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Capital
Market
Developments

\
WA
% \
\

June 19, 1978

Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM •
Washington, D C. 20551

Index

SUBSCRIPTION RATES:
Weekly $15.00 per year or $.40 each in the United
States, its possessions, Canada, and Mexico; 10 or
more of the same issue to one address, $13.50 per
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 V O L U M E AND Y I E L D S

7, 8

STOCK MARKET AND SECURITY
CREDIT

9-16

MORTGAGE M A R K E T

SYMBOLS
6

ESTIMATE

P

PRELIMINARY

r

REVISED

n.a

NOT A V A I L A B L E
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1978 - A p r i l

NEW ISSUE
Aaa UTILITY

1

RECENTLY
OFFERED
Aaa UTILITY

2

GROSS
OFFERINGS
($ MILLIONS)

3

PER C E N T
SOLD BY END
OF WEEK

NEW ISSUES
IN S Y N D I C A T E
($ MILLIONS)

7
14
21
28

8.88
8.88
8.93
8.92

8.82
8.84
8.84
8.91

300
558
813
192

87
98
82
96

23
10
145
8

5
12
19
26

8.87
8.95
9.02

8.90
8.92
8.98
9.10

128
288
515
647

96
93
94
94

5
21
31
41

9.05
9.06r
8.96p

36
671
263

100
97
80

4

0
20
53

May

June

2
9
16

——

9.04
9.02p

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
N E W ISSUE
Aaa

BOND BUYER
20-80ND
INDEX

GROSS
OFFERINGS
($ MILLIONS)

3

PER C E N T
S O L D BY END
OF WEEK

NEW ISSUES 4
IN S Y N D I C A T E
($ MILLIONS)

1978 - A p r i l

7
14
21
28

5.40
5.40
5.40
5.45

5.76
5.74
5.79
5.89

346
785
739
1,264

84
91
89
88

189
186
185
248

May

5
12
19
26

5.45
5.55
5.55
5.75

5.98
5.99
5.98
6.16

739
1,213
1,518
1,097

79
87
91
81

281
191
290
294

June

2
9
16

5.75
5.65
5.65

6.19
6.18
6.16

134
743
797

92
90
87

213
174
177

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 ISSUE
Aaa UTILITY

DATE

1

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

4

BOND BUYER
2Q-BOND INDEX

(10/11)
(1/4)

9.39
7.73

(10/11)
(1/4)

8.68
7.39

(8/30)
(1/4)

7.15
5.15

(12/12)
(2/7)

9.71
9,06

(5/25)
(2/28)

9.01
8.57

(5/2)
(2/28)

8.63
7.63

(9/19)
(2/21)

7.67
6.27

(10/3)
(2/13)

(5/28)
(12/10)

9.10
7.84

(1/2)
(12/31)

8.66
7.91

(5/28)
(12/31)

8.17
7.27

(5/28)
(12/31)

7.29
5.95

(1/2)
(12/K,)

8.36
7.90

(12/16)
(1/7)

8.48
7.95

(12/30)
(1/7)

8.28
7.88

(12/30)
(1/7)

7.99
7.26

(12/30)
(1/7)

5.93
5.45

(2/4)
(11/17)

9.04
8.60

(6/9)
(3/24)

9.10
8.48

(5/26)
(1/6)

8.79
8.30

(6/2)
(1/6)

8.49
8.02

(6/2)
(1/6)

6.19
5.58

(6/1)
(3/17

(10/4)
(2/15)

1974 - High
Low

10.61
8.05

1975 - High
Low

9.80
8.89

(5/2)
(2/7)

1976 - High
Low

8.95
7.93

1977 - High
Low
1978 - Hi,;h
Lo '

10.52
8.13

1978 - Ma /

5
12
19
26

8.87
8.95
9.02

8.90
8.92
8.98
9.10

8.62
8.65
8.69
8.76

8.40
8.44
8.44
8.47

5.98
5.99
5.98
6.16

Jura

2
9
16

9.04
9.02p

9.05
9,06r
8.96p

8.79
8.74
8.73p

8.49
8.47
8.47p

6.19
6.18
6.16

NOTES:
1

Federal Rt erve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection.

2

Federal R erve series ot 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 av rage of daily closing figures.

4

Weekly av rage of daily figures, U.S. Treasury data.

5

Thursday igures. The average rating of the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




5

Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

GROSS PROCEEDS

1

CORPORATE

PERIOD

1978

J

1977

1

1976

1

2

STATE AND LOCAL

1978

J

1977

2

1976

2

January
February
March

3,013
2,657
4,500e

4,362
2,792
5,578

3,381
3,863
6,632

3,288
2,728
4,538

3,402
3,442
4,063

2,451
2,885
3,365

April
May
June

3,300e
3,200e

3,998
3,797
5,660

3,507
4,186
6,439

3,500e
5,lOOe

3,409
4,566
5,786

2,218
3,575
3,115

July
August
September

4,289
3,469
4,177

3,216
3,357
4,817

3,113
4,118
4,013

2,734
2,821
2,814

October
November
December

4,221
5,331
6,531

4,511
3,074
6,503

3,807
3,332
3,646

3,524
3,336
2,342

10,907
13,761
11,244
10,785

8,701
8,908
8,369
9,202

24,668
35,912
46,697

17,609
25,978
35,180

01
02
03
04

9,370e

1st Half
3 Qtrs.
Year

12,732
13,455
11,935
16,083

13,876
14,132
11,390
14,088

26,187
38,122
54,205

28,008
39,398
53,488

10,554

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 the b a s i s of a v a i l a b l e d a t a .




Table 4

NEW CORPORATE SECURITY ISSUES
BY TYPE OF ISSUE AND ISSUER
IN MILLIONS OF DOLLARS

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

MEMO
COMMON
MANUFACAND
ISSUES INCLUDED
PRIVATELY
TURING
PREFERRED
PLACED
FOREIGN CONVERTIBLE
STOCK

BONDS
TOTAL

PUBLICLY
OFFERED

1
PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

1976 - I
II
III
IV

13,876
14,132
11,390
14,088

7,569
7,427
4,904
6,553

2,754
3,584
4,624
4,962

3,553
3,121
1,861
2,573

1,340
1,843
1,267
1,795

262
478
199
55

4,497
3,757
2,982
4,259

4,044
3,140
3,317
3,917

765
1,879
378
541

4,596
5,358
4,715
5,369

.1977 - I
n
I>I
IV

12,732
13,455
11,935
16,083

6,498
5,606
6,215
5,867

3,527
4,975
3,506
5,999

2,707
2,874
2,214
4,217

858
1,810
1,560
1,025

6
108
495
39

3,031
3,440
3,250
4,054

3,047
4,125
2,901
4,246

1,415
1,059
644
1,320

5,238
4,830
5,140
6,4 0

1977 - January
February
M trch
A-rll
M ly
Jane
July
August
September
October
November
December

4,362
2,792
5,578
3,998
3,797
5,660
4,289
3,469
4,177
4,221
5,331
6,531

2,786
1,102
2,610
1,961
1,600
2,045
2,360
1,947
1,908
2,114
2,211
1,542

974
780
1,773
1,446
949
2,580
97?.
965
1,569
979
1,200
3,820

602
910
1,195
591
1,248
1,035
695
557
700
1,128
1,920
1,169

300
433
125
600
350
850
935
150
475
300
425
300

0
6
0
50
2
56
25
262
208
1
22
16

1,129
757
1,145
1,381
643
1,416
1,349
1,068
833
731
782
2,541

989
470
1,588
984
1,670
1,471
903
497
1,501
1,437
1,729
1,080

50
557
808
334
309
41b
277
45
322
8
1,013
299

2,194
1,006
2,038
1,298
1,176
2,356
1,761
1,8)8
1,5 U
2,045
1,8)5
2,610

1978 - January
February

3,013
2,657

1,382
1,464

998
667

633
526

325
0

0
0

273
716

644
465

519
34

1,5/8
1,4'+1

NOTES:
1

Other issue t are extractive, railroad and other transportation, real estate and finance, and commercial and other.

Source: Securities and Exchange Commission.




Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
May 30 through June 16, 19 78

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON RATE

OFFERING
YIELD

8.75

8.75

MOODY'S/S&P'S
RATINGS

CORPORATE

Crocker N a t i o n a l Corp.
P u b l i c S e r v i c e of New Mexico
T y l e r Corp.
F i n l a n d , R e p u b l i c of
New J e r s e y T e l e . Co.
D e t r o i t Edison Co.
P a c i f i c Gas & E l e c t r i c Co.
H.H. Robertson Co.
John Deere C r e d i t Co.
S e c u r i t y P a c i f i c Corp.
R a i n i e r Bancorp.
Arizona P u b l i c S e r v i c e Co.
Niagara Mohawk Power Corp.
Lanier B u s i n e s s Products I n c .
S e a f i r s t Corp.
P e n n s y l v a n i a E l e c t r i c Co.
Arrow E l e c t r o n i c s I n c .
C r y s t a l O i l Co.
C a r o l i n a Power & L i g h t Co.
T r a n s c o n t i n e n t a l O i l Co.
Ticor
Houston O i l and Mineral Corp.
C e n t r a l I l l i n o i s P u b l i c Svc.
Tiaer I n t e r n a t i o n a l Inc.

Com. s t k .
Com. s t k .
Debt.
Bonds
Debt.
1 s t mtg.
1 s t mtg.
Conv. deb t .
Debt.
Notes
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
Com. s t k .
1 s t mtg.
Debt.
Debt.
1 s t . mtg.
Debt.
Debt.
P f d . (conv. )
Com. s t k .
Com. s t k .

50.0
31.2
30.0
100.0
100.0
70.0
200.0
15.0
75.0
100.0
30.3
49.4
50.0
15.1
39.0
60.0
17.0
30.0
100.0
20.0
50.0
75.0
23.2
38.0

—

2008
1983
2018
2008
2011
1998
2003
1985

10.50
8.75
8.75
9.88
9.38
8.25
9.35
8.80

——

——

10.50
8.90
8.85
10.00
9.42
8.25
9.35
8.80

Ba/BB+
Aa/AAA
Aaa/AAA
Baa/BBB
Aa/AA-

—

——

—

——

—
——
——

2008
1998
1990
2008
1998
2008

*

Rights offering.

1

Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.

J——

—

A/A
Aa/AA

— —

NOTES:




A/ —

——

——

9.50
12.00
12.63
9.25
12.88
9.50
6.76
——

——

——
——

•

9.55
12.00
12.63
9.27
13.45
9.50
6.76

A/BBB
B/B
B/B
A/A
B/B
--/A
—

j

—

T a b l e SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
May 30 through June 16, 1978
ISSUER

TYPE

AMOUNT
( M I L L I O N S OF
DOLLARS)

MATURITY

NET I N T E R E S T
COST

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

S T A T E A N D LOCAL

P o r t l a n d , Ore.
Chelan Co. Pub. U t i l . D i s t . , Wash.
Chelan Co. Pub. U t i l . D i s t . , Wash.
Ohio Water Dev. Auth.
Omaha, Neb.
West V i r g i n i a , S t a t e of
W o r c e s t e r , Mass.
W o r c e s t e r , Mass.
Ohio Water Dev. Auth.
Texas A and M Univ. S y s .
Univ. of Texas System
Wyoming Mun. Power Auth.
Wyoming Mun. Power Auth.
Iowa S t a t e U n i v e r s i t y
M i s s o u r i Bd. of P u b l i c B u i l d i n g s
H a w a i i , S t a t e of
H a w a i i , S t a t e of
P i t t s b u r g h , Pa.
Cambridge, Mass.
G e o r g i a Mun. E l e c t r i c Auth.
G e o r g i a Mun. E l e c t r i c Auth.
G e o r g i a Mun. E l e c t r i c Auth.
G e o r g i a Mun. E l e c t r i c Auth.
Delaware Co. A u t h . , Pa.

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

15.0
2.0
8.0
27.0
20.0
50.0
9.2
3.0
17.5
11.0
21.0
4.9
16.6
12.0
13.5
5.0
15.0
14.0
23.1
20.9
22.6
18.3
38.2
3.9

NOTES:
1

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.

2

For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations.




1979-1998
1981-2006
2029
2008
1979-1998
19 79-2003
1979-1998
1979-2008
1981-2005
1979-1985
1979-1985
1983-1998
2016
1979-2003
1981-1999
1981-1992
2008
1989-1998
1979-1998
1980-1995
2002
2006
2012
1981-1993

6.70
6.77
6.77
——

5.06
5.66
5.99
6.35
6.28
5.14
5.14
6.98
6.98
6.02
5.77
6 .64
6.64
6.49
5.70
6.72
6.72
6.72
6.72
7.25

4.75-6.70
4.50-6.50
6.75
5.94
4.10-5.60
4.20-6.00
4.50-6.25
4.50-6.60
4.75-6.60
4.00-4.65
4.00-4.65
5.10-6.60
7.00
4.40-6.20
4.50-5.90
4.90-6.00
6.70
6.10-6.90
4.25-6.00
4.60-6.25
6.67
6.74
6.80
5.00-6.50

A/—
~/A+
—/A+
Aaa/AAA
Aaa/AAA
A-l/AA+
A-l/ —
A-l/ —
A/A+
Aaa/AAA
Aaa/AAA
A/—
A/ —
Aa/ —
Aa/AA
A/A
A/A
Baa-l/AA
Aa/—
A/A+
A/A+
A/A+
A/A+
A-1/A+

Table 5B Continued

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY
May 30 through June 16, 1978

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

STATE AND LOCAL

Delaware Co. A u t h . , Pa.
North C a r o l i n a Educ. A s s t . Auth.
North C a r o l i n a Educ. A s s t . Auth.
Tucson, A r i z .
Tucson, A r i z .
Tucson, A r i z .
Winston-Salem, N.C.
W. Lake S u p e r i o r S a n t . D i s t . , Minn.
Oshkosh, Wise.
Oshkosh, Wise.
J e f f e r s o n Co., Ky.
J e f f e r s o n C o . , Ky.
P l a t t e Co., Wyo.
P l a t t e Co., Wyo.
P l a t t e Co., Wyo.
West J e f f e r s o n , Ala.
Onondaga Co., N.Y.
F l o r i d a , S t a t e of
F l i n t , Michigan
Tacoma Sch. D i s t . #10, Wash.
Goose Creek Ind. Sch. D i s t . , Tex.
Washtenaw Co., Mich.
I l l i n o i s , S t a t e of
L o u i s i a n a , S t a t e of
Independence, Mo.
Montana Board of Housing
Montana Board of Housing
Montana Board of Housing



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

14.5
8.0
11.0
8.0
4.5
2.9
10.2
16.0
3.9
10.0
7.0
35.0
28.5
36.6
9.9
48.0
15.5
137.3
10.0
14.6
10.5
13.4
150.0
115.8
39.1
8.6
2.3
2.7

2010
1979-1988
1996
1984-1993
1982-1995
1979-1986
1979-2000
1979-1996
1981-1995
2009
1998
2008
1983-1997
2007
2008
2008
1979-2001
1982-2000
1978-2006
1979-1991
1980-1997
1979-2007
1979-2003
1979-1998
1980-1994
1979-1997
2003
2009

NET INTEREST
COST

7.25
5.90
5.90
5.71
5.67
5.37
5.28
5.71
7.33
7.33
6.39
6.39
——

— —

5.34
5.65
6.22
5.34
6.17
5.51
5.43
5.45
6.23
6.23
6.23

OFFERING
YIELD

7.25
4.25-5.25
6.00
4.60-5.90
5.00-5.75
4.60-5.30
4.00-5.60
4.50-5.90
5.00-6.60
7.38
6.13
6.38
5.10-6.60
7.00
6.90
7.41
4.10-5.70
4.65-6.00
4.00-6.40
4.40-5.70
4.20-5.50
4.20-6.38
4.15-6.10
4.15-5.75
4.40-5.70
4.40-6.10
6.40
6.50

MOODY'S/S&P
RATINGS

A-1/A+
A-l/AA
A-l/AA
A-l/A
A-l/AAA-1/A+
Aa/AA+
A-1/A+
—/A
— /A
Aaa/ —
Aaa/—
A/BBB+
A/BBB+
A/BBB+
—

/

—

Aaa/—
Aa/AA
A-l/AA
—

/

—

Aa/A+
Aa/AA
Aaa/AAA
Aa/AA
Aa/AA
Aa/AA
Aa/AA
Aa/AA

10
Table 6A

FORTHCOMING INTERMEDIATE AND LONG-T ;RM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of June 16, 1978

ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

New York T e l e . Co.
P u b l i c S e r v i c e E l e c t r i c & Gas Co.
Chrysler Corp.
ITT F i n a n c i a l Corp.
Delmarva Power & L i g h t Co.
^William Trust Co.
B a l t i m o r e Gas & E l e c t r i c Co.
Consumer Power Co.
L o u i s v i l l e Gas & E l e c . Co.
M i s s o u r i P a c i f i c R a i l r o a d Co.
*Duke Power Co.
Northwest Bancorp.
Bangor Punta Co.
^McDonalds
Anglo Co.
P.R. Mailory & Co.
Prime Computer I n c .
General T e l e . Co.
P a c i f i c T e l . & T e l e . Co.
L o u i s i a n a Power & L i g h t
*Puget Sound & Power Co.
*New England Power Co.
^Arkansas Power & L i g h t
*Texas I n t e r n a t i o n a l Co.
*Petro Lewis Corp.
^Budget C a p i t a l Corp.
*Filmways I n c .
United I l l u m i n a t i n g Co.
I n t e r p o o l Ltd.
Texas I n t e r n a t i o n a l Co.

Debt.
Com. s t k .
P f d . s t k . (w/w)
Debt.
1 s t mtg.
Gtd. s h i p f i n .
1 s t mtg.
Pfd. s t k .
Pfd. stk.
Equip, t r .
1 s t mtg.
No t e s
Conv. d e b t .
Notes
Debt.
Notes
Conv. d e b t .
Debt.
Debt.
1 s t mtg.
1 s t mtg.
1 s t mtg.
1 s t mtg.
Debt.
Deb t .
Debt.
Notes
Com. s t k .
Pfd. s t k .
Pfd. stk.

150.0
60.0
150.0
125.0
50.0
95.6
75.0
50.0
25.0
15.9
125.0
50.0
50.0
100.0
20.0
20.0
15.0
50.0
300.0
60.0
65.0
50.0
75.0
30.0
35.0
25.0
35.0
21.0
26.0
15.0

June
June
June
June
June
June
Tune
June
June
June
June
June
June
June
June
June
June
July
July
July
July
July
July
July
July
July
July
Indef
Indef
Indef

OTHER
Ito-Yakado Co.
Ito-Yakado Co.
^Norway

Notes
Conv. deb t .
Notes

20.0
50.0
100.0

June
June
June

NOTES:
*

Included in table for first time.

1

Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




20
21
21
22
22
22
27
27
27
29

6
11
12
18
18
20

.
.
-

21
21

T a b l e 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S. TREASURY '
As of June 16, 1978
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

Albuquerque, N.M.
*Hibb i n g , Minn.
New Mexico
Hollywood Burbank Apt. A u t h . , Cal.
Fargo, N.D.
*Alburquerque, N.M.
P e n n s y l v a n i a , S t a t e of
*New York S t a t e Dorm. Auth.
^Oakland Co., Mich.
Maryland, S t a t e of
Chicago Pub. B u i l d . Comm., 111.
I l l i n o i s I n d u s t . P o l l . F i n . Auth.
C h a r l e s t o n , W. Va.
* S t . L o u i s , Mo.
*Ames, Iowa
^ P h i l a d e l p h i a , Pa.
S t . Louis Park, Minn.
C a l i f o r n i a Hsg. F i n . Agy.
New J e r s e y , S t a t e of
^Missouri S t a t e E n v i r o . Improv.
Auth.
P o r t l a n d , Oreg.
Fond Du Lac, Wise.
North C a r o l i n a Medical Care Comm.
^ V i r g i n i a Port Auth.
^Kansas C i t y , Kan.
^ I l l i n o i s H e a l t h Fac. Auth.
Manatee Co.-Wide Sch. D i s t . , F l a .
*Washington P u b l i c Power Supply Sys.
Oregon, S t a t e of
*Rockford Audit. B u i l d . A u t h . , 111.
Toledo, Ohio
* S a l t River A g r i c . Improv. & Pwr.
D i s t . , Ariz.
C i n c i n n a t i , Ohio
*Grand River Dam A u t h . , Okla.
POSTPONEMENT
Webster Co., Ky.

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

18.0
12.5
32.2
20.7
17.2
22.0
69.0
30.0
17.7
115.0
30.0
20.0
10.0
30.0
26.0
70.0
14.7
50.0
100.0

June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June

19
19
19
20
20
20
20
21
21
21
22
22
22
27
27
27
27
27
27

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

31.0
14.6
19.3
69.0
10.3
15.6
34.1
11.5
180.0
150.0
15.3
12.0

June
June
June
June
June
June
June
July
July
July
July
July

28
28
28
29

Rev.
G.O.
Rev.

100.0
11.5
427.2

July
July
July

13
18
19

Rev.

75.0

June

22

NOTES:
1

Includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction
issues of Federally sponsored agencies; excludes secondary offerings.

*

Included in the table for the first time.




5
11
11
11
11

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES
NYSE INDEX

3

AMEX

BJ INDUSTRIALS

4

2

TRADING VOLUME

NASDAQ

NYSE

AMEX

NASDAQ

7.5 (1/3)
2.8 (7/5)

1974-High
Low

53.37 (3/13)
32.89 (10/3)

891.66 (3/13)
577.60 (12/6)

102.01 (3/14)
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 / 2 6 )

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 (2/13)
8.7 (9/15)

4.2

(2/21)
(9/15)

8.1 (2/13)
2.5 (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 (2/20)
10.3 (1/2)

8.6 (2/20)
1.1 (1/2)

11.1 (2/20)
3.5 (1/2)

1977-High
Low

57.69 (1/3)
49.78 (11/2)

999.75 (1/3)
800.85 (11/2)

127.89 (12/30)
109.61 (1/12)

105.05 (12/30)
93.66 (4/5)

35.3 (11/11)
10.6 (10/10)

4.2 (1/13)
1.4 (9/22)

11.2 (11/10)
5.1 (5/27)

1978-High
Low

56.20 (6/8)
48.37 (3/6)

866.51 (6/6)
742.12 (2/28)

151.32 (6/14)
119.73 (1/11)

124.51 (6/14)
99.09 (1/11)

63.5 (4/17)
7.6 (1/20)

6.2 (4/17)
1.3 (1/20)

18.8 (5/18)
2.8 (1/20)

May

5
12
19
26

53.97
54.85
54.95
54.14

829.09
840.70
846.85
831.69

139.89
142.57
144.66
144.30

117.27
119.40
121.57
119.86

39.2
36.4
40.8
28.6

5.3
5.2
5.5
4.1

14.6
13.7
16.6
12.5

June

2
9
16

55.03
56.08
54.80

847.54
859.23
836.97

145.61
149.35
150.16

121.03
124.41
123.69

27.7
39.3r
31. 7

3.5
5.Or
4.9

11.0
13.5r
12.5

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
4

12/31/65 - 50
Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




1.1

13
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
B R O K E R S ON
MARGIN
STOCK

E N D OF PERIOD

1

BROKERS ON 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT B A N K S

OUTSTANDING
-

April

8,880

196

807

2,350

May

1977

9,070

196

801

2,345
2,551

June

9,230

198

873

July

9,460

204

875

2,568

Angust

9,560

200

885

2,587

Sep tember

9,590

196

881

2,581

October

9,560

191

882

2,579

,

November

9,610

246-

872

2,604

December

9,740

250

873

2,568

-

January

9,590

246

851

2,565

February

1978

9,780

242

877

2,544

9,920

250

855

2,544

10,260

248

914

2,560

April

190

-3

May

190

June

160

JulyAngus t

March'
April

C H A N G E IN O U T S T A N D I N G
1977

-

-3

38

-6

-5

2

72

206

230

6

-2

17

100

-4

10

19

30

-4

-4

-6

-30

1

-2

November

50

-10

25

December

130

1

-36

September
October

-150

-4

-22

-3

February

190

- 4

26

-21

March

140

8

-22

April

1978

340

-2

-59

January

16

NOTES:
1

Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.

2

New York Stock Exchange data.

3

June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting
sample, which accounted for 60 per cent of security credit outstanding at banks on June 30.

4

Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no
value.

5

Data

prior

to




November

not

s t r i c t l y

comparable

due

to

changes

in

reporting.

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN M I L L I O N S O F D O L L A R S

REGULAR D E P O S I T S
DATE
NET

FLOW
1974
1975
1976
1977

1

ANNUAL 3
GROWTH
RATE

2,165
11,070
12,670
10,647

2.3
11.3
11.6
8.9

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
NET
NEW

2

MONEY

-2,822
4,757
5,275
2,874

SHARE CAPITAL

NET
FLOW
16,006
42,769
50,169
50,963

ANNUAL 3
GROWTH
RATE
7.1
17.6
17.6
15.2

NET
NEW
MONEY
4,668
29,276
34,369
32,004

2

DEPOSITS

NET
FLOW
18,171
53,839
62,839
61,610

ANNUAL 3
GROWTH
RATE
5.6
15.8
15.9
13.5

NET
NEW
MONEY

2

1,846
34,033
39,644
34,783

NOT SEASONALLY ADJUSTED
1977 - September
October
November
December

1,200
683
406
1,425

1978 - January
February
March ,
April

626
476
1,712
-264

-137
296
99
-115

5,961
2,396
1,729
5,542

-59
170
338
-553

— —-

2,745
2,297
7,153
518

——

—,

1,666
2,270
1,516
883

7,161
3,079
2,135
6,967

2,877
2,073
2,592
364

3,371
2,773
8,865
254

1,529
2,566
1,615
768

——

2,818
2,243
2,930
-189

——

——

SEASONALLY ADJUSTED
1,131
i,z57
515
655

1978 - January
February
March/
April

10.5
11. b
4.7
5.9

721
370
448
301

1977 - September
uctoDer
November
December

6.5
3.3
4.0
2.7

——
—
——
—

——
—
—
—

5,656
3,832
3,711
3,410

18.2
12.2
11.7
10.6

2,012
2,226
2,846
2,093

6.2
6.8
8.7
6.3

— —

——
— —

6,707
5,089
4,226
4,065

16.2
12.0
9.9
9.4

2,733
2,596
3,294
2,394

6.3
5.9
7.5
5.4

•• -•
— —

——
——

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.




•

•

H„16

•

•

•

•

•

•

•

•

15
T a b l e 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

NET C H A N G E

OUTSTANDING COMMITMENTS
PERIOD

TOTAL

MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N.Y. STATE)

TOTAL

MUTUAL
ALL SAVINGS
SAVINGS BKS
& LOAN
ASSOCIATIONS (N.Y. STATE)

1972

25.2

20.3

4.9

7.48

6.28

1.20

1973

19.9

16.4

3.5

-5.31

-3.92

-1.39

1974

14.7

12.5

2.2

-5.20

-3.91

-1.29

1975

20.6

18.6

2.0

5.81

6.06

— . 25

1976 - Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

20.6
21.3
21.8
21.8
22.4
22.9
23.2
23.6
24.5
25.7
27.1
27.9

18.6
19.4
19.6
19.6
20.1
20.7
21.0
21.3
21.9
23.1
24.3
25.0

2.0
2.0
2.2
2.2
2.3
2.2
2.3
2.3
2.6
2.6
2.7
2.8

.35
.79
.33
.12
.50
.57
.30
.40
.89
1.21
1.35
.76

.35
.84
.16
.04
.46
.59
.27
.35
.62
1.21
1.24
.70

1977 - Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

28.0
28.6
29.7
30.2
30.6
31.9
32.4
34.0
35.1
37.4
38.8
39.2

25.4
25.6
26.5
27.0
27.3
28.1
28.7
30.0
31.0
32.8
34.0
34.3

2.8
3.0
3.2
3.2
3.3
3.8
3.8
3.9
4.1
4.5
4.7
4.6

.45
.43
1.07
.49
.37
1.33
.54
1.50
1.24
1.95
1.41
.24

.38
.23
.90
.49
.30
.80
.57
1.32
1.07
1.78
1.18
.34

1978 - Jan
Feb
Mar
Apr

38.6
37.6
36.9
36.3

34.2
33.3
32.7
32.1

4.4
4.3
4.2
4.2

- .35
-1.05
- . 65
- .69

- .11
- .96
- .59
- .65

——

-

.05
.17
.08
.04
- .02
.03
.05
.27
—

.11
.06
.07
.20
.17
—

-

-

.07
.53
.03
.18
.17
.37
.23
.10

- .24
- .09
— . 06
- .04

NOTES:
Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding.




H.16

Table 11

16

NET LEW MONEY BORROWINGS
BY MAJOR HOUSING AGENCIES
IN MILLIONS OF DOLLARS

PERIOD

TOTAL
INCLUDING
SHORT-TERM
DISCOUNT
NOTES

INTERMEDIATE AND LONG-TERM ISSUES
TOTAL

FHLMC

FHLB

FNMA

FNMA&FHLB
SHORT-TERM
DISCOUNT
NOTES 1

1975

July
Aug.
Sept.
Oct.
Nov.
Dec.

+236
-398
215
587
152
669

+300
-700
100
850
200
600

0
-700
0
+150
0
0

0
0
0
0
200
0

+300
0
100
700
0
600

—64
302
115
-263
—4 8
69

1976

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

-197
-964
-851
124
-953
-107
-58
787
195
-37
-552
145

0
-604
-304
693
-607

0

291
+190
190
310
-297
-219

0
0
0
0
0
-300
0

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

1977 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

12
-862
289
344
532
605
531
347
195
247
466
1,078

188
-592
-354
746
297
203
553
301
-291
211
500
0

0
-200
0
—6
105
0
0
304
0
0
300
0

-189
-393
-4
0
200
3
-47
-3
9
11
200
0

-1
1
-350
752
-8
200
600
0
-300
200
0
0

-176
-270
643
-402
235
402
-22
46
486
—36
-34
1,078

Jan.
Feb.
Mar.
April
May e

399
1,712
887
848

1,388
-17

-12

0
1,400
0
0

-12
-12
-17
0
0

0
0
0
600
0

411
324
904
248
1,000

1978

2,600

NOTES:
Based on data f r o m Treasury Survey of Ownership.
1
p

Sales of FHLB discount notes began in May 1974.
Preliminary




-206

600
1,600

-1,100
0
0
-600

1,600

17
T a b l e 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

TOTAL
INCLUDING
FNMA-GNMA

21,930
41,406
57,587
58,372
42,739
43,497
62,783
96,814

1970
1971
1972
1973
1974
1975
1976
1977

2

FINANCIAL INSTITUTIONS
TOTAL

17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924

COMMERCIAL
BANKS

2,462
9,940
16,800
19,600
11,700
4,200
13,900
25,700

MSB's

1,956
3,938
5,377
5,642
2,172
2,236
4,074
6,474

S & L's

10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,566

INSURANCE

FNMA-GNMA

COMPANIES

2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184

4,910
2,388
2,026
3,300
6,222
4,839
-2,120
890

Not S e a s o n a l l y A d j u s t e d
1977 - Oct
Nov
Dec

8,349
7,940
9,096

8,380
7,844
8,874

2,300
2,100
1,700

690
564
771

4,876
4,754
4,748

614
426
1,655

-31
96
222

1978 - Jan
Feb
Mar
Apr

5,457
5,655
8,749

5,137
5,157
8,276

1,300
1,100
2,400
2,600

412
344
553

3,019
3,409
4,835
4,812

406
304
488

320
498
473

Seasonally Adjusted
1977 - Oct
Nov
Dec

8,533
8,822
9,192

8,625
8,729
9,117

2,265
2,284
1,951

675
605
647

5,162
5,437
5,262

523
403
1,257

-92
93
75

1978 - Jan
Feb
Mar
Apr

7,488
7,102
8,921

7,109
6,502
8,361

1,688
1,509
2,329
2,249

572
515
587

4,305
4,041
4,830
4,256

544
377
615

379
600
560

NOTES:
1

Monthly data for commercial banks based on Federal Reserve estimates benchmarked t o Call Report data on real estate loans outstanding as available. Other data derived from mortgage d e b t 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 f r o m those derived from regular quarterly series because of minor conceptual differences for which adjustments are not made in t h e monthly series. Altogether,
these groups accounted for 8 3 per cent of t h e net increase estimated for all holders in 1974.

2

Beginning January 1972 data reflect activity in limited amount of conventional mortgages.




T a b l e 13

18

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

2

3

RESIDENTIAL

COMMERCIAL

MULTFAMLY
&
COMMERCIAL

FARM

1- t o 4 FAMILY

MULTIFAMILY

32.7
40.3
43.1
44.7

23.2
29.6
33.8
35.7

9.5
10.7
9.3
9.1

6.7
9.3
12.1
11.6

16.2
20.0
21.4
20.7

1.7
2.1
2.6
3.1

67.6
74.1
77.6
88.1

49.3
54.1
59.1
63.6

38.0
41.0
48.1
47.9

11.3
13.1
11.0
15.7

14.8
16.5
14.9
21.0

26.1
29.6
25.9
36.7

3.5
3.5
3.6
3.6

1973 - I
II
III
IV

80.6
87.4
80.7
70.4

56.0
59.9
56.2
48.5

47.8
46.9
43.7
40.6

8.2
13.0
12.5
7.9

19.1
21.7
19.4
16.4

27.3
34.7
31.9
24.3

5.6
5.8
5.0
5.5

1974 - I
II
III
IV

69.9
70.9
54.5
46.7

48.7
47.2
35.1
29.7

39.2
40.3
28.4
25.4

9.5
6.9
6.7
4.3

17.5
18.7
13.6
11.2

27.0
25.6
20.3
15.5

3.6
4.9
5.8
5.9

1975 - I
II
III
IV

44.0
55.0
62.3
67.7

29.7
39.8
45.3
50.8

28.9
39.8
44.9
51.9

0.8
0.0
0.4
-1.1

9.0
10.3
12.9
12.8

9.8
10.3
13.3
11.7

5.3
4.9
4.0
4.1

1976 - I
11
III
IV

78.6
77.1
94.0
98.5

59.7
57.8
73.8
78.0

58.3
58.0
70.0
75.5

1.4
-0.1
3.8
2.5

13.7
14.5
13.4
13.0

15.0
14.4
17.2
15.5

5.3
4.8
6.9
7.6

1977 - I
II
III
IV

106.4
134.3
140.0
146.1

82.2
104.7
110.7
112.7

78.7
97.8
103.3
103.5

3.5
6.9
7.4
9.2

15.5
20.3
20.4
24.9

19.1
27.2
27.8
34.1

8.6
9.3
8.9
8.5

1978 - I (p)

124.1

93.7

85.6

8.1

20.6

28.7

9.8

QUARTER

TOTAL

1971 - I
II
III
IV

41.2
51.8
57.8
59.5

1972 - I
II
III
IV

TOTAL

•

NOTES:
1 * Derived from data on mortgage de'rt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life
Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association,
Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.
2

R e s i d e n t i a l mortgage debt i n c l u d e s nonfarm o n l y and i s sum of 1 - t o 4 - f a m i l y and
m u l t i f a m i l y mortgage d e b t .




#

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#

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#

#

#

T a b l e 14

PRIVATE HOUSING PERMITS, S T A R T S ,
COMPLETIONS, AND MOBILE HOME SHIPMENTS
IN T H O U S A N D S OF 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

1

PERMITS 1
PERIOD

TOTAL

1 —FAMILY

2 - O R MORE
FAMILY

TOTAL

1 —FAMILY

1,324
1,352
1,925
2,219
1,820
1,074
939
1,297
1,677

626
647
906
1,033
882
644
676
894
1,125

698
705
1,018
1,186
937
431
264
403
552

1,407
1,434
2,052
2,357
2,045
1,338
1,160
1,538
1,987

811
813
1,151
1,309
1,132
888
892
1,162
1,451

656
621
901
1,048
914
450
268
376
375

1977 - J u l y

1,639
1,772
1,695
1,850
1,893
1,811

1,089
1,156
1,135
1,216
1,257
1,210

550
616
560
634
636
601

2,072
2,038
2,012
2,139
2,096
2,203

1,453
1,454
1,508
1,532
1,544
1,574

619
584
504
607
552
629

1,526
1,534
1,647
1,752

1,032
95 7
1,037
1,160

493
5 77
610
592

1,548
1,569
2,060
2,189

1,156
1,103
1 , 4 44
1,502

392
474
635
687

Sept.
Oct.

Nov.
Dec.
1978 - J a n .
Feb.
Mar.
Apr.

I

TOTAL

2 - O R MORE
FAMILY

1969
1970
1971
1972
1973.
1974
1975
1976
1977

Aug.

MOBILE

COMPLETIONS

STARTS

1 1 —FAMILY

!
:
1

!
1
:

1

HOME

MORE

FAMILY

I

|
!!

2-OR

SHIPMENTS

413
401
497
576
567
329
216
246
277

1,399
1,418
1,706
1,972
2,014
1,692
1,297
1,362
1,652

808
802
1,014
1,143
1,174
932
867
1,026
1,254

592
617
692
828
840
760
430
336
398

1,671
1,677
1,875
1,665
1,769
1,641

1,253
1,269
1,458
1,249
1,280
1,299

419
409
417
416
489
342

251
270
300
319
318
324

1,759
1,692
1,815

1,300
1,235
1,381

459
45 7
434

322
269
276

j

NOTES:
Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation 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 of the units in the structure are ready for use. Private mobile
home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau.
1

Permit data for 1969 and 1970 based on 13,000 areas with permit systems.




K
>
O

T a b l e 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES

PERIOD
RATE
(IN PER CENT)

NEW H O M E S

EXISTING HOMES

NEW H O M E S
SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
BETWEEN
N E W A.?a
R E T U R N S ON
UTILITY
CONVENTIONAL
BOND
AND HUD(FHA)
YIELD
NEW HOME
DISCOUNT
(PERCENTAGE M O R T G A G E S (IN PER CENT)
(BASIS
POINTS)
POINTS)

HUD(FHA) INSURED LOANS
SECONDARY MARKET

CONVENTIONAL LOANS
PRIMARY MARKET

SPREAD
(BASIS
POINTS)

YIELD
(IN PER CENT)

SPREAD
(BASIS
POINTS)

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

1977 - High
Low

9.10
8.80

99
52

9 .20
8 .85

98
63

9.11
8.40

73
22

4.7
1.7

40
4

8.31
8.01

1977 - J u l y
Aug ,
Sept .
Oct .
Nov .
Dec ,

9.00
9.00

9.00
9.05
9.10

83
99
86
72
82
N.A ,

9 .05
9 .05
9 .05
9 .05
9 .05
9 .10

88
104
91
77
82
N.A

8.74
8.74
8.72
8.78
8.78
8.91

57
73
58
50
55
N.A .

1.9
1.9
1.7
2.2
2.2
3.2

26
26
28
22
27
19

8.17
8.01
8.14
8.28
8.23
N.A .

1978 - J a n .
Feb .
Mar .
Apr.

9.15
9.25
9.30
9.40

N.A ,
54
47
48

9 .20
9 .25
9 .30
9 .45

N.A
54
47
53

9.11
N.A.
9.29
9.37

N.A ,
N.A ,
46
45

4.7
N.A ,
4.1
4.7

4
N.A,
1
3

N.A.
8.71
8.83
8.92

1976

9.00

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.
H.16




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#

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#

#

#

*

21
T a b l e 16

FNMA AUCTION RESULTS
HOME MORTGAGE COMMITMENTS
CONVENTIONAL

GOVERNMENT-UNDERWRITTEN
AMOUNT
(IN M I L L I O N S OF D O L L A R S )

D A T E OF
AUCTION

OFFERED

1977

-

B55

High

50

Low
1977

-

July

11
25

(12/27)
(9/7)

AVERAGE
YIELD

OFFERED

ACCEPTED

570
35

AMOUNT
(IN M I L L I O N S O F D O L L A R S )

(12/27)

8. 98(12/21)

383

(5/2)

(9/7)

8.46(1/10)

123

(7/25)

AVERAGE
YIELD

ACCEPTED

278
71

(5/2)

9.21

(12/27

(9/19)

8.81

(1/10)

130. 5

77 . 3

8 . 12

163.9

101.6

9.08

75 . 9

54.1

8. 71

122.9

82.8

9.06

8

195 . 0

143.1

8 . 75

199.8

144.4

9.06

22

119. 9

78.3

8 . 77

170 .4

92.3

9.06

7

50. 3

35 . 1

8 .74

138.9

113.9

9 .06

107 .5

70.5

9.05

Aug.

Sept

19

62. 6

40.3

8 , 74

3

131. 3

82.2

8 . 77

187.3

137 .2

9.07

17

325 .8

212.6

.
8 ,84

242.7

167 .8

9.11

31

156. 1

105.7

8..86

328.1

224.0

9.14

Oct.

14

110. 6

69.5

8..86

308.6

202 .8

9.16

28

Nov.

99. 8

83.2

8..85

229.0

183.5

9.16

1978

-

13

3 2 9 . ,1

224.3

8..89

262.2

168.9

9.17

27

Dec .

8 5 5 .. 4

569.7

8 .98

329.4

190.5

9.21

9

10 1 1 , .0

605 .3

9 .13

403.6

192.8

9.28
9.37

Jan.

23
Feb.

768.8

356.6

9 .21

546.3

256.8

6
21

640 .9
558. 2

338.0
285.5

9, . 2 7
9..35

633.6

299.3

9.45

580.5

266.7

9.53

Mar.

May-

358. 8

218.5

9..36

444.8

266.4

9.59

L 6 4 .,9

116.4

9,.33

378.7

246.1

9.62

3

3 2 5 ,. 5
2 8 3 ,.8

3 6 3 .7

9.44

522 .8

295 .3

9.69

17

Apr .

6
20

165 .5

9..44

451.4

282 .8

9.74

9 .52

655 .1

349.9

645.8

305.4

9.80

611 .4

269.9

9 .63

716.9

362.5

30
June

1
15

9.89

851 .2

446.9

9 .83

573.1

300.4

10.01

12

522 .0

285 .2

9 .86

350.1

207 .0

10.07

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




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