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1

.

TKOBTBOELED 'AFTER SIX U0STB9
-June 7.1Q71

CAPITAL
MARKET

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




INDEX
3-5

D e v e l o p m e n t s in the Corporate and Municipal Bond Markets

6-7

Capital Market Y i e l d s

8-13

Capital Market Volume

14-17

Stock Market

18-33

Mortgage Market

SYMBOLS:

e

Estimate

p

Preliminary

r

Revised

n.a.




Not a v a i l a b l e

TABLE 1: Yields, Volume and Reception

WEEK ENDING:

1971 - May

June

June

CORPORATE BOND MARKET
VOLUME 2
PER CENT
GROSS
SOLD BY END
BONDS SCHEDULED
OFFERINGS
OF WEEK
WITHIN 28 DAYS

7
14
21
28

7.88
7.93
8.23
8.06

7.43
7.48
7.57
7.66

610 .
376
441
735_

85
85
93e
99e

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

4

7.79
n.a.

7.70
n.a.

220
400e

92
n.a.

n.a.
n.a.

WEEK ENDING:

1971 - May

YIELDS
MOODY'S
SEASONED
1
NEW ISSUE
Aaa

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

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

7
14
21
28

5.65
5.80
5.70
5.70

5.84
5.96
5.96
5.86

280
550
851
534

84
81
86
78

4
11

5.50

5.70
n.a.

320
42 Oe

80
n.a.

1,505
1,299
966
791
806
n.a.

1 D e r i v e d by a d j u s t i n g t o a Aaa b a s i s , new i s s u e s of p u b l i c l y - o f f e r e d c o r p o r a t e bonds
w i t h c a l l p r o t e c t i o n , r a t e d A, Aa, or Aaa by Moody's I n v e s t o r s S e r v i c e ( e x c e p t s e r i a l
and c o n v e r t i b l e i s s u e s , o f f e r i n g s of n a t u r a l gas p i p e l i n e and f o r e i g n companies, and
bonds g u a r a n t e e d by t h e F e d e r a l Government.)
2 M i l l i o n s of d o l l a r s u n l e s s o t h e r w i s e i n d i c a t e d .
N ote:

See f o o t n o t e s t o T a b l e 3




TABLE 2: Details on Inventories

DATE
OFFERED

AMOUNT
(MIL. $)

6/3

27.0

OFFERED

CORPORATE BONDS IN SYNDICATE END OF LATEST WEEK
ORIGINAL RATING AND
ISSUER
YIELD CALL PROTECTION
COUPON

DATE
| RELEXSED

Kansas C i t y Pwr. & L t .

7.75

7.73

Aa

5 yrs

ESTIMATED PROPORTION SOLD
35%

CORPORATE BONDS RELEASED FROM SYNDICATE DURING LATEST WEEK
ORIGINAL INCREASE RATING AND ESTIMATED PROISSUER
COUPON
YIELD IN YIELD CALL PROT. PORTION RELEASED

AMOUNT

NONE

INVENTORIES 1
MUNICIPALS
BLUE LIST
IN SYNDICATE

DATE
1971 - May

7
14
21
28

June

666
622

584
622r

582

125
167
168
199

CORPORATES
IN SYNDICATE
90
82
33
15

156
18
N.C. - No c a l l p r o t e c t i o n .
\
A l l f i g u r e - i n m i l l i o n s of d o l l a r s . Blue L i s t i s d a i l y a v e r a g e f o r week ended F r i d a y , e x c e p t f o r l a t e s t week
-s d a i l y a v e r a g e of t h r e e days ended Wednesday. A l l o t h e r f i g u r e s a r e as of F r i d a y .




TABLE 3: High Grade Bond Yields

DATE

NEW .
CORPORATE
Aaa 1

MOODY'S SEASONED
CORPORATE
Aaa2

U.S. GOVERNMENT
20-YEAR
CONSTANT .
MATURITIES3

BONQ
BUYER'S: I
- SEASONED :
MUNICIPALS4

1969 - High
Low

8.85
6.90

(12/5)
(2/21)

7.84
6.55

(12/26)
(1/12)

6.97
5.96

(12/26)
(1/24)

6.90
4.82

(12/18)
(1/28)

;

1970 - High
Low

9.30
7.68

(6/19)
(12/18)

8.60
7.48

(7/3)
(12/31)

7.55
6.17

(5/29)
(12/18)

7.12' (5/29)
5.33 (12/11)

|
I

1971 - High
Low

8.23
6.76

(5/21)
(1/29)

7.69
7.06

(6/4)
(2/12)

6.42
5.69

(5/21)
(3/23)

5.96
5 . 00

1971 - May

7.88
7.93
8.23
8.06

June 4
T

7.43
7.48
7.57
7.66

6.25
6.33
6.42
6.29

5.84
5.96
5.96
5.86

7.79

7
14
21
28

7.69

6.19

5.70

New c o r p o r a t e i s s u e s , w i t h c a l l p r o t e c t i o n , a d j u s t e d ( a s d e s c r i b e d i n
f o o t n o t e 1 of T a b l e 1) t o a Aaa b a s i s .
2
Weekly a v e r a g e of d a i l y f i g u r e s . Average t e r m of bonds i n c l u d e d i s
22-24 y e a r s .
3
Weekly a v e r a g e of d a i l y f i g u r e s .
4
T h u r s d a y f i g u r e s . The a v e r a g e r a t i n g of t h e 20 bonds used i n t h i s i n d e x
f a l l s midway between t h e f o u r t o p g r o u p s a s c l a s s i f i e d by Moody's I n vestors Service.
N o t e - - H i g h s and lows a r e f o r i n d i v i d u a l s e r i e s and may be on d i f f e r e n t d a t e s
for different series.




(5/20) g 1
(3/18) S $

6
TABLE 4: Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

GROSS PROCEEDS
1

1971

1969

i

1971

1970

2,075
2,045
2,098

j
|
!

2,702
1,833
2,107

1L340
1,214
1,555

1,262
987
538

j

l,888e

1,647
996
1,085

1,801
1,110
737

3,115
3,000
6,075

2,636
1,802
3,539

April
May
June

3,910e

3,170
3,909
3,389

2,748
2,076
2,530

July
August
September

2,768
2,2/4
3,518

2,478
1,427
2,427

October
November
December

3,777
4,182
3,980

1,933
2,375
2,532

7,977
10,468
8,560
11,939

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

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st half
Three q u a r t e r s
Year

12,190

18,445
27,005
38,944

-

Quarter
Quarter
Quarter
Quarter

|/

1,348
1,359
1,758

; 1969

097
808
559

:

1,280
886
816

1
1
:

4,109
3,728
4,465
5,862

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

*
1
?
<

7,837

6,642

A
*

6,435

;

ll.'iel
3

6,170
7,037

Year
1
2
3

S e c u r i t i e s and Exchange Commission e s t i m a t e s of g r o s s p r o c e e d s .
I n v e s t m e n t Bankers A s s o c i a t i o n of America e s t i m a t e s of p r i n c i p a l a m o u n t s .
T o t a l g r o s s p r o c e e d s e x c l u d i n g o f f e r i n g s of s a l e s and consumer f i n a n c e
companies.




:

1,924
1,748
2,190

i
i
|

13,572
19,904
26,744

E x c l u d i n g f i n a n c e companies
1st
2nd
3rd
4th

f

1970

January
February
March

-

;

STATE AND LOCAL 2

i

CORPORATE

PERIOD

,

A

7

TABLE 5: New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)

QUARTER
OR
MONTH

1970

1971

II
III
IV
I

GROSS PROCEEDS BY
TYPE OF ISSUE
CM O
O MN
MEMO:
AND
BONDS
ISSUES INCLUDED
MFG.
TOTAL PUBLICLY PRIVATELY PFD.
PLACED
STOCK FOREIGN CONVERTIBLE
OFFERED
10,468
8,560
11,938
12,190

6,994
5,987
7,827
8,369

1,282
914
1,421
1,516

May
June
July
Aug.
Sept
Oct.
Nov.
Dec.
1971

1

3.909
3,389 .
2,768
2,274.
3,518
3,777
4,181
3,979

3,041
1,931
1,831
1,731
2,425
2,390
3,001
2,436

399
436
320
205
389
304
283
834

- Jan.
Feb.
Mar.
e/Apr.
a/May

3,115
3,000
6,075

2,033

3.910

2,160
2,200

3,400

2,201
4,135

2,190
1,659
2,690
2,306

468

1,021

GROSS PROCEEDS BY
TYPE OF ISSUER
PUBLIC
UTILITY

COMMUNICATIONS

OTHER

226

710
287
737

2,445
2,314
3,169

2,812
2,714
3,406

2,, 1 6 2
868
1:, 3 4 6

3,048
2,663
4,020

84

824

3,794

3,197

1 ,606

3,594

20
26
68
11

230
82
107
59
121
388
184
165'"

817
939
638
682
994
1,006
1,107
1,056

600
1,103
843
630
1,241
1,101
1,350
955

1 ,747
353
144
279
"445
371
693
282

744
994
1,143
682
838
1,300
1,033
1,687

135
83

617
338
704
1,083
898
709

159

594
275
647

489
524
1,293

43
3
38

99
168
557

716
661
2,417

676

391

1,332

1,069
1,452

683
532

587
1,675

450

1,300

500

700

n.a.
n.a.

390
275

1,390
900

860
490

340
385

872
1,625

4
56

11

Other i s s u e r s a r e e x t r a c t i v e , r a i l r o a d and o t h e r t r a n s p o r t a t i o n , r e a l e s t a t e
and f i n a n c e , and commercial and o t h e r .
S o u r c e : S e c u r i t i e s and Exchange Commission. Q u a r t e r l y supplements a r e a v a i l able.




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

ISSUER
Economics Lab

Corporates

Kansas C i t y P & L
S p e r r y Rand
Williams Bros.
Philadelphia Elect.
Central I l l i n o i s
F l a . Pwr. Corp.
Cutter Labs, Inc.




TYPE 2
Conv. Sub,
Debs.
1 s t . Mtg
S . F . deb
Conv. Sub.
debs.
Com. Stk
Com. S t k
Com. S t k .
Clom. Stk •

AMOUNT .
(MILLIONS
OF
DOLLARS)

MATURITY

J u n e 1 t h r u .Tune 4 . 1971
'
COUPON
OFFER- MOODY'S
RATE-OR
RATING
ING
NET INTERYIELD
EST COST

20.0
27.0
100.0

1991
2001
1996

5.13
7.75
8.20

60.0
55.0
16.6
43.5
17.2

1991

5.65

- -

- -

- -

—

- -

- -

5.13
7.73
8.20
f

Baa
Aa
Aaa

5.65

.

B
'

- -

- .

—

—

- -

T A B L E 6:

Large Long-term Public Security I s s u e s for New Capital (continued)
(Other than U.S. Treasury) 1

i
ISSUER

TYPE 2

AMOUNT
(MILLIONS ,
OF
DOLLARS)

MATURITY

COUPON
RATE OR
NET INTEREST COST

|
j OFFER!
ING
| YIELD

MOODY'S
RATING

S t a t e and L o c a l
N o r t h e a s t Monmouth Co. Reg.
S e r v . Auth. N . J .
New J e r s e y
U n i v e r s i t y of P u e r t o R i c o
U n i v e r s i t y of P u e r t o R i c o
M u k i l t e o S/D # 6 , Wash.
York, P a . S/D Auth.
Illinois
York Co. H o s p i t a l
Ross C o . , Ohio

*
1
2

3

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

12.0
75.0
26.0
6.0
10.0
10.3
100.0
10.6
13.6

1975-2010
1972-96
2011
1972-91
1973-91
1972-95
1972-96
1975-81
1974-93

6.92
4.92

6.92
3 . 0 0 - 5 . ,90

- -

—

- -

4 . 0 0 - 6 . ,75
4 . 2 5 - 7 , ,10
3 . 0 0 - 6 . ,00
3 . 0 0 - 5 . ,90
7.02
7.74

6.86
——

4.93
7.02
7.74

Rights o f f e r i n g .
I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of $15 m i l l i o n and o v e r ;
S t a t e and l o c a l s e c u r i t y o f f e r i n g s of $10 m i l l i o n and o v e r .
I n c a s e of; S t a t e and l o c a l government s e c u r i t i e s , G.O. d e n o t e s g e n e r a I o b l i g a t i o n ;
K e v . - U t . , r e v e n u e o b l i g a t i o n s s e c u r e d o n l y by income from p u b l i c u t i l i t i e s ;
R e v . - Q . - U t r e v e n u e bonds s e c u r e d o n l y by income from q u a s i - u t i l i t i e s ; R e v . - S . T . ,
r e v e n u e bonds s e c u r e d by r e v e n u e from s p e c i f i c t a x e s o n l y ; R e v . - R e n t . , r e v e n u e
bonds s e c u r e d s o l e l y by l e a s e p a y m e n t s .
I n c l u d e s f o r e i g n government and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and
Development i s s u e s and n o n - q u a r a n t e e d i s s u e s by F e d e r a l A g e n c i e s .




A
Aaa
A
A
—— .

Aa
Aaa
- -

10
TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury) 1

.

ISSUER
Corporates
Dennison M a n u f a c t u r i n g Co.
Quaker O a t s Co.
O c c i d e n t a l P e t r o l e u m Corp.
Equimark Corp.
A t l a n t a Gas L i g h t Co.
I t e l Corp.
N o r t h e r n N a t . Gas Co.
Western E l e c .
F a l c o n b r i d g e N i c k e l Mines
Ltd.
G e o r g i a Pwr. Co.
American C e n t u r y Mtge. I n c .
Lornas & N e t t l e t o n F i n a n c i a l
Corp.
Chase M a n h a t t a n Corp.
* D e t r o i t Edison

TYPE

APPROXIMATE DATE
OF OFFERING

Debs.
Debs.
Debs.
Debs.
1 s t . Mtg.
Debs.
Debs.

20.0
50.0
125.0
15.0
15.0
30.0
60.0

June
June
June
June
June
June
June

Debs.

100.0

June 8

Debs.
1 s t . Mtg.
Debs.

50.0
100.0
25.0

June 9
J u n e 10
J u n e 10

50.0
200.0

J u n e 10
J u n e 10

Debs.
Conv. d e b s .
Gen'l & Ref.
Mtg.
* C a r r i e r Corp.
S r . d e b s , w/w
I n d u s t r i a l Nucleonics
Debs.
Pub. S e r v . Co. of N. Mex.
1 s t . Mtg.
E q u i t a b l e Gas Co.
Debs.
Ohio E d i s o n
1 s t . Mtg.
Genstar Ltd.
Debs.
Harvey Aluminum I n c .
S.F. debs.
D e t r o i t E d i s o n Co.
1 s t . Mtg.
U nited J e r s e y Banks
Debs.
Michigan B e l l T e l . Co.
Bds.
Wometco E n t e r p r i s e s I n c .
Debs.
West Penn. Pwr.
1 s t . Mtg.
I n t e r n a t i o n a l M u l t i f o o d Corp Debs.
Marco
Bds.
P h e l p s Dodge Corp.
Notes (7 y r s . )
P h e l p s Dodge Corp.
S . F . Debs.
G e n ' l Waterworks Corp.
1 s t . Mtg.
B a l t o . Gas & E l e c .
Com. S t k .
jGuardian Mtge. I n v e s t o r
Debs.
^ C o m m e r c i a l C r e d i t Co.
3r. Notes
]onv. d e b s .
Walt D i s n e y P r o d u c t i o n
)ebs.
Valu Vend C r e d i t Corp.
Consumer Pwr. Co.
1 s t . Mtg »
Diamond Shamrock Corp.
[) e b s .
Monumental Corp.
E
totes
)ebs.
*Interlake Inc.
E
B e n e f i c i a l Corp.
ids.
B e n e f i c i a l Corp.
Bds.




AMOUNT
(MILLIONS
OF
DOLLARS)

130.0
30.0
15.0
20.0
17.5
60.0
25.0
50.0
100.0
20.0
150.0
15.0
40.0
25.0
100.0
50.0
100.0
25.0
75.6
30.0
100.0
100.0
25.0
120.0
60.0
20.0
60.0
25.0
50.0

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

7
7
7
7
8
8
8

14
14
14
14
15
15
15
16
17
17
21
21
23
29

;

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

11

As o f J u n e 4 . 1971

.
ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

Corporates
Microdot Inc.
C e n t r a l T e l . & U t i l i t y Corp
G e n ' l T e l . Co. of t h e S.E,
Dayton Pwr. & L t . Co.
D a y t o n Pwr. & L t . Co.
American A i r l i n e s
*GAC P r o p e r t i e s C r e d i t I n c .
*AT&T
Southern B e l l Telephone
W i s c o n s i n Pwr. & L t . Co.
Wash. Gas L t . Co.
New York T e l e p h o n e Co.

1 s t . Mtg.
Bds.
1 s t . Mtg.
Pref . Stk. ,
Com. S t k .
Debs,
Conv,, P r e f .
Debs,
1 s t . Mtg.
1 s t . Mtg.
Bds.

20.0
40.0
45.0
20.0
115.0
50.0
1.400
200.0
30.0
15.0
150.0

Rev.
Rev.
Rev.
G.O. & Rev.
G.O.
G.O.
Rev.
Rev.
G.O.
Ren. ••Rev.
G.O.
G.O.
Rev.
G.O.
G.O.
G.O.
G.O.
Rev.

90.0
63.8
63.0
12.0
23.8
24.0
20.0
25.0
10.2
20.0
12.0
37.0
115.0
45.0
10.9
40.0
100.0
75.0

June
June
June
June
June
, June
July
Sept
July
July
July

7
7
13

June
June
June
June
June
June
June
June
June
June
June
June
June
. June
June
June
June
June

8
9
9
8
9
9
9
9
14
15
15
15
15
15
16
16
22
23

12

S t a t e and L o c a l
New York S t a t e
U n i v e r s i t y o f Kentucky
New M a d r i d , Mo.
Memphis, Tenn.
Alaska
T r o y , Mich. S/D
P o r t of O a k l a n d , C a l i f .
C o a s t a l I n d . Wtr. Auth. Tex
Long Beach,. N.Y. C i t y S/D
G e o r g i a Highway Auth.
Binghamton, N.Y.
Dade Co. Expressway
F l a . Turnpike
West V i r g i n i a
Bergen Co., N . J .
Ohio, S t a t e
C a l i f o r n i a , S t a t e of
E u g e n e , Oregon




12
TABLE 7: Forthcoming Large Long-term Publit Security Offerings for New Capital
(Other than U.S. Treasury)!

TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

S t a t e and L o c a l
L o u i s i a n a , S t a t e of
M e c k l e n b u r g , N.C.
P h i l a d e l p h i a , Pa.
L o u i s i a n a Stadium & Exp. D i s t .
San B e r n a r d i n o , C a l i f . Redevp.
Agency
Oakland C o . , Mich.
C l e v e l a n d C i t y Sch. D i s t .
A l l e g h e n y Co. P a .
Los Angeles D e p t . of Wtr. &
Pwr.

G. 0.

G.O.
G.O.
Rev.

34.6

10.0

25.0
113.0

J u n e 24
J u n e 29
J u n e 30
June

Bds.
G.O.
G.O.
G.O.

29.7

June
June
June
July 1

Rev.

39.0

Aug. 11

35.6
500.0

June 9
J u n e 10

13.5
13.3

16.0

Other
Sun S h i p b u i l d i n g

Dry Dock Co.

-iFHLB

*
1
2

Gov't Insured
Bd.
Bds.

Included in t a b l e f o r f i r s t time.
I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of $15 m i l l i o n and o v e r ; S t a t e and l o c a l
Government i s s u e s of $10 m i l l i o n and o v e r .
I n c l u d e s f o r e i g n government and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and
Development i s s u e s and n o n - g u a r a n t e e d i s s u e s of F e d e r a l A g e n c i e s .




13
Tables

STOCK PRICES AND VOLUME
STOCK PRICES 1 -

TRADING VOLUME 2 '

DATE
NYSE INDEX 3 -

D J . INDUSTRIALS

AMEX 4 -

NYSE

AMEX

- High
Low

50.32 (5/14)
49.31 (7/29)

968.85 ( 5 / 1 4 ) 3 2 . 9 1
769.93 ( 1 2 / 1 7 ) 2 5 . 0 2

(1/3)
16.5
(7/29) 8.6

(3/29)
(8/29)

8.0
3.6

(1/31)
(11/21)

1 - High
Low

52.36 (1/5)
37.69 (5/26)

842.00 (12/29) 27.02
631.16 (5/26) 19.36

(1/8) 18.5
(5/27) 7.8

(12/4)
(8/14)

7.1
1.8

(1/2)
(8/14)

- High
Low

57.76 (4/28)
49.73 (1/4)

950.82 ( 4 / 2 8 ) 2 6 . 6 8
830.57 ( 1 / 4 ) 22.72

(4/28) 22.1
(1/4)
14.9

(2/12)
(4/2)

6.7
4.3

(2/12)
(1/8)

- May

7
14
21
28

56.67
56.35
55.59
54.69

936.97
936.06
921.87
907.81

26.24
26.15
25.87
25.71

17.2
16.0
14.2
13.2

4.7
4.8
4.1
3.7

June 4

55.95

922.15

26.07

15.7

4.3

1.

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

2.

NYSE is the Hew York Stock Exchange; AMEX is the American Stock Exchange.
Volume figures are daily averaged for the entire week, (millions of shares).
Trading is normally conducted for 5-1/2 hours per day and 5 days per'week, or
In recent years, however abbreviated trading to the extent, and over the time
Hours/
Days/
From
Through;
Day
Week
January 3, 19fc9
July 7, 1969
January 2, 1970

July 3, 1969
December 31, 1969
May 1, 1970

3.

12/31/65 - 50

4.

Average dollar value, of shares listed.




4
4-1/2
5

5
5
5

27-1/2 hours per week.
periods, shown below:
Hours/
Week
20
22-1/2
25

U
TABLE 9:. Security Credit

CREDIT EXTENDED TO
MARGIN CUSTOMERS BY:
BROKERS1 | BANKS 2 " TOTAL

END OF PERIOD

CUSTOMERS 1
NET DEBIT
BALANCES

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

Outstanding:
4,360
4,160
3,860
3,800
3,810
3,920
4,010
4,010
4,030

2,330
2,290
2,290
2,290
2,300
2,330
2,270
2,320
2,330

6,690
6,450
6,150
6,090
6,110
6,250
6,280
6,330
6,360

5,985
5,433
5,281

4,000
4,090
t'533°0°

2,300
2,330

6,300
6,420
6,660
6,870

(4)
(4)

6

S 0°

-300

-200
-240
-300

-

- 60

-160
-200

40
40

60

20

10
30
60
50
10

20
140
30
50
30

- 30
90
210
230

30
30
30
20

- 60

10
110
90

120
240
210

(4)
(4)
(4)
(4)
(4)

(A)

(4)

-368
-552
-152

2,248
2,222
2,009
(5)2,180
2,083
2,236
2,163
2,197
2,286

3,724
3,211
3,272
(4)
(4)
(4)
(4)
(4)
(4)

2,452
2,743
2,798
2,660

(4)
(4)
(4)
(4)

-193

-188
-513

- 26

-213
171
97
153
- 73
34
89

- 61

I

166
291
55
-138

4%
Margin d e b t , a s r e p o r t e d by t h e New York Stock Exchange. Although margin debt
u n t i l March 1968 i n c l u d e d l o a n s secured by U.S. governments, t h e amount of such
$
l o a n s i n c l u d e d i s thought t o have been s m a l l .
%
"Bank l o a n s t o o t h e r s than b r o k e r s and d e a l e r s f o r p u r c h a s i n g or carrying, sucu*
r i t i e s o t h e r than U.S. governments."
i
The d i f f e r e n c e between c u s t o m e r s ' n e t d e b i t b a l a n c e s and customers' nut f r e e c r u - fc
d i t b a l a n c e s , t h i s f i g u r e r e p r e s e n t s t h e n e t c r e d i t extended by b r o k e r s and
|
dealers to the nonfinancial public.
J
NOTE: With t h e e x c e p t i o n of bank loan d a t a , f i g u r e s a r e s u p p l i e d by the New York |
Stock Exchange and a r e end of month d a t a . Bank l o a n s a r e f o r weekly r e p o r t i n g
|
l a r g e commercial banks. Broker d a t a i n c l u d e s l o a n s f o r r e g u l a t e d s e c u r i t i e s ; banki
d a t a i n c l u d e s loans f o r t h e purpose of p u r c h a s i n g or c a r r y i n g any s e c u r i t y , whether*
r e g u l a t e d or n o t .
f




TABLE 10: Savings Flows at Nonbank Depositary Intermediaries

($ m i l l i o n s )

DATE

SAVINGS & LOAN ASSOCIATIONS
MUTUAL SAVINGS BANKS
REGULAR DEPOSITS 3
NET
NET
SHARE CAPITAL
NEW
ANNUAL
ANNUAL
NEW
2
MONEY
NET
GROWTH
NET
GROWTH
MONEY2
1
1
FLOW
FLOW
RATE
RATE
7.0
4.0
6.7

1,143
-763
936

246
510
6

—,

160
-89
-136

205
1,655
207

——

811
955
625

2,444
4,103
2,000

-—

1970 - F e b .
Mar.
Apr.
1971 - F e b .
Mar.2/
Apr.fc/

907
1,604
775

—
- -

.

——
—
- -

.

\
Nov.
Dec.
1971 - J a n .
Feb.
Mar.r/

1
2
3

Not S e a s o n a l l y A d j u s t e d
7,432
6.0
2,738
3.2
4,200
-1,003
11,173
8.2
5,295

4,203
2,549
4,466

1968
1969
1970

540
796
885
939
1,287

- -

TOTAL
DEPOSITS
ANNUAL
NET
GROWTH
RATE 1
FLOW

11,635
6,749
15,639

NET
NEW
MONEY 2

6.3
3.4
7.7

177
537
188

451
2,165
213

—

2,340
2,626

3,35
5,707
2,775

3,881
-1,766
6,231

——

337
448
52

- -

3,151
3,581

Seasonally Adjusted
9.3
14.5
15.5
15.8
21.2

. —
—
—•»
- -

1,130
1,740
3,619
2,472
3,376

9.5
14.5
29.8
19.8
26.7

——

...
- -

1^670
2,536
4,504
3,411
4', 663

9.4
14.5
25.1
18.5
24.9

__
— •»
——

^

23.2
21.7
2,997
4,147
18.6
—
- 1,150
Apr. 2 /
Annual growth r a t e f o r m o n t h l y d a t a i s t h e a n n u a l i z e d monthly p e r c e n t a g e i n c r e a s e i n d e p o s i t s .
Net New Money i s new d e p o s i t s n e t of b o t h w i t h d r a w a l s and i n t e r e s t .
Data f o r S&Ls a r e f o r
i n s u r e d a s s o c i a t i o n s o n l y , which r e p r e s e n t 96% of i n d u s t r y t o t a l r e s o u r c e s .
R e g u l a r d e p o s i t s a t m u t u a l s a v i n g s banks e x c l u d e i t e m s such a s C h r i s t m a s c l u b and c e r t a i n
escrow a c c o u n t s , which r e p r e s e n t a v e r y s m a l l p a r t of t o t a l d e p o s i t s .
SOURCE: N a t i o n a l A s s o c i a t i o n of Mutual S a v i n g s Banks and F e d e r a l Home Loan Bank Board.




TABLE 11: Mbrtgage Commitments at Selected Thrift Institutions

DATE

.

\

NET CHANGE
OUTSTANDING COMMITMENTS
|
ALL
ALL
MUTUAL
1
SAVINGS
TOTAL
SAVINGS &
SAVINGS &
TOTAL
BANKS
LOAN
LOAN
(N.Y. STATE)
ASSOCIATIONS
ASSOCIATIONS
( B i l l i o n s of D o l l a r s , S< a s o n a l l y A d j u s t e d ) 1 /

7.8
8.0
8.2
8.6

5.4
5.8
6.1
6.5

2.4 .
2.2
, 2.1
2.0

Aug.
Sept.
Oct.
Nov.
Dec.

9.8
8.9
9.3
9.6
10.1

6.8
7.1
7.5
7.8
8.1

1971 - J a n .
Feb.
Mar.
April

10.4
11.2
12.6
13.8

8.3
8.9
10.1
11.1

.970 - Apr.
May
June
July

16

1

MUTUAL
SAVINGS
BANKS
(N.Y. STATE)

-.08
.20
.17
.37

.21
.34
.26
.41

-.13
-.14
-.09
-.04

2.0
1.8
1.8
1.8
2.0

.21
.25
.30
.35
.51

.29
.36
.37
.34
.28

-.08
-.11
-.07
.01
.23

2.1
2.3
2.5
2.8

.25
.80
1.36
1.28

.20
.60
1.16
.99

-.05
.20
.20
.29

Based on d a t a from F e d e r a l Home Loan Bank Board and S a v i n g s Banks A s s o c i a t i o n s of
New York S t a t e . Data f o r s a v i n g s banks and S&L's i n c l u d e a minor amount of nonr e s i d e n t i a l commitments. A l l commitments i n c l u d e l o a n s i n p r o c e s s . Net changes
a r e d e r i v e d d i r e c t l y from unrounded o u t s t a n d i n g s l e v e l s a s r e p o r t e d and a f t e r
s e a s o n a l a d j u s t m e n t by F e d e r a l R e s e r v e . S u b t o t a l s may n o t add t o t o t a l s b e c a u s e
of r o u n d i n g .
,




17

TABLE 12: Net Change in Mortgage Holdings 1

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

FINANCIAL INSTITUTIONS
LIFE
MUTUAL SAVINGS &
INSURANCE
SAVINGS
LOAN
COMPANIES
BANKS
ASSOC.

COMMERCIAL
BANKS .

FNMA-GNMA

Not S e a s o n a l l y A d j u s t e d
967
l968
1969r/
197%/

20,016.
23,781
24,189
21,886

1970 - J a n .
, - Feb.
- Mar.
- Apr.

r1,064
1,099
1,137
1,425

1971 - J a n .
- Feb.
- Mar.
-Apr.

18,219
21,273
19,814
16,977
r

3,153
2,787
2,682
1,845

460
566
608
948

50
50
49
125

1,327

l,30.r.

100
300
400
500

1,542
1,330
1,351
1,485
1,749
2,083
1,817
2,091
2,074
2,187
2,604

1,044
809
844
1,050

199
140
76

1,575
1,409
1,727
1,754
1,958
2,504

1,760

1,793

,

7,520
9,350
9,676
10,288

2,907
2,459
2,052
2,318

1,797
2,508
4,375
4,909

38
106
153
160

136
223
317
486

r236
187
89
177

604
533
529
477

239
180
346
n.a.

4,639
6,677
5,404
2,526

941
1,162
rl,765
2,134

25
n.a.
n.a.
n.a.

22
-52

482
322
385
631
777
1,055
983
1,103
1,189
1,427
1,704

220
161
195
199
222
213
83
151
200
131
232

498
521
507
435
468
508
408
364
320
229
100

1,261

24
n.a.
n.a.

-33
-87

Seasonally Adjusted
970 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
L971 - J a n .
Feb.
Mar.

1,281

81
165
168
228
195
224
312

143
186
188
155
201
142
175
245
170
176
256

283

225

65"

rtti

Ihl

A'frl

2,034
453
, Apx*.
Monthly d a t a f o r commercial banks based on F e d e r a l Reserve e s t i m a t e s benchmarked
t o C a l l Report d a t a on r e a l e s t a t e l o a n s o u t s t a n d i n g as a v a i l a b l e . Other d a t a
d e r i v e d from mortgage d e b t o u t s t a n d i n g as r e p o r t e d s e p a r a t e l y by N a t i o n a l Assn.
of Mutual Savings Banks, F e d e r a l Home Loan Bank Board, I n s t i t u t e of L i f e I n s u r a n c e
and, through August 1968, t h e F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n , and t h e r e a f t e r by FNMA and t h e Government N a t i o n a l Mortgage A s s o c i a t i o n . Data f o r mutual
s a v i n g s banks and f o r L i f e I n s u r a n c e companies may d i f f e r somewhat from t h o s e
d e r i v e d from r e g u l a r q u a r t e r l y s e r i e s because of minor c o n c e p t u a l d i f f e r e n c e s f o r
which a d j u s t m e n t s a r e not made i n t h e monthly s e r i e s . A l t o g e t h e r , t h e s e groups
accounted f o r 87 per c e n t of t h e n e t i n c r e a s e e s t i m a t e d f o r a l l h o l d e r s in 1970.




IS
TABLE 13: Net Increases in Mortgage Debt Outstanding

1

B i l l i o n s of d o l l a r s , SAAR QUARTER

TOTAL

RESIDENTIAL 3

1-- t o 4 FAMILY

MULTIFAMILY

COMMERCIAL

MULTI-AND
COMMERCIAL

FARM

1966 - I I
IV

18.6
15.1

10.9
9.1

8.3
7.0

2.6
2.1

5.5
4.1

8.2
6.0

2.2
1.8

1967 - I
II
III
IV

15.9
20.7
26.6
27.3

10.3
13.9
19.2
19.8

7.0
10.5
15.3
16.0

3.3
3.4
3.9
3.8

3.9
5.0
4.9
4.8

7.3
8.4
8.8
8.4

1.8
1.8
2.5
2.8

1968 - I
II
III
IV

27.7
26.2
26.0
29.6

19.0
18.2
17.7
20.2

15.8
15.0
14.1
16.4

3.1
3.2
3.4
3.8

6.4
5.9
6.5
7.5

9.4
9.2
10.2
11.1

2.3
2.2
1.8
1.8

1969 - I
II
III
IV

31.3
28.9
26.5
25.1

25.0
21.5
19.3
18.3

18.6
16.8
14.6
13.0

4.4
4.7
4.7
5.3

6.2
5.2
5.3
5.4

10.4
10.1
10-0
10.7

2.2
2.2
H. 4
1

1970 - I
II
III p
IVp

20.3
23.4
28.5
30.3

13.8
16.9
21.0
21.4

8.8
11.5
15.0
15.1

5.0
5.4
6.0
6.3

5.0
5.0
5.5
6.6

9.8
9.8
11.5
12.9

1.5
1.5
2.0
2.3

1 D e r i v e d from d a t a on mortgage d e b t o u t s t a n d i n g from F e d e r a l D e p o s i t I n s u r a n c e
C o r p o r a t i o n , F e d e r a l Home Loan Bank B o a r d , I n s t i t u t e of L i f e I n s u r a n c e , Nat i o n a l A s s o c i a t i o n of Mutual S a v i n g s Banks, Departments of Commerce and A g r i c u l t u r e , F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n , F e d e r a l Housing A d m i n i s t r a t i o n ,
V e t e r a n s A d m i n i s t r a t i o n and C o m p t r o l l e r o f - t h e C u r r e n c y . S e p a r a t i o n of nonfarm m o r t g a g e d e b t by t y p e of p r o p e r t y , where n o t a v a i l a b l e , and i n t e r p o l a t i o n *
and e x t r a p o l a t i o n s , where r e q u i r e d , e s t i m a t e d m a i n l y by F e d e r a l R e s e r v e .
2 May d i f f e r somewhat from r e l a t e d flow of f u n d s s e r i e s m a i n l y b e c a u s e of more
a g g r e g a t i v e t y p e of s e a s o n a l a d j u s t m e n t .
3 R e s i d e n t i a l m o r t g a g e d e b t i n c l u d e s nonfarm o n l y and i s sum of 1 - t o 4 - f a m i l y
and m u l t i f a m i l y mortgage d e b t combined.




TABLE 14: FNMA " A u c t i o n " R e s u l t s

WEEK
ENDED

COMMITMENTS IN $ MILLIONS
IMPLICIT YIELD 2 (per c e n t )
ACCEPTED
1-YEARN
90TOTAL
90TOTAL
661-YEAR 1
M0NTH & OVER
OFFERED
DAY
DAY
& OVER
M0NTH

J a n . 25

44.6

35.5

- -

7.83

7.96

-

8

23.4

23.3

9.9
10.6

25.6

Feb.

12.7

—

7.67

7.67

—

Mar.

1
15
29

186.0
193.5
122.5

51.8
74.0
66.9

15.2
17.9
36.7

29.3
41.2
26.3

7.3
14.9
3.9

7.43
7.33
7.32

'7.43
7.45
7.44

7.56
7.55
7.54

Apr. 12
26

126.9
687.2

54.5 39.8
9.4
313.9 154.0 126.6

5.4
33.4

7.32
7.43

7.45
7.54

7.53
7.57

236.8 145.8
151.6 4 4 . 6

19.7
22.6

7.57
7.95

7.68
7.97

7.74
8.03

May
May

1,168.0
785 . 7

10
24

71.3
84.4

N o t e : Under t h e FNMA a u c t i o n s y s t e m , approved s e l l e r s of Governmentu n d e r w r i t t e n m o r t g a g e s b i d f o r FNMA f o r w a r d p u r c h a s e c o m m i t m e n t s .
Bids
a c c e p t e d by FNMA a r e f o r d e l i v e r y a t t h e s e l l e r ' s o p t i o n , and a t any
time w i t h i n t h e s p e c i f i e d p e r i o d . B i d s on p r o p o s e d homes r e l a t e t o
c o n s t r u c t i o n n o t y e t s t a r t e d on which m o r t g a g e s may be d e l i v e r e d o n l y
a f t e r c o m p l e t i o n and occupancy.
' •
1

For " p r o p o s e d c o n s t r u c t i o n " of new homes o n l y .

2

Average s e c o n d a r y market y i e l d a f t e r a l l o w a n c e f o r commitment f e e and
r e q u i r e d p u r c h a s e and h o l d i n g of FNMA s t o c k , assuming prepayment of
15 y e a r s f o r 3 0 - y e a r G o v e r n m e n t - u n d e r w r i t t e n m o r t g a g e s . Y i e l d s shown
a r c g r o s s , b e f o r e d e d u c t i o n of 3 8 b a s i s p o i n t s f e e p a i d b y i n v e s t o r s
t o s e r v i c e r s . P r i o r t o August 1 0 , 1970 t h e s e r v i c i n g f e e was 50 b a s i s p o i n t s ,




\

20
TABLE 15: Private Housing Starts and Permits

STARTS
DATE

• Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb. r /
Mar. r /
Apr. £ /
1

2

SEASONALLY ADJUSTED
ANNUAL RATE
TOTAL 1-FAMILY 2 OR MORE

TOTAL

UNADJUSTED
TYP E OF FINANCING
FHA VA
OTHER

BUILDING
PERMITS
(SEASONALLY
ADJUSTED
ANNUAL
RATE) 2

1,224
1,242
1,393
1,603
1,425
1,509
1,583
1,6^3
2,054

697
728
835
827
838
881
890
934
1,240

527
514
558
776
587
627
693
759
814

128.4
125.0
135.2
140.8
128.7
130.9
140.9
126.9
121.4

32.4
37.1
40.7
43.3
34.1
34.3
40.4
33.7
63.2

5.4
5.2
5.1
5.3
5.6
5.3
5.8
5.5
5.7

90.6
80.8
89.4
92.1
87.7
91.3
94.7
87.2
52.5

1,177
1,309
1,285
1,309
1,378
1,388
1,523
1,487
1,768

1,725
1,754
1,950
1,903

946
985
1,045
1,081

779
769
905
822

110.6
102.2
167.2
200.4

32.2
27.3
33.4
44.6

4.6
4.7
6.9
8.4

72.8
68.4
124.0
147.4

1,635
1,563
1,627
1,618

?
f

.

r
t

r

t

T o t a l s t a r t s a r e Census e s t i m a t e s i n c l u d i n g farm f o r b o t h p e r m i t - i s s u i n g and
n o i . - i s s u i n g a r e a s . A d w e l l i n g u n i t i s s t a r t e d when e x c a v a t i o n b e g i n s ; a l l u n i t s ;
i n an a p a r t m e n t s t r u c t u r e a r e c o n s i d e r e d s t a r t e d a t t h a t t i m e . FHA and VA
s t a r t s a r e u n i t s s t a r t e d under commitments by t h e s e a g e n c i e s t o i n s u r e or g u a r a n t e e t h e m o r t g a g e s . As r e p o r t e d by FHA and VA, a u n i t i s s t a r t e d when a f i e l d
o f f i c e r e c e i v e s t h e f i r s t c o m p l i a n c e i n s p e c t i o n r e p o r t , which i s made b e f o r e
f o o t i n g s a r e poured i n some c a s e s b u t n o r m a l l y a f t e r t h e f o u n d a t i o n s have been
c o m p l e t e d . O t h e r s t a r t s a r e d e r i v e d a s a r e s i d u a l , a l t h o u g h t o t a l and FHA and
VA s t a r t s a r e n o t s t r i c t l y comparable i n c o n c e p t or t i m i n g ; o t h e r s t a r t s i n c l u d e b o t h u n i t s f i n a n c e d by c o n v e n t i o n a l m o r t g a g e s a n d . u n i t s w i t h o u t m o r t g a g e s .
B u i l d i n g p e r m i t s a r e f o r 1 3 , 0 0 0 , o r a l l known p e r m i t - i s s u i n g p l a c e s . U n l i k e
s t a r t s , seasonally adjusted building permits r e f l e c t d i r e c t adjustment f o r
d i f f e r e n c e s i n t h e number of w o r k i n g d a y s p e r month, as w e l l as o t h e r
d i f f e r e n c e s i n t i m i n g and c o v e r a g e .




21
TABLE 16: Mortgage and Bond Yields

DATE

FHA
MORTGAGES

2

30-YEAR

CONVENSPREAD BETIONAL
TWEEN YIELDS
MORT- ' ON CONV. &
—GAGES
FHA MORT3
GAGES

1

NEW
Aaa CORPORATE
BONDS
4

SPREAD BETWEEN
YIELDS ON NEW
CORPORATE BONDS
AND
FHA MORTGAGES

1968 - High
Low
1969 - High
Low

7.52
6.78
8.62
7.99

7.40
6.75
8.35
7.55

.02
-.27
-.13
-.40

6.79
6.15
8.75
6.91

1.20
.26
1.08
-.13

1970 - High
Low

9.29
8.40

8.60
8.30

- • 10
-.74

9.11
7> 80

.99
.01

1970 - O c t .
Nov.
Dec.

8.97
8.90
8.40

8.50
8.45
8.30

-.47
-.45
-.10

8.63
8.34
7.80

.34
.56
.60

1971 - J a n .
Feb.
Mar.

- -

7.95
7.75
7.60

.28

7.24
7.28
7.46

n.a.
n.a.
-.14,

7.32

.

1

2

N e i t h e r m o r t g a g e n o r bond y i e l d s i n c l u d e a l l o w a n c e f o r s e r v i c i n g c o s t s which a r e
much h i g h e r f o r m o r t g a g e s t h a n f o r b o n d s . G e n e r a l l y , bonds pay i n t e r e s t semia n n u a l l y ; m o r t g a g e s , m o n t h l y . Mortgage y i e l d s , i f computed a s e q u i v a l e n t t o
a s e m i - a n n u a l i n t e r e s t i n v e s t m e n t , would be s l i g h t l y h i g h e r t h a n given i n t h e
table.
— —
Based on F H A - f i e l d - o f f i c e o p i n i o n s a b o u t a v e r a g e b i d p r i c e s i n t h e p r i v a t e
s e c o n d a r y m a r k e t f o r new-home m o r t g a g e s f o r immediate d e l i v e r y . D a t a shown
a r e f o r 3 0 - y e a r m o r t g a g e s w i t h minimum downpayments, and w e i g h t e d by p r o b a b l e
volume of t r a n s a c t i o n s . Y i e l d s computed by FHA, assuming p r e p a y m e n t p e r i o d
o f 15 y e a r s f o r 3 0 - y e a r m o r t g a g e s .

3

Based on F H A - f i e l d - o f f i c e o p i n i o n on t y p i c a l i n t e r e s t r a t e s ( r o u n d e d ) on c o n v e n t i o n a l f i r s t m o r t g a g e s on new h o u s e s p r e v a i l i n g i n t h e m a r k e t a r e a s of i n s u r i n ,
office cities.

4

See n o t e f o r T a b l e 1 .




22
TABLE 17: Conventional Mortgage Terms

1

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

LOAN/
PRICE LOAN
RATIO AMT.
(PER ($000)
CENT)
4

8.29
8.24
8.28
8.31
8.32
8.35
8.31
8.33
8.26
8.20

1.11
1.02
0.98
0.99
1.01
0.98
1.43
1.05
0.99
1.07

8.47
8.41
8.45
8.48
8.49
8.52
8.48
8.51
8.43
8*38

25.0
24.8
25.3
25.1
25.1
24.8
25.2
25.1
25.3
25.8

71.1
71.3
71.7
71.3
71.5
71.6
72.7
72.4
72.1
73.8

25.1
24.5
25.3
25.6
24.9
25.5
25.3
24.8
25.2
25.8

8 .26
8 .19
8 .18
8 .19
8 .21
8 .25
8,.27
8,.20
8.,18
8..12

0.98
0.90
0.94
0.98
0.95
0.89
0.88
0.88
0.85
0.85

8.43
8.34
8.34
8.36
8.37
8.41
8.42
8.35
8.32
8.26

22.6
22.7
22.8
23.0
23.1
23.1
22.8
22.8
22.7
23.3

70 . 4
70 .2
70.3
71,.5
71,.5
71..5
71..7
71..5
71.,5
71. 9

2%#
20.4
2
21.5
21.7
21.4
21.0
20.5
21.1
21.7

1971
8.03
Jan.
Feb
7.74
M a r . r / 7.52
Apr. £ / 7 . 3 6

0.92
1.00
0.83
0. 74

8.18
7.91
7.66

25.8
2 if. 2
25.9
26.4

73.3
73.9
73.7

26.4
26.2
26,0

73.7

26.5

7. 94
7. 67
7. 47
35

0.82
0.79
0.77
0.74

3.08
7.80
7.60
7.47

23.5
24.0
24.1
24.1

72. 5
73. 1
73. 5
73. 5

22.0
22.5
23.0
23.0

DATE

1970
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1.

7.48

EXISTING HOMES
CON- FEES &
I .OKFT
TRACT CHARGES EFFEC- MATU- PRICK LOAN
(PER
RATE
TIVE
RITY RAT 14) AMT.
(PER
CENT) RATE (YEARS) (PER
(S000)
CENT)
CENT)
2
4
3

1.

mi

Compiled by F e d e r a l Home Loan Bank Board i n c o o p e r a t i o n with Federal Deposit I n s u r a n c e
C o r p o r a t i o n . Data a r e weighted a v e r a g e s based on p r o b a b i l i t y sample survey of c h a r a c t e r i s t i c s of c o n v e n t i o n a l f i r s t mortgages o r i g i n a t e d by major i n s t i t u t i o n a l l e n d e r
groups ( i n c l u d i n g mortgage companies) f o r purchase of s i n g l e f a m i l y homes. Data exc l u d e l o a n s f o r r e f i n a n c i n g , r e c o n d i t i o n i n g or m o d e r n i z a t i o n ; c o n s t r u c t i o n loans t o
h o m e - b u i l d e r s ; and permanent loans which a r e coupled with c o n s t r u c t i o n loans t o ownerb u i l d e r s . R e l a t e d s e r i e s on c o n v e n t i o n a l mortgage r a t e s o n l y , based on unweighted
o p i n i o n s of f i e l d - o f f i c e d i r e c t o r s of t h e F e d e r a l Housing A d m i n i s t r a t i o n , a r e a v a i l a b l e
somewhat sooner than t h e r e s u l t s of t h e FHLBB-FDIC s u r v e y , and a r e i n c l u d e d - i n t h e c a s e
of new home mortgage r a t e s — i n Table 16.

2

Fees and c h a r g e s — e x p r e s s e d as a p e r c e n t a g e of the p r i n c i p a l mortgage amount—include
loan commissions, f e e s , d i s c o u n t s , and o t h e r charges which p r o v i d e added income t o t h e
l e n d e r and a r e p a i d by t h e borrower. They exclude any c l o s i n g c o s t s r e l a t e d s o l e l y t o
t r a n s f e r of p r o p e r t y ownership.

3

I n c l u d e s f e e s & c h a r g e s amortized over a 10 year p e r i o d i n a d d i t i o n t o t h e c o n t r a c t
interest rate.

4

Derived by FRB.




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