Full text of H.16 Capital Market Developments : July 9, 1973
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July 9, 1 9 7 3 J I CAPITAL MARKET DEVELOPMENTS ot VI<51'on* Of JN-5F AMD iTATlSTlCS /'/' INDEX D E V E L O P M E N T S IN T H E C O R P O R A T E AND MUNICIPAL BOND MARKETS C A P I T A L MARKET Y I E L D S C A P I T A L M A R K E T VOLUME S T O C K MARKET MORTGAGE M A R K E T ESTIMATE PRELIMINARY REVISED N O T AVAILABLE DATA DO NOT EXIST / Table 1 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1973 - May 4 . 11 18 25 June 1 8 ,15 22 29 July 6 NEW I S S U E 1 A a a UTILITY 7.40 - - 7.45 7.61 VOLUME RECENTLY OFFERED <Xaa UTILITY - 7.55 7.63 7.59 7.66 7.73 2 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT S O L D BY END O F WEEK NEW ISSUES 4 IN SYNDICATE ( $ MILLIONS) 7.42 7.45 7.50 7.55 205 39 154 139 93 97 72 96 61 0 44 6 7.60 7.59 7.60 7.69 7.72 433 260 260 305 372 64 100 73 100 94 154 0 100 0 23 7.31p 0 0 0 MUNICIPAL BOND MARKET VOLUME YIELDS WEEK ENDING MOODY'S NEW ISSUE BOND BUYER 20-BQND INDEX 4 11 18 25 4.85 4.85 4.85 4.95 5.10 5. 10 5.14 5.20 June 1 8 15 22 29 5.00 5.00 5.05 5.05 5.10 July •6 5.10 1973 - May 3 GROSS OFFERINGS ( $ MILLIONS) PER CENT S O L D -BY. END O F WEEK NEW I S S U E S 4 IN SYNDICATE ( $ MILLIONS) 354 334 540 434 88 64 83 81 72 162 126 143 5.22 5.13 5.13 5.19 5.25 373 239 252 492 830 81 93 65 87 83 101 57 130 111 183 5.34 194 71 133 " 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. OAtr NOTES: 1 J SI R v w r e wtwtI of imy^NS rwii3 rwiia o»*s o»h •*«•»<>» fNi.ma ««».iw» *a F*>w*l R e w n e » ' » e ti of y-w ^ i # > h »-wia 1 wii# «*, ci*. ns» 3 Wwfcfy rvwwge o4 deity c i o * ^ t.g.>w 4 Wwhiy **m*m of daily f»»ji*» u . 5 I w w w r *•«.» 5 Thv'idry figurwi. The *vw*g» ct e * *ct . « i > t *•«»• »»il #k«>' »***»* t.i« juw^inw* »«»•*» *«•»•* ««•,« ,.,a« + iw«¥ww«< fl* **»-»• ••"»*«•*"«=>• *whMw**a * I ' C, " T 't*«» w>metinw during ' * • $i ".ipt ** lUnsh^iwa H WiowwSr i imwtitwt Swtuca. h r r * » M< & Bu%? H.16 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN M I L L I O N S O F D O L L A R S G R O S S PROCEEDS PERIOD 1 CORPORATE 1973 1 1972 1971 1 1973 1 1972 I 1971 January 2,327 205 3,,115 February March 1,962 3, 369 3,, 0 0 0 1,481 2,005 1,, 8 5 1 3,933 3, 229 6,, 0 7 5 2,353 2,239 2,,258 ApM 2,475 3,,275 4,, 0 4 2 1,772 1,989 1 ,, 8 9 1 3,, 5 9 8 3 ,300 2,017 2,, 1 6 7 4,, 3 4 1 4 ,375 2,270 2,, 0 1 3 3 ,582 4 ,147 1,805 2,893 2,,720 2,532 1,966 1 :, 9 0 3 3 ,768 1,726 2,, 0 9 8 3 ,791 3 ,387 2,200 1 ,, 7 2 8 3 ,377 3 ,704 1,861 2 ,, 2 6 4 3 ,, 3 9 6 3 ,673 1,794 2,, 0 6 8 6,020 6,276 6,, 8 4 1 6 j, 0 8 1 May Jul* O c ! oib«# Dc-: Qt a,22? | 0* y '•q* + » | | 3, 1,978 5,812 1,776 2, 732 1 ,, 9 8 9 9 .803 11,214 12 , 1 9 0 11 , 6 8 8 9,, 1 9 5 10 , 4 4 7 5,494 5,, 9 9 0 tO, 564 10,764 5,855 6,, 0 6 0 21,,017 23,844 30,212 34,, 3 2 5 17,790 18,, 9 0 2 45,,089 23,645 24,,962 40,776 NOTES: 1 2 S T A T E AND LOCAL / S w u m * ! and Exchange Commiiiion eitimatei ol grow proceed). 2 for Securrtwi Induiiry A u o o a t i o n e m m a t e i ol Digitized FRASER principal amounts. 12,296 12,, 8 1 2 ^ 1972 - I I III IV i % 10,564 1973 - " i 8,222 1972 - Mar. 3,229 1,677 Apr. May June 3,275 3,598 4,341 1,622 1,676 1,336 July . Aug. Sept. 3,582 2,893 2,720 1,807 1,523 863 Oct. Nov. Dec. 3,791 3,377 1,773 1,361 1,024 1973 - J a n . Feb. Mar. 2,327 1,962 3,933 1,315 Apr. 2,475 938 3,396 864 b i'^48 1,218 1,78%' /130 >8 ,450 1,118 564 982 1,601 779 1,070 17 37 1,454 1,034 770 124 93 1,050 1,104 1,817 14 27 64 758 56 ' ^20^' 28 383 426 589 81 28 3 176 213 509 25 281 . Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. Estimated data are derived by Federal Reserve based upon available information. 452 162 171 95 NOTES: 1 ,798 x 1,280 79& 860 900 596. 931 r 1 T a b l e 5A LARGE LONG-TERM PUBLIC SECURITY I S S U E S FOR NEW CAPITAL OTHER THAN U.S. TREASURY ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) 1 MATURITY COUPON RATE OFFERING YIELD CORPORATE No i s s u e s d u r i n g week e n d i n g J u l y 6 , 1973 NOTES: I and other security offering! of $15 million and ovar. MOODY'S RATING LARGE LONG-TERM PUBLIC SECURITY ISSUES FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 J u l y 1 through J u l y 6, 1973 AMOUNT (MILLIONS OF DOLLARS) C O U P O N RA T E OFFERING YIELD MOODY'S RATING S T A T E AND L O C A L Rockland County, N.Y. Oklahoma C i t y , Okla. New York, S t a t e of San J o s e U n i f i e d S/D, C a l i f . Allegheny Co., Pa. Rev. G.O. G.O. G.O. G.O.v 16.2 15.1 86.0 13.0 32.4 1974-2005 1976-1988 1974-2003 1974-1993 1974-2003 5.38 4.54 5.04 4.97 5.44 4.50-5.50 4.20-4.65 4.40-5.25 4.85-7.00 4.90-5.60 A-l A Aa A-l A-l NOTES: 1 Includes state and local security offerings of $10 million and over. 2 In case of State and local government securities, G.O denotes general obligation; Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut., revenue bonds secured only by income from quasi-utilities; Rev.-S.T., revenue bonds secured by revenue from specific taxes only; Rev -Rent., revenue bonds secured solely by lease payments. 3 Includes foreign government and International Bank for Reconstruction and Development issues and non-guaranteed issues by Federal Agencies. H.16 FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 J u l y 6, 1973 ISSUER CORPORATES Ford Motor C r e d i t Co. Ford Motor C r e d i t Co. Michigan C o n s o l i d a t e d Gas A t l a n t a Gas L i g h t P u b l i c Svc. E l e c t . & Gas Northwestern P u b l i c Svc. P u b l i c S e r v i c e E l e c t . & Gas N o r t h e r n I l l i n o i s Gas N o r t h e r n I l l i n o i s Gas Michigan G e n e r a l Alabama F i n a n c i a l Group, I n c . Brooklyn Union Gas Penn. E l e c t . F i r s t a t Orlando Dial Financial P o r t l a n d Gas & E l e c t . "'Wise. P u b l i c S e r v i c e * G r e a t N o r t h e r n Nekoosa Corp West Texas U t i l i t i e s GTE of I l l i n o i s Ohio Power *Ohio Power C i n c i n n a t i Gas & E l e c t . P e o p l e s Gas L i g h t & Coke *Gen. T e l . of F l a . South C e n t r a l B e l l T e l . Consumers Power TYPE » Notes Debs Bonds Bonds Com s t k 1 s t mtge Com s t k 1 s t mtge Com s t k Bonds Debs Com s t k ( r t s ) Bonds 1 s t mtge Bonds Pref stk Com s t k Bonds 1 s t mtge Bonds • 1 s t mtge Pref stk Bonds 1 s t mtge Pref stk. Bonds 1 s t mtge NOTES: • Included in table for first time. 1 Includes corporate and other security issues of $ 1 5 million and over. AMOUNT ' (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING 75.0 75.0 35.0 15.0 92.0 25.0 92.0 35.0 26.0 25.0 30.0 15.0 30.0 30.0 25.0 20.0 15.4 30.0 23.0 17.0 40.0 30.0 60.0 30.0 40.0 200.0 75. *0 July July July July July July July July July July July July July July July July July July July July July July July July July July Aug. 9 9 10 10. 10 10 10 11 11 11 12 12 12 16 16 17 18 . 18 18 19 23 23 24 25 26 31 1 8 Table 6B FORTHCOMING LARGE LONG-TERM PUBLIC SECURITY OFFERINGS FOR NEW CAPITAL OTHER THAN U.S. TREASURY 1 As of J u l y 6, 1973 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE O F O F F E R I N G STATE & LOCAL D a r i e n , Conn. Dade C o . , F l a . N o r t h v i l l e , Michigan, Pub S/D Macomb Co. Comm C o l l . D i s t . , Warren, Mich. P e n n a . , S t a t e of * P u e r t o Rico * Wash Metro New York C i t y H a r r i s C o . , Tex P o r t of Houston, Tex. Lubbock, Tex. ^Oklahoma P o n t i a c , Stadium Bldg. Auth, Mich P o n t i a c , Mich. Minnesota, S t a t e of * F a l l River, Mass *Cen. Okla. Trans & Pk Auth, Okla C i t y • Okla. Texas M i s s i s s i p p i , S t a t e of Oklahoma, C i t y , Okla. •Rockland Co, N.Y. - U n i v e r s i t y of Texas System, Austin Iowa St Bd of Regents Rosebud C o . , Mont. Los Angeles DWAP C h a r l o t t e , N.C. Metro Denver Sew. D i s t . # 1 , Colo. - Rev. G.O. G.O. 10.0 66.0 10.0 July July July 10 10 10 G.O. G.O. G.O. Rev. G.O. G. 0. Rev. G.O. G.O. G.O. G.O. G.O. G.O. 12.3 150.0 . 65.0 150.0 325.0 16.0 15.0 12.3 14.0 25.0 15.9 77.8 17.1 July July July July July July July July July July July July July 10 10 11 11 11 12 12 12 16 17 17 17 18 July July July July July July July July Aug. Aug. Aug. 18 19 19 23 23 26 26 G.O. G.O. G.O. G.O. Rev. Rev. Rev. P o l l cont r e v Rev. G.O, Rev. 15.7 10.0 50.0 17.9 16.2 11.0 10.0 20.0 18.0 22.0 20.0 . 15 21 21 NOTES: 1 Includes state and local government issues of $10 million and over. 2 Includes foreign government and International Bank for Reconstruction and Development issues and issues of Federally sponsored agencies. H.16 Table 7 S T O C K P R I C E S AND VOLUME N Y S E INDEX 1 DJ I N D U S T R I A L S ! 4 AMEX | AMEX NASDAQ 133.28(4/21) 114.88(1/7) 21.8(11/10) 11.2(9/8) 7.4(3/10) 2.6(9/8) 11.7(3/10) 6.5(9/10) 65.48(1/11) 53.36 (7/6) 26. 70(1/8) 2 2 .,20(6/25) 136.18(1/12) 99.39(7/5) , 20.4(1/12) 10.2(7/6) 4.8(1/12) 1,7(7/6) 10.4(1/12) 3.8(7/6), 3.0, 2.5 3.0 4.0 6.2 5.5 6.4 6.8 5.0 5.2 5.0 4.7 4.5 950.82(4/28) 26. 68(4/28) 797.97(11/23) 22. 72(1/4) 1051.70(1/11) 869.13(6/25) MAY 4 11 18 25 58.77 57.43 54.96 56.96 953.87 927.98 895.17 930.84 2 3 ..67 2 3 ..53 2 2 ..81 2 2 . . 76 110.89 109.10 102.89 105.17 14.5 13.7 15.1 18.0 June 1 8 15 22 29 54.86 56.29 55.36 54.56 54.84 893.96 920.00 888.55 879.97 891.71 22 22 22 22 22 102.30 103.72 102.26 100.99 100.97 11.4 13.3 12.9 13.0 12.3 2.4 2.5 2.3 2.4 2.2 10.2 1:7 53.36 6 | 65.14(12/11) 1 0 3 6 . 2 7 ( 1 2 / 1 1 ) 2 8 . 5 3 ( 4 / 1 4 ) 56.23(1/3) 889.30(1/3) 25. 61(1/3) 1973 - High Low 870.11 .49 .57 .56 .34 .32 22 .24 99.48 NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are f o r t h e y e a r a n d are n o t necessarily for Fridays. 2 | 6.7(2/5) 2.7(8/13) 1972 - High Low July 2 TRADING VOLUME NYSE NASDAQ 22.1(2/12) 11.0(9/17) 57.76(4/18) 48.73(1/4) - 3 112.66(12/31) 100.52(2/26) 1971 - High Low 1973 1 STOCK PRICES DATE i , 8.9(12/30) 5.1(11/26 1 3.8 , Volume figures are weekly averages of daily figures (millions of shares). Trading is n o r m a l l y c o n d u c t e d for 5% hours per day and 5 days per week, < • 27% hours per week. In recent years, however abbreviated trading to the extent, and over the time periods, i h o w n b e l o w : From Through Hours/Day Days/Week Hours/Week January 3, 1969 July 7, 1969 January 2, 1970 July 3, 1969 December 31, 1969 May 1, 1970 4 4% 5 5 5 5 20 22% 25 3 12/31/65 = 50 4 Average dollar value of shares listed. H.16 10 Table 8 SECURITY CREDIT R E G U L A T E D MARGIN CREDIT E X T E N D E D BY END OF PERIOD BROKERS ON 1 BROKERS ON 2 MARGIN CONVERTIBLE STOCK BONDS 3 BANKS UNREGULATED4 NONMARGIN STOCK CREDIT AT B A N K S OTHER SECURITY CREDIT AT BANKS OUTSTANDING May June July Aug. Sept. Oct. Nov: Dec. 1973 - J a n . ' Feb. Mar. Apr. May 7,200 7,510 7,660 7,780 7,800 7,800 . 7,890 - 7,900 7,700 7,500 7,200 7,040 6,540^ - 241 244 - 248 246 248 250 249 254 249 248 244 232 224 • • ^ Z ^ 9 4 955 979 1,032 1,008 943 902 865 1,141 1,644 1,772 1,800 1,871 1,875 1,871 1,896 1,296 1,274 1,285 1,298 1,255 1,351 1,296 1,528 865 867 879 872 866 1,940 1,954 1,917 1,969 2,010 1,484 1,508 1,566 1,482 1,502 16 27 39 24 53 -24 -65 -41 -37 -8 -9 503 128 28 71 4 -4 25 -16 18 -22 11 13 -43 96 45 132 44 14 -37 52 41 -44 24 58 32 20 C H A N G E IN O U T S T A N D I N G 1972 - Apr. May June July Aug. Sept. . Oct. Nov. Dec. 1973 - J a n . Feb. Mar. Apr. May 390 190 310 150 120 20 90 10 -200 -200 -300 -160 -500 1 3 4 -2 2 2 -1 5 -5 -1 -4 -12 -8 21 • 12 -7 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 5 Includes loans to purchase or carry margin stock if these are unsecured or secured entirely by unrestricted collateral. H.16 5 * Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS v IN MILLIONS O F D O L L A R S MUTUAL SAVINGS BANKS REGULAR D E P O S I T S DATE NET FLOW ANNUAL 3 GROWTH RATE TOTAL S A V I N G S & LOAN A S S O C I A T I O N S 1 NET NEW 2 SHARE CAPITAL ANNUAL 3 GROWTH RATE NET FLOW MONEY NET NEW 2 DEPOSITS NET FLOW ANNUAL 3 GROWTH RATE 5,285 20,653 23,884 15,482 37,851 42,690 7.7 17.5 17.0 2,700 2,532 1,668 3,749 5,794 2,208 — 2,455 -- 4,804 — MONEY 2 NET NEW MONEY NOT SEASONALLY ADJUSTED 1970 1971 1972 4,517 9,621 9,788 1972 - Feb. Mar. Apr. 931 1,507 464 - - 1973 - Feb. Mar. Apr. &/ 551 1.102 96 —— . 6.8 13.5 12.0 — — — 936 5,678 5,397 1 10,965 28,230 32,902 809 773 280 402 280 « "88 2,818 4,287 , 1,744 1,904 3,702 866 8.1 19.3 19.5 - -— — -- 1,795 1,628 756 --- 962. -- 6,221 26,331 29,281 3,509 3,305 1,948 2,197 1,908 668 SEASONALLY ADJUSTED - 1972 - Nov. Dec. 761 902 10.2 12.0 1973 - J a n . Feb. Mar. Apr.£./ 808 10.6 465 579 387 6.1 7.5 5.0 — 2,246 2,164 13.3 12.7 —— 4,026 1,834 23.3 10.4 ' 13.7 7.2 2*430 1,294 3,066 12.3 12.5 __ -- •-' v 1 9 , 4 9.1 __ — „ 4,834 2,299 3,009 11.8 '3,007 , 1,681 — —— • — 6. 6 NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club ahd 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. H Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. H.16 T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, S E A S O N A L L Y A D J U S T E D OUTSTANDING COMMITMENTS PERIOD TOTAL ALL S A V I N G S MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N Y. S T A T E ) NET CHANGE TOTAL ' ALL S A V I N G S MUTUAL & LOAN SAVINGS BKS 1 ASSOCIATIONS ( N Y S T A T E ) ( 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 ) r / .1971 - De<% 16 .6 13 . 1 3.6 .09 - .06 .15 1972 - J a n . Feb. March April May June July Aug. Sept. Oct. Nov. Dec . 18 .0 19 .1 19 .7 20 .1 20 .6 20 7 21 0 21 8 22 9 23.6 24 3 24..9 14 .1 -15 .0 15 .4 15 .7 16 .2 16 .3 16 .5 17 3 18 1 18 7 19 4 20..0 3.9 4.1 4.3 . 4.4 4.4 4.4 4.5 4.5 4.8 4.9 4.9 4.9 .24 1.19 .49 .42 .60 .53 .36 .83 .99 .73 .73 .68 .11 .91 .38 .29 .55 .60 .26 .76 .77 .63 .69 .65 .13 .28 .11 .13 .05 - .07 .10 .07 .22 .10 .04 .03 1973 - J a n . Feb. Mar. Apr. May 25.,9 26..5 26. 0 25. 3 24.,6 '20. 8 21..5 21..2 20. 7 20.,1 5.1 5.0 4.8 4.6 4.5 .98 .59 -.59 -.65 -.74 .81 .69 -.38 -.48 -.61 .17 -.10 -.21 -.17 -.13 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 non residential commitments; S&L commitments also mclude loans in process. Net changes are derived directly from unrounded end-Of-penod outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 T a b l e 11 13 NET NEW MONEY BORROWINGS BY MAJOR HOUSING AGENCIES IN MILLIONS O F D O L L A R S PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE A N D LONG-TERM I S S U E S TOTAL FHLB 1971 - Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -439 -696 -388 -483 +604 +335 +453 +942 -96 +563 -100 -451 -453 -136 +411 +200 +526 +849 +300 +500 1972 - J a n . Feb. Mar. Apr. May j une July Aug. Sept. Oct. Nov. Dec. -259 +169 +176 +138 +129 " +599 -367 +120 +624 ,-H2 +628 +273 —— —— +399 +248 -1 +299 +813 -1 -1 +100 -47 +311 +475 -403 -2 . -1 -200 -1 -1 , -1 +131 +452 +582 +1,267 +122 +312 +378 +1,303 1973 - J a n . Feb. Mar. Apr. FHLMC -450 -651 -452 -337 -39 -87 -28 +200 -250 — -- +200 +602 +250 — — +300 — — — — — +100 — -150 -1 +400 -259 -230 -72 +139 -170 -214 -366 +121 +524 -65 +317 -202 +6 +10 +379 +107 +9+140 +204 -36 — -- -- +500 -1 +814 -— — — -25 76 -- - NOTES: Based on data from the Treasury Survey of Ownership. -339 -245 +65 -347 +193 +135 -73 +93 -396 +63 - - +103 ' +33 7 -1 +251 -1 . +1,195 +350 +200 -1 +201 +450 -13 +554 +649 +550 +500 -- — FNMA FNMA SHORT-TERM DISCOUNT NOTES +116 +51 -- +1 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 - FINANCIAL INSTITUTIONS TOTAL INCLUDING FNMA-GNMA TOTAL 24,074 21,736 41,647' 57,107 19,699 16,827 39,259 .55,081 COMMERCIAL BANKS MSB's S & L s INSURANCE FNMA-GNMA COMPANIES Not S e a s o n a l l y Ad l u s t e d - 1969 1970 1971 1972 5,404 2,462 9,940 15,999 2,682 1,845 3,938 5,377 9,561 10,172 24,160 31,982 2,052 2,348 1,221 1,723 4,375 4,909 2,388 2,026 1972 - J u l y Aug Sept Oct Nov Dec 4,872 5,931 5,286 4,779 5,114 5,943 4,717 5,563 4,918 4,684 4,984 5,811 1,500 1,600 1,400 1,400 ' 1,500 1,000 438 553 502 472 517 598 2,758 3,313 2,926 2,673 2,712 3,101 79 97 90 139 255 1,112 164 368 137 95 130 132 1973 - J a n Feb Mar Apr May 3,76,0/ 3,754 5,217 4,664 n .a. 3,565 3,688 5,148 4,668 n.a. 900 900 1,200 1,200 1,600 458 331 568 506 n.a. 2,045 2,428 3,303 3,291 3,499 162 29 77 -329 n.a. 195 66 69 4 -164 July Aug S e a s o n a l l y Ad l u s t e d July Aug Sept Oct Nov Dec . 1973 Jan Feb,. MarApr May .June July Aug 4,849 5,471 .• 4,74.8 4,714 : 5,282 '• 5,697 V *• •4,501 4,381 5,472 5,302 n.a. 4,593 5,179 4,714 4,738 5,212 5,601 1,451 1,477 1,155 1,393 1,524 1,164 472 515 537 484 513 525 2,678 3,108 2,911 2,726 2,876 3,130 101 79 111 135 299 782 147 292 34 - 24 70 96 4,273 4,269 5,348 5,211 1,112 1,079 1,262 1,162 1,533 475 388 601 554 n.a. 2,467 2,730 3,371 3,206 n.a. 219 72 114 289 n.a. 228 112 124 91 -59 NOTESi 1 Monthly cfata for commercial banks based oh 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 de rived from regular quarterly series because of minor conceptual differences for which adjustments are not made in the monthly series. Altogether, these groups accounted for 89per cent of the net increase estimated for all holders in 1 9 7 2 . 2 - Beginning January 1972 data reflect activity in limited amount of conventional mortgages. H.16 Table 13 1? NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN B I L L I O N S 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 A N N U A L R A T E S RESIDENTIAL QUARTER TOTAL TOTAL FAMILY MULTIFAMILY COMMERC1A1 MULTIFAMILY & COMMERCIAL FARM 1968 - I II III IV 28.1 26 .4 25.5 29.6 -19.4 18.2 17.2 20.4 16.3 15.0 13.6 16.5 3.1 3.2 3.5 3.9 6.4 6.0 6.5 7.4 9.5' 9.2 10.1 11.3 2.3 2.2 1.8 1.9 1969 - I II III IV 32.0 29.1 25.8 25 .2 23.8 21.5 18.7 18.5 19.4 16.8 14.0 13 . 1 4.4 4.6 4.7 5.4 6.0 5 .4 5.3 5.3 10.4 10.1 10.0 10.7 2.2 2.2 1.7 1.4 1970 - I II III IV 20.7 22.9 28.5 31.8 14.4 16.8 21.3 22.8 9.4 11.6 15.0 16..2 5.0 5.2 6.3 6 .6 4.8 4.6 5.1 6.8 9.8 9.8 11.5 13.4 1.5 1.5 2.1 2.2 1971 - I II III IV 37.5 47.8 52.2 54.2 27.3 36.0 38.9 40.7 19.2 26.5 30.1 31.9 8.0 9.4. 8.8 8.9 8.1 9.5 11.1 11.0 16.1 18.9 19.8 . 19.9 2.2 2.3 2.3 2.5 1972 - I II III IV 62.4 64.9 65.2 68.4 45.4 47.1 47.3 50.6 35 .9 37.5 38,5 40.2 9.5 9.6 8.8 10.4 14.5 15 .2 , 15.2 15.4 23.9 24.8 24.0 25.8 2.6 2.6 2.6 2.5 1973 - 1- 80.9 59.7 48.5 11.2 18.1 29.2 3.1 • . 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 debt combined. H.16 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 PERIOD 1972 - J a n u a r y February March April May June July August September October November December 1973 - J a n u a r y February March , Aprilr/ May TOTAL 1—FAMILY 2,204 2,056 . 2,007 1,991 1,955 2,121 2,108 2,237 ; 2,265 ' 2,216 i 2,139 2,377 , 2,218 2,191 2,07i 1,834 \ 1,867 TOTAL .1,098 1,1,06 2,439 959 1,097 2,540 954 1,053 2,313 963 2,204 \i,028 923 , 1 , 0 3 2 . ' 'T 2^318 1,132 Y 999 \&15 1,095 ' 1,013. 1,031 ( \ 1 , 2 0 6 ;1,290 9(5 2 ' # 1,130 1,096 \961 1,178 2,39# 94,7 1,430 l(057 1,068 989,/, 923* _898 COMPLETIONS STARTS 2 - O R MORE FAMILY li^ai 1,#3 1,083 ' 911 A 969 2 0 7 2,456 2,260 2,104 2,430 1—FAMILY 2 - O R MORE FAMILY 1,395 1,281 1,310 1,215 1,308 1,283 1,319 1,373 1,382 1,315 1,324 1,207 , 1,044 1,260 .1,003 989 1,011 1,032 925 . ' 1,051 1,045 1,131 1,071 1,162 1,450 1,-372 1,245 1,197 1,268 1,047 1,084 1,015 907 1,162 TOTAL 1 —FAMILY 1,9#8 2,088' ' 1,983 ' 1,954 1,891 1,904 1,891 1,973 1% 972 . 1,945 1,980 .2,147,, . ' ^2,147 2,033 2,159 2,007 -- 1,154 1,141 1,137 1,154 • 1,121 1,125 1,095 1,210 1,118 1,156 1,153 1,168 1,324 1,259 1,308 1,120 MOBILE 2 - O R MORE HOME FAMILY SHIPMENTS . 814 947 846 799 770 779 799 763 853 " 789 828 980 823 774 852 886 554 552 595 634 572 583 • 556 534 494 548 666 606 648 642 • 737 680 NOTES: Private building permits (for 13,000 areas with permit systems, excluding farm), starts and completions are Census Bureau data, with completions converted to a seasonally adjusted annual rate by the Federal Reserve. 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 half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Assoc. data converted to seasonally adjusted annual rate by Census Bureau. H.16 T a b l e 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW H O M E S EXISTING H O M E S 1 PERIOD RATE (IN PER C E N T ) , . 1 RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER C E N T ) 1971 - High Low 7.95 7.55 ,52 .01 8 . 05 7.65 .62 .06 7.97 7.32 .31 •07 7.8 2.7 .28 .01 1972 - High Low 7.70 7.55 .61 .15 7.75 7.60 .66 -20 7 .57 7.45 .48 .05 4.7 3.7 .14 .06 1972 - J a n Feb Mar Apr May June July Aug Sept Oct Nov Dec 7.60 7.60 7.55 7.60 7.60 7.60 7.65 7.65 7.70 7.70 7.70 7.70 .39 .26 . .31 .15 .22 .28 .27 .28 .30 .32 .61 .55 7.70 7 .65 7 .60 7.65 7.70 7.70 7 .70 7 .70 7.75 7.75 7.75 , 7.75 .49 .31 .36 .20 .32 .38 .32 .33 .35 .37 " .66 .60 7 .49 7.46 7 .45 7.50 7.53 7.54 7.54 7 .55 7.56 7.57 7.57 7.56 .28 .12 .21 .05 .15 .22 .16 .18 .16 .19 .48 .41 4.0 3.8 3.7 4.1 4.3 4.4 4.4 4.5 4.6 4.7 4.7 4.6 .11 .14 .10 .10 .07 .06 .11 .10 .14 .13 i . 13 .14 1973 - J a n Feb Mar Apr May 7.70 7.75 7.80 7 .90 .32 .35 .31 .44 .44 7.75 7.80 7.85 7.90 8.00 .37 .40 .36 .44 .49 7.55 7.56 7.63 7.73 7.79 .17 .16 .14 .27 .28 4.5 4.6 5 .2 5.9 6.4 .15 ' .19 .17 • .17 .16 7.95 NOTES: 1 SPREAD (BASIS POINTS) SPREAD BETWEEN R E T U R N S ON NEW A a a NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND SPREAD DISCOUNT NEW HOME YIELD (BASIS ( P E R C E N T A G E M O R T G A G E S (IN PER CENT) (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET : * 8.04 7.28 . 7.45 7.09 7 .21 7.34 7.24 7.45 ' 7.38 7.32 7.38 7,37 7.40 7.38 7.09 7.15 7.38 7.40 7.49 7.46 7.51 £ / ^ Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 6-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. H.16 Table 16 18 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN DATE OF AUCTION 1972 - Oct Nov Dec 1973 - J a n . Feb. Mar. Apr . AMOUNT (IN MILLIONS O F D O L L A R S ) AVERAGE YIELD OFFERED | ACCEPTED 10 16 30 271.2 186.4 224.9 162.7 7.73 7.74 6 13 27 78.7 60.8 49.2 36.6 7.72 7.70 7.68 7.69 4 11 26 82.2 108.7 42.4 66.3 2 8 22 V—_ 74.2 107.0 -- 61.3 92.1 7.69 7.70 128.7 65.4 7.71 110.3 71.6 5 6 19 21 5 6 19 21 __ I -- AMOUNT (IN MILLIONS O F D O L L A R S ) 1 ACCEPTED 42.2 37.2 7 .90 -- -- -- 75.0 68.0 7.90 -- -- -- -- 36.4 . -- 7.73 -- 170.8 107.7 7.75 -- -- -- 297 .3 168.7 7.81 -- -- -- ' -- 30.9 7.87 --- -- 25 .5 7.84 -- -- 100.9 62.9 7.89 66 .0 49.6 7 .92 39.3 r AVERAGE YIELD OFFERED --- __ 60.3 ' 44.3 7.95 86.8 56 .4 8.02 __ 111.9 81.6 __ 8.11 —— 2 3 16 17 30 216.6 190.7 261.2 185.9 7 .92 111.0 128.9 88.4 88.2 8.17 8.23 14 29 258.3 212.4 187.7 140.0 7.96 8.00 117.6 113.3 84.4 74.0 8.31 8.39 J u n e 11 25 184.5 199.3 142.2 118.7 8.04 8.09 110.1 95.0 74.1 69.4 8.44 8.51 May 234.6 145.9 7,86 -- 7 .89 -- -- -- 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 t o total eligible bids received. H.16