Union Gas

27.0
20.0
15.0
100.0
" 35.0
25.0
30.0

DATE
OFFERED | RELEXSED

X

CORPORATE BONDS IN SYNDICATE END OF LATEST WEEK
ORIGINAL RATING AND
YIELD CALL PROTECTION
ISSUER
11.00
9.50
9.13
8.63.
10.25
9.63
9.13

.00
11,
9 .50
9 .13
8 .50
10 .31
9 .50
8 .90

A
Baa
A
Aaa
Baa
Baa
A

,C.
N.
5 yrs.
10 yrs.
5 yrs.
10 yrs.
5 yrs.
5 yrs.

^ESTIMATED PROPORTION SOLD
95%
98%
65%
75%
98%
90%
50%

CORPORATE BONDS RELEASED FROM SYNDICATE DURING LATEST WEEK
ORIGINAL INCREASE RATING AND ESTIMATED PROIN YIELD CALL PROT. PORTION RELEASED
COUPON
ISSUER
YIELD
AMOUNT

NONE

INVENTORIES 1
MUNICIPALS
IN SYNDICATE
BLUE LIST
|

DATE
..
1970 - June 26 . .
1970 - July 3
10
17
24*

v

366
370 "
335 '
376
364

94
129
73
128
119

CORPORATES
IN SYNDICATE
46
0
23
108
50

N.C. - No call protection*.
^
*1
All figures in millions of dollars. Blue List is daily average for week ended Friday, except for latest week
which is daily average of three days ended Wednesday. All other figures are as of Friday.




BONDS IN SYNDICATE
Friday figures

Millions of dollars

CORPORATE BONDS IN SYNDICATE

200
100

n

i l l

; i. i i .

MUNICIPAL BONDS IN SYNDICATE

300

200
100

SEPT.

DEC.

'68




MAR.

JUN.

1969

SEPT.

DEC.

MAR.

JUN.

1970

SEPT.

DEC.

7
•

DATE

NEW
CORPORATE
Aaa1

;

'

TABLE 3: High Grade Bond Yields
/
.
MOODY'S SEASONED
CORPORATE
Aaa 2

U.S. GOVERNMENT
20-YEAR
CONSTANT
^
MATURITIES3

BOND
BUYER'S
SEASONED
MUNICIPALS4

1968 - High
Low

7.02 (12/13)
,13 (8/30)
6.

6.55
5.95

(1/27)
(9/13)

5.90
5/18

(1/20)
(8/9)

4.85
4.07

(1/26)
(8/8)^

1969 - High
Low

.85 (12/5)
8,
.90 (2/21)
6,

7.84
6.55

(12/26)
(1/13)

6.97
5.96

(12/26)
(1/24)

6.90
,82
4.

(12/18)
(1/28)

1970 -High
Low

.30 (6/19)
9.
.20 (2/27)
8,

8.60
7.79

(7/3)
(3/6)

7.55
6.60

(5/29)
(3/6)

,12
7.
5,
.95

(5/29)
(3/12)

.14
9,

8.60

1970 - June

26

7.27

6,
.86

8.60
7.10
6 .79
9 .02
1970 - July 3
'
10
8.55
6.91
6 .59
8 .70
17
6.96
6 .60
— 8.49
8. 58
6.89
6 .28
8.50
.. 24
.38
8.
V New corporate issues, with call protection, adjusted (as described in
footnote 1 of Table 1) to a Aaa basis.
*
2
Weekly average of daily figures. Average term of bonds included is
22-24 years.
3
Weekly average of daily figures.
4
Thursday figures. The average rating of the 20 bonds used in this°inclex
falls midway between the four top groups as classified by Moody's Investors Service.
Note--Highs and lows are for individual series and may be on different dates
for different series. ,




HIGH GRADE BOND YIELDS

NEW CORPORATE Aaa

MOODY'S V /
CORPORATE Aaa
U.S. GOVT. 20-YR.
CONSTANT MATURITIES
BOND BUYER MUNICIPAL

1966




1967

1968

1969

1970

TABLE 4: Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
GROSS PROCEEDS
vSTATE AND LOCAL 2

PERIOD
1970

1969

1968

1970

1969

1968

January
February
March

2,636
1,802
3,539

2.075
2,045
2,098

1,771
1,608
1,799

1,340
1,214
1,551

1,262
987
538

1,178
1,158
1,404

April
May
June

3,142
3,600e
3,225e

2,748
2.076
2,530

1,428
1,866
2,411

1,646
995
1,070

1,801
1,110
737

1,318 «
1,143
1,395 j

July
August:
September

2,900e

2,478
1,427
2,427

2,143
1,432
1,557

1,100e

1,097
808
559

1,469 f
1,699 a
1,444 r

1,933
2,375
2,532

2,129
1,767
2,054

1,280
886
816

2,230 :
1,021
1,115 :

6,218
7,354
6,332
6,840

5,178
5,704
5,133
5,950

2,787
3,648
2,464
2,982

3,840 !
3,856 :
4,612 g
4,366 j
,

13,572
19,904
26,744

10,882
16,015
21,965

6,435
8,899
11,881

12,008|

,October
November
-December
1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year '

7,977
9,967e

4,105
3,711

7,956 ?

16,574|

Excluding finance companies 3
1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

Year

6,170
7,037

5,107
5,427
4,785
5,654
20,973

Securities and Exchange Commission estimates of gross proceeds'.
Investment Bankers Association of America estimates of principal amounts.
Total gross proceeds excluding offerings of sales and consumer finance
companies.
Note:

AT&T rights offering included in May estimate.




1

TABLE 5: New Corporate Security Issues, lype 01 issue aiiu i»uc,
V
(In millions of dollars)

QUARTER
OR
MONTH

TOTAL

GROSS PROCEEDS BY
TYPE OF ISSUE
COMMON
MEMO:
BONDS
AND
ISSUES INCLUDED
PUBLICLY PRIVATELY PFD.
PLACED
STOCK FOREIGN | CONVERTIBLE
OFFERED
2,657
1,540
2,023
215
1,355
1,126
227
1,673
3,411
2,268
3,186
1,347
1,797
289
750
3,479
1,053
2,307
115
809

1969 -

I
II
III
IV

'6; 218"
7,354
6,332
6,840

1970 -

I
lie

7,977
9,967e

4,577
6,926e

1969 - May
June
July
Aug.
Sept*
Oct.
Nov.
Dec.

2,076
2,530
2,478
1,426
2,427
1,933
2,375
2,532

871
1,272
1,279
685
1,222
969
1,164
1,346

510
514
609
259
479
313
226
514

1970 - ' Jan.
Feb.
: Mar.
Apr v
e
May*
June*

2,636
1,802
3,539
3,142
3,600
3,225

1,595
1,068
1,914
2,001
3,000
1,925

516 „
266
471
433
400
500

V

1,235
l,333e

2,147
1,708
694
744
589
482
726
651
984
1 672
525
468
1,154
708
200
800

GROSS PROCEEDS BY
TYPE OF ISSUER
PUBLIC
UTILITY

407
1,773
1,862
1,314

1,346
1,878
1,544
1,967

473
432
684
598

2,993
3,266
2,243
2,961

766
2,215

2,543
2,455

222
n. a.

922
649

2,584
2,690

2,085
2,607

28
137
132
122
35
59
8
48

463
233
214
167
369
105
303
401

569
691
875
362
625
260
453
601

392
702
493
507
544
745
622
600

61
33
128
88
n. a.
n.a.

387
249
286
374
200
75

811
357
1,416
690
900
1,100

639
540
906
1,107
450
1,050

o

Other issuers are extractive, railroad and other transportation, real estate
and finance, and commercial and other.
Source: Securities and Exchange Commission. Quarterly supplements are available.




COMMUNICATIONS

MFG.

,!
;
i

OTHER
ISSUERS1

1*1
286
126
272
120
201
277

915
946
826
433
984
808
1,099
1,054

234
226
306
65
1,800
350

952
680
911
1,280
450
725

1 9 7

TABLE 6 Large Long-term Public Security Issues f r New Capital
o
(Other than U.S. Treasury)1

ISSUER

TYPE y

AMOUNT
(MILLIONS
OF
DOLLARS)

July 1, through July24 , 1970
COUPON
OFFER- MOOI'V.
MAT,: OR
RAT'IM,
ING
NT. i l.TFRMATURITY
1 ST COST . Y1HL1)

Corporates
Equip Trst.
25.0*
Ctfs.
58.0
Com. Stk.
Detroit Edison
Gen. & Ref.
Detroit Edison
75.0
Mtg.
75.0
Debs.
Beneficial Corp
20.0
1st Mtg.
Washington Gas Light Co.
16.0
1st Mtg.
Gulf Power Co.
\
40.0
1st Mtg.
Duquesne Light Co.
30.0
1st Mtg.
Brooklyn Union Gas Co.
40.0
Debs.
Consolidated Natural Gas Co.
S. F. Debs.
150.0
J.C. Penney, Inc.
Conv. Debs.
50.0
Avco Delta Corp.
30.0
1st Mtg.
Puget Sound Pwr. & Lt. Co.
100.0
1st Mtg.
Inland Steel Co.
35.0
debs.
Ryder System Inc.
debs.
15.0
Diamond State Telephone Co.
Conv. Debs.
25.5
Bank America Realty Investor
Benf. Int.
51.0
Bank America Realty Investor
47.6
Com. Stk
^Detroit Edison Co.
25.0
1st Mtg.
Pacific Power & Light
debs.
100.0
Union Oil.Co. of Cal.
60.0
1st Mtg.
Florida Pwr. & Light Co.
Equip. Trst.
American Airlines Inc.
78.5
Ctfs.
Benf. Int.
32.0
First Penna. Mtge. Trust
19.8
Lomas & Nettle ton Mtge. Inc. Benf. Int.
Cum Pref . Stk.60.0
Philadelphia Electric
S.F. debs.
25.0
B-W Acceptance Corp.
20.0
debs.
Pioneer Natural Gas Co.
Union Tank Car




1990
2000
1995-1978
1975
2000
J
1976
1995
1995
1995
1990
2000
1995
1990
2010
1990

9.88

9.90

9.15
.,
9.38 & 8.25
8.75
8.88
8.25
9.13
9.00
8.88
11.00
9.50
8.75
11.50
8.75
6.75

2000
1976
1975

11.00

1975
1975

9.50
11.00

Aa
9.15
9.38 & 8.25 -8.63
A
8.70
Aa
8.25
Aa '
8.90
A
Aa
8.90
8.72
A
-- .
11.00
Baa
9.55
8.80
A
Baa
11.50
Aaa
8.70
6.75
N.R.
9.50
8.25
7.94

9.63
8.25
8.13

1988

A

\
1

Baa
A
Aa

11.00

Baa

9.40
11.00

Baa

TABLE 6: Large Long term Public Security Issues for New Capital (continm d)
(Other than U.S. Treasury)1
July 1, through July 24, 1970
AMOUNT
' COUPON' •1 •
*
1 .
1
(MILLIONS
- RATE- OR • . M T K R MOODY'i
ISSUER
TYPE 2
OF
MATURITY 1 NET INTER I:.(
RATING
DOLLARS)
| EST COST I.
'

Corporates
Travelers Corp.
A. 0. Smith Corp.
Bell Tel. of Penna.
Continental Can Co., Inc..
Kansas - Nebraska Natural
Gas Co.




debs.
S.F. debs
debs.
S.F. debs .
debs.

100.0
35.0
100". 0
~ 60.0
150

1995
2006
2006
1990

8.70
10.25
8.63
8.50

1990

4

8.70
10.31
8.50
' 8.55

9.13

,

9.13

-

•
•

Baa
Aaa
A
A

10a

TABLE 6: Large Long-t&m Public Security Issues for New Capital
(tfther than U.S. Treasury)1
'. •

ISSUER

TYPE 2

AMOUNT
(MILLIONS
OF
DOLLARS)

. •
.

MATURITY

July 1, through July 24, 1970
COUPON
RATI- OR
MKT INTEREST COST

OFFERING
YIELD

MOODY'S
RATINC .

State and Local
Maryland, State of
G.O.
Nassau Co., N. Y.
G.O.
Coastal Indust. Wtr. Auth Tx. S.F. Rev.
Omaha, Nebraska
.
G.O.
Dallas, Texas ISD
G.O.
New Jersey", State of
G.O.
Hawaii, State of
Rev.
Birmingham-Jefferson Civic
Authority, Alabama
G.O.
Ohio Public Facilities Comm.
Rev.
Ohio Public Facilities Comm. , Rev.
Texas, State of
G. 0.
New York, State
G. 0.
North Miami, Fla.
G.O.
Oklahoma City, Okla.
G.O.
Philadelphia, Pa.
G.O. U/T
Philadelphia, Pa.
G.O. U/T
Redondo, Beach Calif. Parking
Authority
Rev.
Boston, Mass.
G.O.
Tuscon Sch. Dist., pima
Co.,
Arizona
bds.




46.8
43.6
16.0
10.2
15.0
75.0
25.0

1973-85
1971-99
1989
1980
1971-90
\ 1973-85
1973-1995

6. 03

23.7
25.0
40.0
15.0'
60.0
12.0
21.3
24.8 1
23.6

1971-2000
1971-95
1971-95
1979-95
1971-2000
1972-2000
1973-95
1972-01
1972-96

7.
,53
,20
6.
6.
,17
6.
,04
5.
,66
6,
,67
,84
5,
.54
• 7,
7,
.19

4.90-7.80
4.40-6.25
4.40-6.25
5.40-6.40
5.10-6.10
4.90-7.00
4.80-6.25
5.50-7.50
5.50-7.50

11.9
20.0

1976-93
1971-90

.35
7,
6,
.48

6.25-7.50
4.90-6.80

Baa

10.0

1971-90

5 .97

4.70-8.00

-

5.00-6.25
4.75-6.50
7. 08
7.08
5. 95
4.60-6.50
6.
,02
4.65-6.50
5. 86 . 4.90-6.05
,35
7.
5.70-7.40

Aaa
A
A-l
Aaa
Aa
Aaa
NR

•-

A
Aa
Aa
Aaa
-

A
A
.

-

-

TABLE 6: Large

ISSUER

LOIKI

TYPE

term Public Security Issues for New Capital (continm
(Other than U.S. Treasury)'

2

AMOUNT
(MILLIONS
OF
DOLLARS)

DI

July 1, through July 24, 1970

COUPON
1
RATE OR
OITKRMATURITY j NET INTER1.
1(
| YILLl)
1 EST COST

MOODY'S.
RATING

- OTHER
Ontario (Province of)
Nova Scotia (Province of)
Federal Home Loan Banks
Federal Land Banks
Pacific Far East Line, Inc.
F.N.Me A.

1

debs.
debs.
Consol.
bds.
hds.
U.S. Govt.
insurged.
bds.
debs.

75.0
25.0

2000
1976

9.25
9.00

9.25
9.11

Aa
A

300.0
407.0

1975
1973

7.95
7.-95

7.95
7.95

-

510.0
400.0

1996-1997
1974

8.75
7.90

8.75
7.90

r

Aaa

•' '

Rights offering.
Includes corporate and other security offerings of $15 million and over;
State and local security offerings of $10. million and over.
In case of State and local government securities, G.O. denotes general ohli ga t i on;
Rev.-Utrevenue ohli gations secured only by income from public utilities:.
Rev.-Q.-Utrevenue bonds secured only by income from quasi-uti1itivs; Rev .-sr..
revenue bonds secured by revenue from sped fic taxes only; Rev.>Rent., revv
bonds secured solely by lease payments.
Includes foreign government and International Bank ' for ..Reconstruct, ion and
Development .issues and non-quaranteed issues by Federal Agencies.




12

TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury)1
^ o£ the 24th

ISSUER
.

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

CORPORATES

Hotel Investors
Tenneco Inc.
Duke Power Co.
Youngstown Sheet & Tube
El Paso Natural Gas Co.
Mississippi Power & Lt. Co.
Gen?l Telephone Co. of Mich.
Quaker State Oil Refining
Corp o
Carolina Pwr. & Lt. Co.
Northern Natural Gas Co. ^
iiWa.iCxi t i a Corp.
ija
Northern Indiana Public
Service Co.
Monogram Industries
Ramada Inn
Union Pacific R.R. Co,
Duke Pwr. Co.
Gen 1 ! Tel. & Elec. Corp.
National Fuel Gas Co.
Northern Illinois Gas Co.
Rex Chainbelt Inc.
Southwestern Bell Tel. Co.
Wisconsin Pub. Service Corp.
Central Illinois Lt. Co.
Gen'1 Tel. & Electronics
Corp.
Potomac Electric Pwr. Co*
Arkansas Pwr. & Lt, Co.
Xtidiana Pub. Service
Company
Public Service Co. of Col
Hawaiian Telephone Co.
New England Tel. S
c
Telegraph Co.
Atlantic City Elec. Co.
Household Finance
Burlington Industries Inc.
Western Electric Co.
Holiday Inns
Penn Power & Light
UGI




debs.
debs.
pfd. stk.
debs.
debs.
1st Mtg.
bds.

20.0
75.0
60.0
50.0
50.0
17.5
17.0

July
July
July
July
July
July
July

debs.
1st. Mtg.
debs, w/w
debs.

25.0
50.0
40.0
25.0

July 29
July 30
July 30
July

<

35.0
1st. Mtg.
25.0
Notes
25.0
debs.
Equip, trt . ctfs. 50.0
100.0
1st & ref. Mtg.
90.0
1st Mtg.
21.0
debs.
35.0
1st Mtg.
30.0
debs.
150.0
debs.
45.0
bds.
25.0
bds

'

27
27
28
29
29
28
29

July
July
Aug 4
Aug 4
Aug 5
Aug 5
Aug 10
? Aug 11
Aug 11
Aug 12
Aug 18
Aug 19

debs.
bds.
bds.

40.0
70.0
25.0

Aug 19
Aug 19
Aug 20

bds.
bds.
bds.

35.0
35.0
35.0

Aug 26
Aug 26
Aug 27

debs.
bds.
debs.
S.F. debs.
debs.
bds.
bds.
bds.

175.0
27.0
75.0
75.0
150.0
75.0
40.0
25.0

Sept 1
Sept 2
Aug
Aug
Sept 29
. Aug
Aug
Aug

TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury)1

TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

STATE AND LOCAL
New York City
Penna. State of
Port of Seattle* Wash.
Kentucky, State of
Long Beach, Calif.
Detroit, Mich.
Boston, State of
Oakland Co. Mich.
Mecklenburg Co., N. C.
Virginia Pub. Sch. Auth.
Taylor, Mich. S/D
Washington Sub. Sanit.
Dist., Md.
San Francisco Bay Area
Rapid Transit Dist.
Alabama Highway Auth.
California
Harford Co., Md.
Atlanta, Ga.
Oregon, State of
Penna. St. Pub. Sch.
Bldg. Authority
King Co., Wash.
Dade Co. Port Auth., Fla.
6
St. Paul, Minn. Oakland Co., Mich.
Los Angeles DWAPS
Madison, Wis.
Ohio, State of
Miami, Fla.
*
1
2

July
July
July
July
July
July
July
July
Aug.
Aug.
Aug.

28
28
28
29
29

17.0

Aug.

5

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

50.0
35.0
100.0
11.5
15.0
55^0

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

5
11
11
12

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

21.4
11.0
63.5
20.5
15.6
39.0
12.9
100.0
12.5

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Oct.

18
18
19
19
25
26
1
3
8

G.O.
G.O.
G.O.
G.O.
Rev.
Rev.
G.O.
G.O.
G.O.
Rev.
G.O.
Bonds ,

170.2
75.0
28.0
20.0
30.0
46.0
20.0
15.0
16.9
25.0
12.2

*

4
4
4

18
""""

Included in table for first time.
Includes corporate and other issues of $15 million and over; State and local
Government issues of $10 million and over.
Includes foreign government and International Bank,for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.
Postponement;
,
Monogram Industries - 25.0 - market conditions
penna. St. Pub. Sch. Bldg. Auth. - 21.4 - no bids received
Oakland Co., Mich. - 15.6,- postponed
>
Los Angeles Dept. of Water & Power - 39.0 - postponed
,




TABLE 8: Stock Prices and Volume
TRADING VOLUME 2

STOCK PRICES 1
S&P
500

DATE

AMEX4

D.J. - IND.

AMEX

NYSE

1968 - High
Low

108.37(11/29) 985.21(12/13)
87.72(3/5) 825.13 (3/21)

33.24(12/20)
21.97(3/25)

82.61(6/7)
34.0(2/23)

45.4(6/7)
14.1(2/23)

1969 - High
Low

106.16(5/14)
89.20(7/17)

32.91(1/3)
25.02(7/29)

82.6(10/17)
32.8(4/4)

38.4(5/9)
12.9(4/4)

27.02(1/8)
19.36(5/27)

80.7(5/26)
35.1(7/3)

28.4(1/2)
8*3(7/3)

1970 - High
Low
1970 - July 3
10
<
17
24

968.85(5/14)
769.93(12/17)

93.46(1/5) 811.31(1/5)
69.29(5/26) 631.16(5/26)
72.92
74.57
77.69 /
77.82

689.14
700.10
735.08
730.22

19.95
19.93
20.19
20.32

35.1
53.8
49.7
56.1

8.3
12.1
10.6
10.6

"I
1.

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

2.

Highs and lows are

1941-43 = 1 0 .

3.

Average.dollar value of shares listed.

4.

NYSE is the New York Stock Exchange; AMEX is the American Stock Exchange.
Total number of shares traded per week (millions of shares). Trading is
normally conducted for 5-1/2 hours per day and 5 days per week, or 27-1/2
hours per week. In recent years, however, abbreviated trading to the
extent, and over the time periods, shown below;

From:
August 8, 1967
January 22, 1968
June 30, 1968
January 3, 1969
July 7, 1969
January 2, 1970




Through:
_ _ August 20, 1967
_
March 1, 1968
, December 31, 1968
~July 3, 1969
December 31, 1969
May 1, 1970

Hours/
Day
4
4
5-1/2
4
4-1/2
5

Days/
Week
5
5
4
5
5
5

Hours/
Week
20
20 .
22
20
22-1/2
25

15

f p O C K PRICES AND TRADING VOLUME
.

SMEX

#6

f

D.J....
(Ind.)

Weekly

STOCK PRICES

1

'

1

1 , 1

"

1 1 1 1 1 1

1 111=1M i l l !
1
—

AMEX PRICE LEVEL INDEX A n

2

—

SAP
(500)

1280 128

1200 120

1120 112
J

-

S&P's 50.0

V v J

V

\

•

~

1040 1 0 4

960

f\l W
f

I

y

\

(

D.J. IND.

\ ft

880 88

1AA

\

L-XfcJ

96

-

NYSE TRADING VOLUME (total FOR WEEK)

1966

1967




1968

1969

1970

81

720

AM EX TRADING VOLUME (TOTAL FOR WEEK)

800

72

TABLE 9: Security Credit

END OF PERIOD
Outstanding:
1969 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

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

CUSTOMERS'
NET DEBIT
BALANCES

NET CREDIT
CUSTOMERS' NET EXTENDED BY
BROKERS AND
FREE CREDIT
DEALERS 3
BALANCES

2,570
2,520
2,580

7,870
7,670
7,560
7,610,
7,590
7,550

8,474
8,214
7,515
7,019
7,039
7,243
7,111
7,445

3.084
3.085
2,783
2,577
2,579
2,753
2,613
2,803

5,390
5,129
4,732
4,442
4,460
4,490
4s,498
4,642

4,680
4,570
4,520
4,360
4,150

2,430
2,370
2,370
2,330
2,290

7 >110
6,940
6,890
6,6.90
6,440

6,683
6,562
6,353
5,985
5,433

2,626
2,563
2,441
2,248
2,222

4,057
4,099
3,912
3,724
3,211

1969 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

100
-330
-170
-170
- 60
100
30
-100

10
-30
-40
-30
-50
-50
-50
60

110
-360
-210
-200
-110
50
- 20
- 40

430
-260
-699
-496
20
204
-132
334

7
1
-302
-206
2
174
-140
190

423
,-261
-397
-290
18
30
8
144

1970 - Jan.
Feb.
Mar.
Apr.
MayP

-290
-110
- 50
-160
-210

-150
-40

-440
-170
- 50
-200
-250

-762
-121
-209
- 69
-521

-177
-163
- 22
-193
- 26

-585
42 ;
-187
-188
-513

1970 - Jan.
Feb.
Mar,
Apr.?
MayP
Change
Outstanding:-

5,670
5,340
5,170
5,000
4,940
5,040
5,070
4,970

2,770
2,740
2,700
2,670

2,620

-40
-40

8,440

8,080

Margin debt, as reported by the New York Stock Exchange. Although margin debt
until March 1968 included loans secured by U.S. governments, the amount of such
loans included is thought to have been small.
"Bank loans to others than brokers and dealers for purchasing or carrying securities other than U.S. governments."
The difference between customers' net debit balances and customers'"net free credit balances, this figure represents the net credit extended by brokers and
dealers to the nonfinancial public.
. v
.
.
'
NOTE: With the exception of bank loan data, figures are supplied by the New York
Stock Exchange and are end of month data. Bank loans are for weekly reporting,
large commercial banks. Broker data includes loans for regulated securities; bank
data includes loans for the purpose of purchasing or carrying any security, whether
regulated or not.




J
\

I
TABLE 10: Savings Flows at Nonbank Depositary Intermediaries
'

.

' •

'

<$ millions)

DATE

1967
1968
1969

SAVINGS & LOAN ASSOCIATIONS
MUTUAL SAVINGS BANKS
REGULAR DEPOSITS 3
NET
NET
SHARE CAPITAL
NEW
ANNUAL
NEW
ANNUAL
2
MONEY
GROWTH
NET
MONEY2
NET
GROWTH
1
1
FLOW
FLOW
RATE
RATE
5,082
4,208
2,551

1969 - Apr.
May
June

-197
307
324

1970

+ 6
326
450

Apr,
May 2/
June ]>/

1969 - Dec,
1970 - Jan.
Feb;
Mar.
Apr.
May P/
June P/
1
2
3

Not Seasonally Ad iusted
10,649
6,129
9,4
7,399
6.0
2,738
4,020
3.1
-1,003

9.3
7.1
4.0

2,376
1,143
- 747

—

- 325
227
- 266

- 516
642
1,359

- 136
224
- 125

207
188
763
707
267
1,812
Seasonally Adiusted

—m
~--

229

4.1

-117
298
244
371
360
319

-2.1
5.4
4.4
6.6
6.4
5.7

-——
—
--——

—«
--

47

0.4

- 754
247
1,021
973
637
902

-6.7
2.2
9.1
8.6
5.6
7.9

- 5 43
601
- 116

--

--

--

TOTAL
DEPOSITS
ANNUAL
NET
GROWTH
FLOW
RATE 1
15,371
11,607
6,371
- 713
949
1,683

9.4
6.3
3.4

——

—

213
1,079
2,262 t -276

8,505
3,881
-1,750
868
828
- 382
52
931
142

1.6

- 871
545
1,265
1,344
997
1,221

NET "
NEW
MONEY 2

-5.2
3.3
7.5
8.0
5.9
7.2

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Net New Money is new deposits net of both withdrawals and interest. Data for S&Ls are for
insured associations only, which represent 96% of industry total resources.
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.
SOURCE: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




--

'

1

IAVINGS FLOWS (seasonally adjusted)
lonthly




2000
1600
1200
800
400
+
0
400
1200
SAVINGS & LOANS

800
400
0
400
800
400
+
0
400

Y

TABLE 11: Mortgage Commitments at Selected Thrift Institutions 1

DATE

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

TOTAL

NET CHANGE
ALL
SAVINGS &
LOAN
ASSOCIATIONS

(Billions of Dollars, Seasonally Adjusted)
7.1
7.0

1969 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

10.4
10.2
9.9
9.5
9.2 ;
8.9

8.6

5.9
5.8

1970 - Jan.
Feb.
Mar.
Apr.
May

8.2

5.6
5.4
5.2
5.4
5.8

8.4

7.9
7.6
7.8

8.0

6.8

6.5
6.4

6.1

3.2
3.2
3.1
3.0

2.8
2.7
2.7

2.6

2.6
2.5
2.5
2.4

2.2

MUTUAL
SAVINGSBANKS
(N.Y. STATE)

1/

-.11
-.18
-.32
-.36
-.31
-.33
-.24
-.25

-.06
-.11
-.22
-.24
-.18
-.23
-.18
-.12

-. 05
-106
-.10
-.12
<13
-.09
-.06
-.13

-.17
-.30
-.26
.13r
.24

-.22
-.23
-.21
.26r
.38

.04
-.07
-.05
-.13
-.14

Based on data from Federal Home Loan Bank Board and Savings Banks Associations of
New York State. Net changes are derived directly from unrounded outstandings
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals
may not add to totals because of rounding. Mutual Savings Banks and total data
include building loans beginning August 1967.




MORTGAGE COMMITMENTS OUTSTANDING (seasonally adjusted)
Monthly

^

Billions of dollars

TOTAL

S&L'S

N.Y.-MSB'S

Includes building loans beginning August 1967

1960




1962

1964

1966

1968

1970

22

TABLE 12: Net Change in Mortgage Holdings 1

DATE

TOTAL
INCLUDING
FNMA-GNMA

TOTAL
f

FINANCIAL INSTITUTIONS
LIFE
MUTUAL
SAVINGS &|
INSURANCE
SAVINGJ3
COMMERCIAL
LOAN
• BANKS
BANKS
ASSOC. 1 COMPANIES

FNMA-GNMA
—

Not Seasonally Adjusted

18,105
20,016
23,781
24,051

15,782
18,219
21,273
19,676

4 ,705
4 ,639
6 ,677
5 ,535

2,720
3,153
2,787
2,682

3,761
7,520
9,350
9,407

4,596
2,907
2,459
2,052

2,323
1,797
2,508
4,375

1969 - Mar.
Apr.
May

1,922
2,227
2,165

1,717
2,036
1,980

519
627
600

198
204
233

917
1,026
988

83
179
159

205
191
188

1970 - Mar .
Apr.
May

1,088
1,500

559
1,023
n. a.

0
200
200

153
160
144

317
486
712

89
177
n.a.

529
477
378

1969 - May
June
July
Aug.
Sept
Oct.
Nov.
Dec.

2,032
2,153
1,698
1,910
1,876
1,734
1,652
1,906

1,808
1,875
1,364
1,380
1,365
1,166
1,069
1,2^

534
440
151
310
383
244
237
347

251
230
181
157
137
124
146
235

854
1,022
859
720
654
627
547
576

169
183
173
193
191
171
139
134

224
278
334
530
511
568
583
614

1970 — J an.
Feb.
Mar.
Apr.
May

1,493
1*604
1,228
1,387

937
1,105
712
893
~ i a.
t.

288
285
144
141
133

24
143
197
205
160

400
436
276
358
577

225
241
125
189
n. a.

556
499
516
494
418

1966
1967
1968
1969

-Seasonally Adjusted

t

.

Monthly data for commercial banks based on Federal Reserve estimates benchmarked
to Call Report data on real estate loans outstanding as available. Other data
derived from mortgage debt outstanding as reported separately by National Assn.
Of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance
and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual
savings banks and for Life Insurance companies may differ somewhat from those
derived from regular quarterly series because of minor conceptual differences for
which adjustments are not made in the monthly series. Altogether, these groups
accounted for 87 per cent of the net increase estimated for all holders in 1967.




NET CHANGE IN MORTGAGE HOLDINGS (seasonally adjusted)
Monthly

Billions of dollars

3.0

TOTAL, INCL. FNMA - GNMA

2.0

FINANCIAL INSTITUTIONS

1.5

1.0

1967




1968

1969

1970

TABLE 13: Net Increases in Mortgage Debt Outstanding
Billions of dollars, SAAR 1- to 4- MULTIFAMILY
FAMILY

COMMERCIAL

MULTI-AND
COMMERCIAL

5.5
4.2

8.2
6.2

2.2
1.8

3.2
3.4
3.9
3.9

3.8
4.9
4.9
4.9

7.2
8.2
,8.7
8.8

1.8
1.8
2.5
2.7

15.4
14.8
14.6
16.5

3.0
~ 3.2
~
3.5
4.0

6.3
5.7
6.5
7.8

9.4
8.9
10.1
11.7

2.3
2.2
1.8
1.8

. 17.9
16.5
15.5
13.7

4.2
4.7
4.6
4.8

6.1
5.0
5.0
6.0

10.3
9.6
9.5
10.8

2.2 —
2.3
1.8
1.2

4.3

5.2.

9.7

TOTAL

RESIDENTIAL3

1966 - IIIp
IVp

18.7
15.2

11.0
9.2

8.4
7.0

2.6
2.1

1967 - Ip
Hp
Hip
IVp

15.6
20.5
27.0
27.5

10.0
13.8
19.6
19.9

6.8
10.5
15.7
16.0

1968 - Ip
Hp
IIIp
IVp

27.1
25.9
26.5
30.1

18.4
18.0
18.2
20.5

1969 - Ip
, up
IIIp
IVp

30.4
28.5
25.1
25.7

22.1
21.2
20.1
18.6

1970 - Ip

19.7

13.4

QUARTER

1

8.9

4

FARM

1.1

1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance
Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of1 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 interpolation#
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 debt combined.




NET INCREASES IN MORTGAGE j DEBT OUTSTANDING
Quarterly

Bill.ions of dollars, seasonally adjusted annual rate-

TOTAL

.TOTAL
RESIDENTIAL

1-4 FAMILY

COMMERCIAL

MULTIFAMILY

1966




1968

1970

TABLE 14: FNMA Auction .Results

WEEK
ENDED

COMMITMENTS IK $ MILLIONS
IMPLICIT YIELD^(per cent)
ACCEPTED
1-YEARI1 901-YEAR 1
906TOTAL
TOTAL
MONTH & OVER
DAY
& OVER
MONTH
DAY
OFFERED

6-

1970 - Mar.

9
23

354.6
395.4

276.4
239.0

60.7
47.5

136.5
124.5

79.2
67.0

9.16
9.12

9.19
9.14

9.13
9.12

Apr.

6
20

268.4
315.7

190.2
185.2

41.0
54.0

121.4
98.2

27.8
33.1

9.05 x
9 .02 .

9.07
9.04

9.10
9.10

May

5
11
18
25

443 . 3
,
269.2
300.3
289.5

195.5
102.2
136.3
145.2

43.5 121.1
26.0' 63.2
32.4
86.4
38.9
86.7

38.9
13.0
17.5
19.7

9.01
9.04
9.11
9.15

9.04
9.07
9.13
9.18

9.10
9.13
9.18
9.22

June

1
15
29

224.2
249.7
156.3

113.8
127.9
98.9

31.1
34.2:
30.6,

11.3
7.0
11.8

9.20
9.27
9.32

9.24
9.30
9.33

9.27
9.31
9.34

July

13
27

71.4
86.7
56.5

9.22
9.21
9.20
15.3
73.0
113.3 ,25.0
286,2
(250.0)
1
Note: Under the FNMA auction system, approved sellers of Governmentunderwritten mortgages bid for FNMA forward purchase commitments, subject to an over-all dollar limit announced by FNMA in advance. Bids
accepted by FNMA are for delivery at the seller's option, and at any,
time within the specified period. Bids on proposed homes relate to
construction not yet started on which mortgages may be delivered only
after completion and occupancy.
For "proposed construction" of new homes only.
Average secondary market yield after allowance for commitment fee and
required purchase and holding of FNMA stock, assuming prepayment of
15 years for 30-year Government-underwritten mortgages. Yields shown ,
are gross, before deduction of 50 basis points fee paid by investors
to servicers.
*
FNMA announced limit of accepted bids for next auction.




27

FNMA "AUCTION" RESULTS
$. Millions

~

AMOUNT OF ACCEPTED BIDS
BY COMMITMENT PERIOD

200

150

6 MONTHS
100

1 YEAR
AND OVER

50

IMPLICIT YIELD
6 - M O N T H COMMITMENTS

$ Millions

TOTAL BIDS RECEIVED

\Z
[TOTAL BIDS ACCEPTED
JUNE

AUG.

OCT.

DEC.

1969

FEB.

APR.

JUNE

1970

'V




• .

AUG.

OCT.

DEC.

28

TABLE 15: Private Housing Starts and Permits
STARTS
DATE

SEASONALLY ADJUSTED
ANNUAL RATE
TOTAL 1-FAMILY 2 OR MORE

TOTAL

UNADJUSTED
TYPE OF FINANCING
FHA VA
OTHER

BUILDING
PERMITS1
(SEASONALLY
ADJUSTED
ANNUAL
RATE)2

9 - May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,533
1,507
1,429
1,376
1,481
1,390
1,280
1,402

877
826
803
752
828
766
762
776

656
681
626
624
653
624
518
626

155.5
147.3
125.2
124.9
129.3
123.4
94.6
84.1

21.1
21.5
20.8
22.4
18.3
25.1
18.8
23.2

4.3
4.6
4.7
4.2
4.8
5.0
3.9
4.2

130.1
121.2
99.7
98.3
106.2
93.3
74.7
57.9

1,323
1,340
1.228
1,245
1,201
1,183
1,191
1,239

0 - Jan.
Feb.
Mar.
Apr.
May

1,059
1,306
1,392
1,215
1,200

577
725
708
691
715

482
581
684
524
485

66.4
74.3
114.7
127.2
120.9

16.5
17.5
25.2
32.4
37.1

3.4
3.9
4.8
5.4
5.2

46.5
52.9
84.7
89.4
78.6

1,013
1,137
1,099
1,263
1,352

Total starts are Census estimates including farm for both permit-issuing and
noi.-issuing areas. A dwelling unit is started when excavation begins; all units
in an apartment structure are considered started at that time. FHA and VA
starts are units started under commitments by these agencies to insure or guarantee the mortgages. As reported by FHA and VA, a unit is started when a field
office receives the first compliance inspection report, which is made before
footings are poured in some cases but normally after the foundations have been
completed. Other starts are derived as a residual, although total and FHA and
VA starts are not strictly comparable in concept or timing; other starts include both units financed by conventional mortgages and units without mortgages.
Building permits before January 1963 are Census estimates for about 10,000 areas
identified as having a local building permit system in 1959. Estimates beginning
January 1963 are for approximately 12,000 and beginning January 1967 13,000, or
all known permit-issuing places. Unlike starts, seasonally adjusted building per
mits reflect direct adjustment for differences in the number of working days per
month, as well as other differences in timing and coverage.




PRIVATE HOUSING STARTS AND PERMITS
Monthly, annual rates

Millions of units

SEASONALLY ADJUSTED
2.0

HOUSING STARTS

1.6

1.2
rBUILDING PERMITS
(in issuing areas)

PER CENT OF UNADJUSTED TOTAL STARTS
40

GOVERNMENT UNDERWRITTEN
1964




1966

1968

1970

TABLE 16: Mortgage and Bond Yields

DATE

1959-60 - High
1961-66 - Low
1966 - High
1967 - High
- Low
1968 - High
Low
1969 - High
Low
1970 - Jan.
Feb.
. Mar.
Apr.
May
June

FHA.
MORTGAGES

CONVENTIONAL
MORT25-YEAR 30-YEAR
GAGES
3
6.26
5.43
6.73

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n. a.

2

5.44
6.81
6.81
6.29
7.52
6.78
8.62
7.99
. .

9.29
9.20
9.10
9 ill
9.16

1

SPREAD BE- . . NEW
TWEEN YIELDS Aaa CORON C0NV. &
PORATE
FHA MORTBONDS
GAGES
4

SPREAD BETWEEN
YIELDS ON NEW
CORPORATE BONDS
AND
FHA MORTGAGES

6.30
5.80
6.70
6.70
6.40
7.40
6.75
8.35
7.55

.23
.25
.30
.11
-.12
.12
-.27
.40
.13

5.25
4.41
5.82
6.51
5.18
6.79
6.15
8.75
6.91

1.69
.77
1.16
1.28
.27
1.20
.26
1.08
-.13

8.55
8.55
8.55
—-8.55
8.55
8.55

__

-.74
-. 65
-.55
-.56
-.61

8.46
8.30
8.60
8.60
9.10
9.11

.99
.60
.50
.01
.05

Neither mortgage nor bond yields include allowance for servicing costs which arc
much higher for mortgages than for bonds. Generally, bonds pay interest semiannually; mortgages, monthly. Mortgage yields, if computed as equivalent to
a semi-annual interest investment, would be slightly higher than given in the
table.
Bafced on FHA-field-office opinions about average bid prices in the private
secondary market for new-home mortgages for immediate delivery. Separate
data available for 25-year and--beginning July 1961--30-year mortgages with
minimum downpayments, weighted by probable volume of transactions. Yields
computed by FHA, assuming prepayment period of 12 years for 25-year mortgages
and 15 years for 30-year mortgages. Over the period for which they can he
compared, the movement of the two mortgage yield series has been similar.
Dashed lines indicate periods of adjustment to changes in contractual interest
rates.
Based on FHA-field-office opinion on typical interest rates (rounded) on conventional first mortgages prevailing in the market areas of insuring officecities. Beginning with April 1960, rate, relates only to new-home mortgages;
prior to that date, rate related to both new as well as existing-home mortgages. Dashed line indicates this change in the series.
See note for Table 1.




MORTGAGE AND BOND YIELDS
Monthly

12

11

10

: 9

8

7
HOME MORTGAGES:

6

CONVENTIONAL

5

Aaa CORPORATE BONDS
NEW ISSUES

4

1 1 1 11 11 1 l
11 1 1 1

1
I E L D S P R E A D ( F H A MORTGAGE VS. NEW ISSUE Aaa CORPORATE BONDS)

200

100
+.
0

J

__L
1962




_1_
1964

1966

1 1 i 1 MI i I
11 i 1
l
1968

1970

100

TABLE 17: Conventional Mortgage Terms

DA^E

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

1

EXISTING HOMES
CON- 1
FEES &
LOAN/
LOAN/
TRACT CHARGES EFFEC- MATU- PRICE
PRICE LOAN
(PER
RATIO AMT.
RATE
TIVE
RITY RATIO
(PER ($000) (PER
CENT) RATE (YEARS) (PER
CENT)
CENT)
CENT)
2
4
3

LOAN
AMT.
($ooo:
4

1969
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

7.50 0.88
, 7.62 0.84
7.76 0.92
7.86 0.86
7.89 0.92
7.99 0.89
7.97 0.96
8.07 1.06

7.65
7.76
7.91
8.00
8.05
8.13
8.13
8.25

25.8
25.6
25.5
25.2
25.3
25.3
25.3
25.4

73.2
73.0
72.0
72.3
72.9
72.8
72.8
71.9

25.0
24.9
24.5
24.3
25.0
24.6
24.6
25.0

7.54
7.64
7.79
7.90
7.98
8.00
8.00
8.08

0.83
0.86
0.91
0.93
0.91
0.90
0.90
0.93

7.68
7.79
7.94
8.05
8.13
8.15
8.15
8.24

22.7 71.9
22.8 71.4
22.8 71.7
22.6 71.2
22.2 70.7
22.6 70.4
22.6 70.4
22.9 70.6

19.7
20.1
20.1
19.8 19.2
19.5
20.1
20.8 i

8.34
8.41
8.47
8.40
9% 45
8.47

25.0
25.2
25.0
24.8
25.3
25.1

69.3
71.8
71.1
71.1
71.7
71.4

25.1
24.9
25.1
24.5
25.3
25.6

8.13
8.23
8.26
8.20
8.18
8.18

0.94
1.02
0.98
0.90
0.94
0.97

8.29
8.41
8.43
8.35
8.34
8.34

22.4
22.4
22.6
22.8
22.8
23.0

20.5 ]
20.4 ^
20.6 C
20.4 1
21.
I
21.6 >

1970
Jan.
Feb.
Mar.
Apr.
May
June

8.16
8.23
8.29
8.23
8.28
8.30

1.08
1.09
1.11
1.02
0.98
0.98

70.3
70.2
70.4
70.4
70.3
71.6

1

Compiled by Federal Home Loan Bank Board in cooperation with Federal Deposit Insurance
Corporation. Data are weighted averages based on probability sample survey of characteristics of conventional first mortgages originated by major institutional lender
groups, (including mortgage companies) for purchase of single family homes. Data exclude loans for refinancing, reconditioning or modernization; construction loans to
home-builders; and permanent loans which are coupled with construction loans to ownerbuilders. Related series on conventional mortgage rates only, based on unweighted
opinions of field-office directors of the Federal Housing Administration, are available
Somewhat sooner than the results of the FHLBB-FDIC survey, and are included-in the case
of new home mortgage rates — in Table 16.

2

Fees and charges--expressed as a percentage of the principal mortgage amount—include
loan commissions, fees, discounts, and other charges which provide added income to the
lender and are paid by the borrower. They exclude any closing costs related solely to
transfer of property ownership.
Includes fees & charges amortized over a 10 year period in addition to the contract
interest rate.

4

Derived by FRB.




CONVENTIONAL MORTGAGE TERMS
Monthly

Years

30
MATURITY

NEW
25

EXISTING

20

I i i i i i i i i ' i i 1 i i i i i i i i i i i I 15

L O A N / P R I C E RATIO

NEW
r

/XY "yCXv

75

x

EXISTING

1
70

•

'

1

1

i

i 1 1 1 1 1 1 ! 1 1 1 1 1 1 1 1 1
i 1 1 1 M 1

i

Thousands of dollars

LOAN AMOUNT
30

20
EXISTING

10

iiiiiiiiiiiIiiim
1964




1966

1968

1970
* CHANGE IN SERIES

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