Full text of H.16 Capital Market Developments : March 29, 1971
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AFTER SIX MONTHS
L.5.8^C9iAt^ial (F.R.)
March 29, 1971
J.
0.
&
GRO\F-
• .
(SLprAaX.
FATJJUJ
T
CAPITAL
MARKET
DEVELOPMENTS
;
'
' )
1
Capital Markets Section, Division of Research and Statistics,
Board of Governors of the Federal Reserve System, Washington, D. C.
&
Y
INDEX
3-5
Developments in the Corporate and Municipal Bond Markets
6-7
Capital Market Yields
8-13
Capital Market Volume
14-17
Stock Market
18-33
Mortgage Market
i
SYMBOLS:
e
Estimate
p
Preliminary
r
Revised
n.a.
Not available
TABLE 1: Yields, Volume and Reception
YIELDS
MOODY'S
SEASONED
NEW ISSUE '
Aaa
W E E K ENDING:
1971 - Mar.
5
12
19
26
Apr.
2
7.79
7.54
7.14
7.08
7.12
7.20
7.26
7.25
1971 - Mar.
5
12
19
26
Apr.
2
930
976
936
1,013
90
94
96
97
n.a.
n.a.
n.a.
n.a.
600e
YIELDS
BOND BUYER
MOODY'S
SEASONED 20
SEASONED
Aaa
BOND INDEX
WEEK ENDING:
CORPORATE BOND MARKET
2
VOLUME
PER CENT
GROSS
SOLD BY END
BONDS SCHEDULED
OFFERINGS
OF WEEK
WITHIN 28 DAYS
5.15
4.95
4.90
5.00
n.a.
MUNICIPAL BOND MARKET
VOLUME 2
PER CENT
. GROSS
SOLD BY END
. OF WEEK
OFFERINGS
5.37
5.28
5.00
5.03
375
596
485
407
62
89
84
69
BONDS SCHEDULED
WITHIN 28 DAYS
1,127
948
737
958
304
1 Derived by adjusting to a Aaa basis, new issues of publicly-offered corporate bonds
with call protection, rated A , Aa, or Aaa by Moody's Investors Service (except serial
and convertible issues, offerings of natural gas pipeline and foreign companies, and
bonds guaranteed by the Federal Government.)
2 Millions of dollars unless otherwise indicated.
Note:
See footnotes to Table 3
-
TABLE 2: Details on Inventories
DATE
| RELEXSED
7-1/2
7-1/4
8-3/8
6-1/4
7.30
8.30
7.30
Orange & Rock Util.
Long Island Ltg.
Pennzoil
First Chgo. Corp.
N. Amer. Rockwell
N. Amer. Rockwell
DANA Corp.
25.0
40.0
75.0
100.0
50.0
50.0
50.0
3/24
3/23
3/23
3/19
3/17
3/17
2/17
OFFERED
CORPORATE BONDS IN SYNDICATE END OF LATEST WEEK
ORIGINAL
RATING AND
YIELD CALL PROTECTION
COUPON
ISSUER
AMOUNT
(MIL. $)
DATE
OFFERED
COUPON
ISSUER
AMOUNT
7. 40
7. 10
8.,35
6.,28
7,,30
8,.30
7 .30
5 yrs.
A
5 yrs
A
Baa 10 yrs.
—
—
Baa 10 yrs.
Baa 10 yrs.
5 yrs.
A
ORIGINAL
YIELD
ESTIMATED PROPORTION SOLD
30%
20%
80%
98%
90%
90%
80%
INCREASE RATING AND ESTIMATED PROIN YIELD CALL PROT. PORTION RELEASED
NONE
MUNICIPALS
BLUE LIST
|
IN SYNDICATE
DATE
.1
1971 - Feb.
26
835
217
Mar.
5
12
19
26
844
767
737
806
266
160
112
186
.
CORPORATES
IN SYNDICATE
161
133
75
90
87
N.C. - No call protection.
1
All figures in millions of dollars. Blue List is daily average for week ended Friday,except for latest week
1
which is daily average of three days ended Wednesday. All other figures are as of Friday.
^
^
TABLE 3: High Grade Bond Yields
NEW
CORPORATE
Aaa1
DATE
MOODY'S SEASONED
CORPORATE
Aaa 2
U.S. GOVERNMENT
20-YEAR
CONSTANT
MATURITIES 3
BOND
BUYER'S
SEASONED
MUNICIPALS 4
1968 - High
Low
7. 02
6. 13
(12/13)
(8/30)
6.55
5.95
d/27)
(9/13)
5.90
5.18
(1/20)
(8/9)
4.85
4.07
(1/26)
(8/8)
1969 - High
Low
8. 85
6. 90
(12/5)
(2/21)
7/84
6.55
(2/26)
(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
5.33
(5/29)
(12/11)
1971 - Mar.
1
5
12
19
26
X
V
7,.79
7,.54
7 .14
7 .08
7.13
7.20
7.26?
7.25
6.20
6.02
5.87
5.73
5.37
5.28
5.00
5.03
New corporate issues, with call protection, adjusted (as described in
footnote 1 of Table 1) to a Aaa basis.
Weekly average of daily figures. Average term of bonds included is
22-24 years.
3
Weekly average of daily figures.
4
Thursday figures. The average rating of the .20 bonds used in this index
' falls midway between the four top groups as classified by Moody's Investors Service.
Note--Highs and lows are for individual series and may be on different dates
for different series.
2
6
TABLE 4: Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
GROSS PROCEEDS
CORPORATE
PERIOD
1971
January
February
March
1970
3017
3100e
'
April
May
July
August
September
October
November
December
1st
2nd
3rd
4th
Quarter
Quarter
Quarter
Quarter
1st half
Three quarters
Year
'
1
STATE AND LOCAL 2
1969
1
1971
!
197.0
1969
1,340
1,214
1,555
1,262
987
538
2,636
1,802
3,539
2,075
2,045
2,098
3,170
3,909
3,389
2,748
2,076
2,530
1,647
996
1,085
i 1,801
I i.iio
1
737
2,768
2,274
,3,518
2,478
1,427
2,427
1,348
1,359
1,758
1,097
808
559
3,777
4,182
3,980
1,933
2,375
2,532
1,924
1,748
2,190
1,280
886
816
7,977
10,468
8,560
11,939
6,218
7,354
6,332
6,840
4,109
3,728
4,465
5,862
2,787
3,648
2,464
2,982
18,445
27,005
38,944
13,572
19,904
26,744
7,837
12,302
18,164
6,435
8,899
11,881
1
!
2,684
l,800e
Excluding finance companies 3
1st
2nd
3rd
4th
Quarter
Quarter
Quarter
Quarter
6,170
7,037
I
Year
Securities and Exchange Commission estimates of gross proceeds.
Investment Bankers Association of America estimates of principal amolmts.
Total gross proceeds excluding offerings of sales and consumer finance
companies.
e m , . .
TABLE 5: New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)
QUARTER
OR
MONTH
TOTAL
GROSS PROCEEDS BY
TYPE OF ISSUE
COMMON
BONDS
AND
MEMO:
PUBLICLY PRIVATELY PFD.
ISSUES INCLUDED
MFG.
PLACED
OFFERED
STOCK
FOREIGN | CONVERTIBLE
GROSS PROCEEDS BY
TYPE OF ISSUER
PUBLIC
UTILITY
COMMUNICATIONS
OTHER
ISSUERS'
1970 - I
II
III
IV e/
7,977
10,468
8,560
11,937
4,577
6,994
5,987
7,827
1,262
1,282
914
1,421
2,138
2,190
1,659
2,690
222
135
83
226
922
710
287
737
2,584
2,445
2,314
3,169
2,085
2,812
2,714
3,406
766
2,162
868
1,346
2,543
3,048
2,663
4,020
1970 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1,802
3,539
3,170
3,909
3,389
2,768
2,274
3,518
3,777
4,181
3,979
1,068
1,914
2,022
3,041
1,931
1,831
1,731
2,425
2,390
3,001
2,436
266
471
447
399
436
320
205
389
304
283
834
468
1,154
701
468
1,021
617
338
704
1,083
898
709
33
128
89
20
26
68
11
4
56
11
159
249
286
398
230
82
107
59
121
388
184
165
357
1,416
689
817
939
638
682
994
1,006
1,107
1,056
540
906
1,109
600
1,103
843
630
1,241
1,101
1,350
955
226
306
62
1,747
353
144
279
445
371
693
282
680
911
1,310
744
994
1,143
682
838
1,300
1,033
1,687
1971 - Jan.
Feb. e/
1
3,017
2,031
496
489
52
101
716
623
392
1,286
3,100
2,200
300
600
n,a.
150
785
1,110
620
585
Other issuers are extractive, railroad and other transportation, real estate
and finance, and commercial and other.
Source: Securities and Exchange Commission. Quarterly supplements are available.
\
TABLE 6: Large Long-term Public Security Issues for New Capital
(Other than U.S. Treasury) 1
#
March 1 thru March 26, 1971
ISSUER
TYPE2
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
COUPON
RATE OR
NET INTEREST COST
OFFERING
YIELD
MOODY'S
RATING
Corporates (continued)
American Metal Climax Inc.
American Metal Climax Inc.
Pacific Tel. & Tel. Co.
Philadelphia Elec. Co.
S.F. debs.
50. 0
Notes
50. 0
Debs.
200. 0
Cum. JPre£>
Stk. /
50. 0
Standard Oil Co. (Indiana)
Conv. deb. 200. 0
Western Onion Tel. Co.
S.F. debs.
55. 0
Virginia Elec, & Pwr* Co.
JUt, Mtg.
90- 0
Bankers Trst. N.Y. Corp.
Debs,
23. 0
1st, Mtg.
Utah Pwr. & Lt. Co.
35. 0
Puerto Rico Tel. Co.
Debs.
35. 0
No. Am. Rockwell Corp.
Bds.
50. 0
No. Am. Rockwell Corp.
50. 6
S.F. debs.
Arkansas Pwr. & L t . Co.
1st. Mtg.
30.,0
Natural Gas Pipeline Co. of Am.
1st. Mtg.
pipeline
40..0
Natural Gas Pipeline Co. of Am.
Debs,
40.,0
Park Forest So. Dev. Co.
Gov't-backed
debs.
30..0
Debs
15,,0
Alexander 1 # Inc.
100,.0
Notes
First Chicago Corp.
S.F. debs. 125,.0
F. W. Woolworth Co.
Conv . debs. 125 .0
Georgia-Pacific Corp.
Standard Oil Co. (Calif.)
S.F. debs. 250 .0
75 .0
Debs
Pennzoil United Inc.
Conv . debs. 50 .0
Pennzoil United Inc.
1st. Mtg.
40 .0
L.I. Lighting Co.
50 .0
Debs
Kraftco Corp.
1st. Mtg.
50 .0
Seaboard Coast Line Railroad
25 .0
Oranges & Rockland Utilities Inc. Bds.
Sub. debs. 150 .0
Amerada Hess Corp.
1996
1978
2007
8.50
7.50
7.80
8.50
7.50
7. 80
Baa
Baa
A aa
5. 00
8. 45
7. 38
6. 42
6. 25
8. 70
7. 30
8. 30
7.,50
Aa
Baa
Aa
N.R.
A
Baa
Baa
Baa
A
__
1996
1996
2001
1978
1976
1996
1977
1996
2001
5.00
8.45
7.25
6,38
6.25
' 8.70
7.30
8.30
7.63
1991
1977
7.70
6.75
7.,70
6.,75
Aa
A
1991
1996
1978
1996
1996
1996
1996
1996
2001
1996
1996
2001
1996
7.00
5.50
6.20
7.38
5.20
7.00
8.38
5.20
7.25
6.88
8.35
7.50
6.75
7..00
5,.50
6,.28
7 .38
5 .20
7 .00
8 .35
5 .20
7 .10
6 .95
8 .35
7 .40
6 .75
N.R.
Ba
-
A
Ba
Aaa
Baa
Ba
Aa
Aaa
A
A
Baa
TABLE 6: Large Long-term Public Security Issues for New Capital
(Other than U.S. Treasury) 1
March 1, thru March 26, 1971
ISSUER
TYPE2
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
COUPON
RATE OR
NET INTEREST COST
OFFERING
YIELD
MOODY'S
RATING
Corporates
Levi Strauss Co.
Florida Gas Transmission Co.
Texas Utilities Co.
U. S. Home & Dev. Corp.
Columbia Gas System Inc.
Chemical N e w York Corp.
Maine Yankee Atomic Pwr. Co.
Walgreen Co.
Bankers Trust Co.
Abbott Laboratories
Phillips Petroleum
Maine Yankee Atomic Pwr. Co.
General Tel. & Elec. Corp.
Gen'l Elec. Co.
Pet Inc.
American Airlines Inc.
Morgan Guaranty
Duquense Light Co.
Ford. Motor Credit
Ford Motor Credit
American Can Co.
Ralston Purina Co.
Rochester Tel. Co.
Pacific & Foundry Co.
Swift & Co.
Duke Pwr. Co.
Com. Stk.
1st. Mtg.
Pipe Line
S.F. bds.
Com. Stk.
Com. Stk.
Debs.
Cony., Debs.
1st. Mtg.
S.F.
Conv. Debs.
Notes
Debs.
S.F. debs.
Debs.
Com Stk. \
S.F. debs.
Debs.
Ctfs.
Cap. Notes
1st. Mtg.
Debs.
Notes
Debs.
S. F. debs.
1st. Mtg.
Debs.
Notes
1st. & Ref.
Mtg.
50.3
18.0
43.0
23.0
75.0
50.0
50.0
30.0
75.0
60.0
200.0
15.0
142.9
200.0
35.0
32.0
100.0
35.0
75.0
125.0
75.0
50.0
30.0
15.0
50.0
100.0
8.75
8.75
—
--
--
—
--
--
1996
1996
8.38
5.50
8.33
5.50
A
2002
1991
1996
1996
2001
1976
8.50
5.50
7.65
7.68
7.63
7.50
8.40
5.50
7.65
7.67
7.67
7.50
A
Baa
1991
V
--
-•»
--
1996
1991
1989
1978
2001
1991
1978
2001
1996
2001
1996
1978
7.50
8.00
10.00
6.38
7.88
8.50
6.88
7.75
7.70
7.63
8.10
7.38
7-50
8.00
10.00
6.38
7.83
8.50
6.77
7.79
7.70
7.50
8.10
7.38
2001
7.50
7.42
Baa
—--
-- •
•
Aa
Aa
Baa
--
Aaa
-•* mt
Aa
' —
A
A
A
Aa
A
Baa
Aa
T A B L E 6:
16
Large Long-term Public Security Issues for New Capital (continued)
(Other than U.S. Treasury)'
;
ISSUER
TYPE 2
AMOUNT
(MILLIONS
OF
.
DOLLARS)
MATURITY
COUPON
RATE OR
NET INTEREST COST
March
OFFER
[%(:
YIELD
MOODY'S
RATING
State and Local
Washington St. Bd. Comm.
College Ed.
Rev.
San Antonio, Tex.
G.O.
Suffolk \Co., N. Y.
G.O.
Birmingham Wtr. Works Board,
Alabama
Rev.
Broward Co. S/D, Fla.
G.O.
Dallas, City of
G.O.
Dallas, Texas
G.O.
Atlanta, Ga.
* Rev.
Maryland, State of
G.O.
New York St. Dorm. Auth.
G.O.
New York St. Dorm. Auth.
G.O.
Hempstead, N. Y.
G.O.
Milwaukee, Wise.
G.O.
Roanoke, Va.
G.O.
Clarkstown, N. Y.
G.O.
Puerto Rico Urban Rev. & Hag. Corp.
G.O,
Oakland Co., Mich.
G.O.
Balto., Md.
G.O.
Colorado Springs, Colo.,
Rev.
Newark, N.ak
G.O.
East Allen SBC, Ind.
Rev.
Kentucky Turnpike Auth.
Rev.
Kentucky Turnpike Auth.
Rev.
Hartford Co. Metro Dist., Conn, G.O.
Hartford Co. Metro Dist. Conn. G.O.
G.O.
University, K.Y.
Orlando Utilities Com., Fla.
Rev.
Greater Anchorage, Alaska Area
Borough
G.O.
21.0
1974-2001
6.04
3.25-6.30
—
13.0
16.6
1974-91
1972-2000
4.55
2.75-5.10
2.50-5.70
Aa
A
11.0
18.6
27.0
14.1
23.5
56.3
6.0
23.5
17.9
12.8
10.1
12.7
1972-96
1977-88
1971-90
1972-91
1972-01
1974-86
1972-2001
1972-2001
1972-97
1972-86
1972-91
1972-08
5.20
4.90
4.65
4.57
6.08
4.20
5.90
2.75-5.80
3.75-5.10
2.25-5.30
2.40-5.90
2.90-6.60
2.75-4.60
2.70-6.30
2.70-6.30
2.50-5.75
2.30-4.70
2.40-4.90
2.60-6.15
A-l
A
Aa
Aa
Baa
19.2
13.3
35.2
22.0
18.8
11.0
19.0
70.0
19.1
8.0
12.1
20.0
1974-96
1972-00
1971-91
1976-95
1972-91
1974-94
1975-90
2010
1971-00
1971-80
1972-09
1972-96
5.41
5.39
4.66
, 4.80
10.0
1972-81
—
x5'90
f 4.78
4.10
4.52
—
:
4.80
6.49
6.49
4.59
3.10*• —
2.25-5.00
3.10-5.30
2.25-5.50
2.70-5.40
3.60-6.10
—
-—»
——
A
Aaa
Aa
Baa
A
A-l
Aaa
Aa
Aa
Aa
. ——
Aaa
6.17
5.07
2.10-5.10
2.10-3.85
2.75-6.50
2.40-5.20
4.58
2.75-4.80
Baa
—
A
Aa
thru-March 26, 1971
. .,-Ss0ei4. wm-rWR,—- ••«...
11
TABLE 6: Large Long-term Public Security Issues for New Capital
(Other than U.S: Treasury)1
thru March 26, 1971
ISSUER
TYPE2
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
COUPON
RATE OR
NET INTEREST COST
OFFERING
YIELD
MOODY'S
RATING
State and Local
Hawaii, State of
Louisiana State Off. Bldg. Corp.
South Carolina, State of
Buffalo, N. Y.
New Jersey, State of
Henderson, Ky.
Henderson, Ky.
Cincinnati, Ohio
California
St. Louis Co., Mo.
Penna., State of
Penna., State of
Rev.
Rev.
G.O.
G • 0.
G.O.
Rev.
Rev.
G. 0.
G.O.
G.O.
G.O.
G.O.
Akron, Ohio
Rev;
Bergen Co., N. J. Swr. Auth.
Rev.
Wisconsin, State of
G. 0.
University of Mass.
Rev.
N. Y. State Pwr. Auth.
Rev.
N. Y. State Pwr. Auth.
Rev.
Los Angeles Reg. Arpt. Imp. Corp.,
California
Rev.
Clarkstown CSD #1 N. Y.
G.O.
Clark Co. Nev. S/D
G.O.
30.0
25.0
38.7
22.1
75.0
27.7
48.3
16.1
10.0
17.4
50.0
50.0
1976-96
1973-92
1971-86
1971-99
1976-01
1975-91
2003
1972-91
1972-91
1972-86
1973-11
1973r00
10.0
40.0
19.5 ...
27.1
24.5
85.0
1972-96
1973-09
1972-91
1972-03 .
1986-95
2010
46.5
13.4
13.0
1972-85
1971-98
1972-91
6.47
5.80
4.11
4.77
6.65
6.65
4.69
4.45
4.13
5.11
5.11
4.79
5.57
4.05
5.03
—
4.00-5.75
j3.00-6.15
2.15-4.50
2.25-5.50
3.10-5.40
——
3.60-6.30
2.50-5.50
2.25-5.40
2.20-4.50
2.70-5.80
2.70-5.80
2.40-5.10
2.70-5.50
2.20-4.50
2.25-5.25
4.70-5.30
5.69
Aa
Aa
Aa
Aa
Aa
A
A-l
Aa
Aa
A •
A
2.35-6.00
3.00-6.25
Baa
Baa
—
——
7.23
6.11
A
Aaa
Aa
Aaa
TABLE 6: Large Long-term Public Security Issues for New Capital
(Other than U.S. Treasury) 1
March 1, thru March 26, 1971
ISSUER
Corporates (continued)
Ohio Bower Co.
Western Union Corp. z
Public Service Elec. & Gas Co.
Dayco Corp.
Hoover Ball*& Bearing Co.
TYPE2
Cum.pref.
stk.
Com. stk.
Cum.pref.
stk.
Conv. Sr.
Sub.
S.F. debs.
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
COUPON
RATE OR
NET INTEREST COST
OFFERING
YIELD
MOODY 1 S
RATING
Ba
15.0
48.5 .
50.0
20.0
1996
6.20
6.20
25.0
1996
8.38
8.40
/
TABLE 6: Large Long-term Public Security Issues for New Capital (continued)
(Other than U.S. Treasury)1
.
ISSUER
TYPE 2
AMOUNT
(MILLIONS
OF
DOLLARS)
MATURITY
March 1, thru March 26, 1971
COUPON
RATE OR
NET INTEREST COST
|
1 OFFERI
ING
| YIELD
®
MOODY'S
RATING
Other
Farmers Home Admin.
Nova Scotia (Province of)
Notes
Debs.
200.0
20.0
1981
1978
6.40
7.00
6.40
7.00
A
;
•
i
!
•
•
.
.
;i
!
i
i
*
1
2
3
flights offering.
Includes corporate arid other security offerings of $15 million and over;
State and local security offerings of $10 million and over.
In case of State and local government securities, G.O. denotes general obligation;
'<ev.-Ut., revenue obligations secured only by income from public utilities;
Rev. -Q. -lit. , revenue bonds secured only by income from quasi-utilities; Rev.-S.T. ,
revenue bonds secured by revenue from specific taxes only; R e v . - R e n t r e v e n u e
bonds secured solely by lease payments.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-quaranteed issues by Federal Agencies.
u
TABLE 7: Forthcoming Large Long-term. Public Security Offerings for New Capital
(Other than U.S. Treasury)1
ISSUER
Corporates
Avco Financial Serv. Inc.
U. S. Financial
New Jersey Bell Tel. Co.
O W e n s - I l l i n o i s Inc.
Dart Industries Inc.
R. J. Reynolds Indust. Inc.
General Tel. Co. of the S.W.
Burlington Northern, Inc.
Alabama Gas Co.
Monumental Corp.
Occidental Petroleum Corp.
Beneficial Corp.
Beneficial Corp.
Microdot Inc.
Central Tel. & Utility Corp.
Falcon Tankers Inc.
Gen'1 Tel. Co. of Ohio
Dayton Pwr. & Lt. Co.
Dayton Pwr. & Lt. Co.
Levitz Furniture Corp.
Southern Natural Gas Co.
Ohio Power Company
M a c k Financial Corp.
M a c k Financial Corp.
*Gulf Resources & Chemical Corp
*Central 111. Pub. Serv. Corp.
Feeders Corp.
La. Pwr. & Lt.
Balto. Gas & Electric
Colorado Interstate Corp.
W. T. Grant Co.
Atlantic City Elec. Co.
Fidelity Bank
Texas Electric Service Co.
Montana Power Co.
Michigan Wisconsin Pipeline
Union Elec. Co.
Michigan Wis. Pipeline Co.
111. Bell Tel. Co.
Jersey Central Pwr. & Lt. Co.
El Pasco Elec. Co.
Minn. Pwr. & Lt.
Northern Ind. Pub. Serv. Co.
TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
APPROXIMATE DATE
OF OFFERING
-
Debs.
Debs.
Debs.
Debs.
Debs.
Debs.
Bds.
1st. Mtg.
1st. Mtg.
Notes
Conv. debs.
Bds.
Bds.
Notes.
1st. Mtg.
Bds.
1st. Mtg.
1st. Mtg.
Pref. stk.
Com. stk.
Debs.
1st. Mtg.
Debs.
Notes
Debs.
Bds.
Conv. debs.
1st. Mtg.
1st. Mtg.
Debs.
Debs.
1st. Mtg.
Debs.
1st. Mtg.
Bds.
Bds.
Bds.
Bds.
Bds.
Debs.
1st. Mtg.
1st. Mtg.
1st. Mtg.
50.0
35.0
125.0
100.0
60.0
100.0
40.0
60.0
16.0
20.0
100.0
25.0
50.0
20.0
20.0
14.0
20.0
45.0
20.0
32.1
50.0
40.0
25.0
25.0
20.0
35.0
50.0
25.0
60.0
25.0
100.0
27.0
30.0
25.0
25.0
40.0
50.0
40.0
200.0
21.0
16.0
23.0
50.0
March 29
March 29
March 3 0
March 3 0
March 30
March 31
March 31
March
March
March
March
March
March
March
March
March
March
March
March
March
March
April 1
April 1
April 1
April 5
April 5
April 5
April 6
April 6
April 7
April 7
April 12
April 12
April 13
April 14
April 15
April 15
April 15
April 20
April 20
April 21
April 22
April 28
15
TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury)1
(continued)
ISSUER
TYPE
March 2 6 , 1 9 7 1
AMOUNT
(MILLIONS
OF
DOLLARS)
APPROXIMATE DATE
OF OFFERING
30.0
120.0
25.0
15.0
35.0
25.0
25.0
100.0
200.0
50.0
200.0
100.0
April
April
April
April
April
April
April
April
April
May
1
May
25
June
8
Corporates ("continued)
Brown Shoe Co.
Lord Abbett-Bd.-Deb Fund Inc.
American Fletcher Corp;
Kentucky Utilities Co.
Kentucky Utilities Co.
National Homes Corp.
Armstrong Rubber Co.
Indiana Bell Tel. Co.
Kennecott Copper Corp.
McGraw-Edison Co.
New England Tel. & Tel. Co.
Western Elec. Co.
State and Local
Inglewood-L.A. Co. Calif.
Civic Center Auth.
Smithtown Cen. S/D/ #1 St.
James, N. Y.
Maui Co., Hawaii
Michigan, State of
West Virginia, State of
Stamford, Conn.
Dade Co. Port Auth., Fla.
San Bernardino, Calif.
Redevp. Agency
Cleveland City Sch. Dist.
Oakland Co., Mich.
Monmonth Co., N. J.
Municipality of Metro Seattle,
Washington
Greensboro, N. C.
Oregon, State of
Texas Water Development Bd.
Memphis, Tenn.
Minn., Minn.
Ohio, State of
Memphis, Tenn.
Kansas City, MO.
Howard Co., Md.
Mass. State of
Los Angeles Co. Flood Con.
Dist.
Nassau Co., N. Y.
Louisiana Stadium and Exp.
Dist,
Notes
Debs.
Debs.
Equity Sec.
1st. Mtg.
Conv. debs.
Debs.
Debs.
Debs.
S.F. debs.
Debs.
Debs.
•
Rev.
17.8
March 30
GavO*
G.O.
G.O.
G. 0.
G. 0.
Rev.
10.0
15.9
80:0
45.0
14.4
10.8
March
March
March
March
March
March
Bds.
G.O.
G.O.
G.O.
13.5
16.0
13.3
11.2
March
March
March
April
1
G.O.
G.O.
G.O.
Rev.
G.O.
G.O.
G.O.
G.O.
Rev.
G.O.
G.O.
20.0
11.0
47.5
25.0
25.0
11.1
75 .0
21.0
27.5
10.7
125.2
April
April
April
April
April
April
April
April
April
April
April
1
6
6
6
6
6
6
6
7
7
8
G.O.
G.O.
10.0
48.0
• April 13
April 20
Rev.
113.0
April 21
30
30
30
30
31
'
.»
its
TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury)1
March 26, 1971
ISSUER:
State and Local (continued)
Santa Clara Co., Calif Bldg.
Aufch.
Wayne, Township, N. J . S/D
Los Angeles Dept. of Wtr. & Pwr.
Sacramento, Calif. Municipal
Utility Dist.
Allegheny Co., Pa.
• TYPE
AMOUNT
(MILLIONS
OF
DOLLARS)
APPROXIMATE DATE
OF OFFERING
Rev.
G • 0.
Rev.
17.0
10.5
39.0
April
April
April
21
22
28
Rev.
G.O.
40.0
29.7
May
July
5
1
Debs.
70.0
March
31
Other
F. N. M . A.
Included in table for first time.
Includes corporate and other issues of $15 million and over; State and local
Government issues of $10 million and over.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.
17
Tables
STOCK PRICES AND VOLUME
STOCK PRICES1-
TRADMG VOLUME2'
DATE
NYSE INDEX 3 -
DJ.MDUSTRIALS
AMEX 4 -
NYSE
AMEX
1968 - High
Low
61.27(11/2)
48.66(3/5)
985.21(12/13)
825.13(3/21)
33.24(12/20] 17.1(7/12)
8.3(3/29)
21.97(3/25)
9.3(1/19)
2.9(3/29)
- High
Low
50.32(5/14)
49.31(7/29)
968.85(5/14)
769.93(12/17)
32.91(1/3)
25.02(7/29)
16.5(3/29)
8.6(8/29)
8.0(1/31)
3.6(11/21:
- High
Low
52.36(1/5)
37.69(5/26)
842.00(12/29)
631.16(5/26)
27.02(1/8)
19.36(5/27)
18.5(12/4)
7.8(8/14)
7.1(1/2)
1.8(8/14)
54.47
54.83
55.69
55.19
898.00
898.34
912.92
903.48
25.71
25.88
26.14
26.04
16.5
18.3
18.3
15.6
5.6
6.4
6.1
i
* "
t
- Mar.
5
12
19
26
NOTES:
1.
Figures other than high* 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 27-1/2 hours per week.
In recent years, however abbreviated trading to the extent, and over the time periods, shown below:
Days/
Through;
Week
Weekl'
January 3, 19*9
July 7, 1969
January 2, 1970
3.
. 4.
July 3, 1969
December 31, 1969
May 1, 1970
12/31/65 - 50
Average dollar value of shares listed.
4
4-1/2
5
5
5
5
22-1/2
25
18
^
TABLE 9: Security Credit
END OF PERIOD
CREDIT EXTENDED TO
MARGIN CUSTOMERS BY:
BROKERS1 | BANKS2 J TOTAL
CUSTOMERS1
NET DEBIT
BALANCES
NET CREDIT
CUSTOMERS' NET EXTENDED BY
BROKERS AND
FREE CREDIT
DEALERS 3
BALANCES
.'A
Outstanding:
j
I
1970 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
2,626
2,563
2,441
2,241
2,222
2,009
(5)2,180
2,083
2,236
2,163
2,197
2,286
4,680
4,570
4,520
4,360
4,160
4,150
3,800
3,810
3,920
4,010
4,010
4,030
2,430
2,370
2,370
2,330
2,290
2,290
2,290
2,300
2,330
2,270
2,320
2,330
7,110
6,940
6,890
6,690
6,450
<3,150
6,090
6,110.
6,250\
6,280
6,330
6,360
6,683
6,562
6,353
5,985
5,433
5,281
(4)
(4)
(4)
(4)
(4)
(4)
4,000
2,300
6,300
(4)
2,452
(4)
-150
- 40
-762
-121
-209 -368
-552
-152
-177
-163
- 22
-193
- 26
-213
171
97
153
- 73
34
89
-585
41
-187
-IIS
-51$
- 61
4,057
4,Off
3,912
3,714
3,211
3, m
(4)
(4)
(4) r
(4)
(4)
(4)
1
1
1
1
I
B
|
i
i.
Change in
Outstanding:
1970 - Jan.
Feb.
Mar.
Apr.
May
June
July •
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
-290
-110
- 50
-160
200
- 10
-350
- 10
110
90
2
18
10
30
- 60
50
10
-440
-170
- 50
-200
240
-300
- 60
- 20
140
30
52
28
-30
-30
-60
- 40
- 40
-—
-——
-—
-
iE
i
---
A
—
-—
—
.
166
Margin debt, as reported by the New York Stock Exchange. Although margin debt
until March 1968 included loans secured by U.S. governments, the amount of such
loans included is thought to have been small.
2
"Bank loans to others than brokers and dealers for purchasing or carrying securities other than U.S. governments."
3
The difference between customers' net debit balances and customers'net free credit balances, this figure represents the net credit extended by brokers and
dealers to the nonfinancial public.
NOTE: With the exception of bank loan data, figures are supplied by the New York
Stock Exchange and are end of month data. Bank loans are for weekly reporting
large commercial banks. Broker data includes loans for regulated securities; bank
data includes loans for the purpose of purchasing or carrying any security, whither
regulated or not.
|
I
|
TABLE 10: Savings Flows at Nonbank Depositary Intermediaries
($ millions)
DATE
MUTUAL SAVINGS BANKS
NET
REGULAR DEPOSITS 3
NEW
ANNUAL
MONEY 2
GROWTH
NET
1
RATE
FLOW
SAVINGSfitLOAN ASSOCIATIONS
NET
SHARE CAPITAL
NEW
ANNUAL
2
MONEY
NET
GROWTH
FLOW
RATE 1
19
TOTAL
DEPOSITS
ANNUAL
NET
GROWTH
RATE 1
FLOW
NET
NEW
MONEY 2
Not Seasonally Adjusted
4,203
2,549
4,466
1968
1969
1970
1969
1970
1970
1971
• Dec.
• Jan.
Feb.
•Declo/
' Feb.V
571
-114
246
7. 0
4.,0
6.,7
—
1,167
798
900
1,143
-763
936
7,432
4,200
11,173
-237
-240
160
1,085
-1,417
205
376
631
800
2,816
2,475
2^363
6,,0
3,,2
8.,2
\
-•
2,738
-1,003
5,295
11,635
6,749
15,639
-387
-1,418
177
1,161
-'•M
1:342
6.3
3.4
7.7
3,881
-1,766
6,231
-624
1,656
Mj58
1,537
3,983
5-jS
5;!S
Seasonally Adjusted
1970 - Sept.
Oct.
Nov.
Dec.
1971 - Jan.
E/
Feb.
426
437
540
796
885
939
7.4
7.6
9.3
13.6
15.0
15.7
1.,321
1,,415
1,,130
1 ,740
3 ,540
2 ,391
11.3
12.0
9.5
14.5
29.1
19.2
1,747
1,852
1,670
2,536
4,425
3,330
10.0
10.6
9.4
14.2
24.5
18.1
Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.
Net New Money is new deposits net of both withdrawals and interest. Data for S&Ls are for
insured associations only, which represent 96% of industry total resources.
Regular deposits at mutual savings banks exclude items such as Christmas club and certain
escrow accounts, which represent a very small part of total deposits.
SOURCE: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.
NOTE: Data shown above reflect revised seasonal adjustments. - S6L data (unadjusted) have been
revised from benchmarks.
/
I
\
TABLE 11: Mortgage Commitments at Selected Thrift Institutions 1
\
DATE
TOTAL
OUTSTANDING COMMITMENTS
ALL
MUTUAL
SAVINGS &
SAVINGS
\ LOAN
BANKS
(N.Y. STATE)
ASSOCIATIONS
NET CHANGE
ALL
TOTAL
SAVINGS &
LOAN
ASSOCIATIONS
(Billions of Dollars, S< fasonally Adjusted) 1/
- Jan.
Feb.
Mar.
Apr.
May
June
Aug.
Sept.
Oct.
Nov.
Dec,
8.3
8.0
7.6
7.8
8.Q
8.6
8.8
9.1
9.4
9.7
10.0
5.7
5.5.
5.2
5.4
5.8
6.5
6.8
7.1
7.5
7.8
8.1
- Jan.
10.5
8.4
1
I
1
-
2.6
2.5
2.5
2.4
2.2
2.0
2.0
1.9
1.9
1.9
1.9
-,14
-.27
-.29
.08
.20
.37
.21
.26
.31
.28
.06
2.1
-.26
\
MUTUAL
SAVINGS
BANKS
(N.Y. STATE)
-.18
-.20
-.24
.21
-34
.41
.29
.36
.37
.35
.28
.04
-.07
-.05
-.13
-.14
-.04
-.08
-.10
-.06
-.07
-.22
.25
-.51
Based on data from Federal Home Loan Bank Board and Savings Banks Associations of
New York State. Data for savings banks and S&L's include a minor amount of nonresidential commitments. S&L commitments include loans in process. Net changes
are derived directly from unrounded outstandings levels as reported and after
seasonal adjustment by Federal Reserve. Subtotals may not add -to totals because
of rounding.
21
' V.
TABLE 12: Net Change in Mortgage Holdings1
I
DATE
TOTAL
INCLUDING
FNMA-GNMA
TOTAL
FINANCIAL INSTITUTIONS
MUTUAL
SAVINGS &
COMMERCIAL
SAVINGS
LOAN
BANKS
BANKS
ASSOC.
1
LIFE
INSURANCE
COMPANIES
FNMA-GNMA
Not Seasonally Adlusted
18,105
20,0X6
23,781
24,051
15,78?
18,219
21,273
19,676
4,705
4,639
6,677
5,535
2,720
3,153
2,787
2,682
3,761
7,520
9,350
9,407
4,596
2,907
2,459
2,052
2,323
1,797
2,508
4,375
1969 - Nov.
- Dec.
1,636
2,120
1,042
1,475
300
200
151
325
450
533
141
417
194
645
1970 - Jan.
1,041
437
50
38
136
213
604
1970 - Nov.
- Dec.
2,178
2,763
1,925
2,615
300
200
183
254
1,322
1,666
120
495
253
148
n.a.
100
238
, 967
n.a.
n.a.
919
1,044
809
844
1,050
1,281
1,575
1,409
1,727
1,754
1,958
2,456
231
199
140
76
65
81
165
168
228
195
224
312
1966
1967
1968
1969
J 1971 - Jan.
; 1970 - Jan.
Feb.
Mar.
Apr.
Hay
•
June
^
July
Aug.
Sept.
}
Oct.
Nov.
Dec,
1,469
1,542
1,330
1,351
1,485
1,749
2,083
1,817
2,091
2,074
2,187
2,556
• 1971 - Jan.
n.a.
I
283
Seasonally Adlusted
25
452
143
482
322
186
188
385
155
631
201
777
142
1,055
175
983
245
1,103
170
1,189
176
1,427
208
1,704
224
1,287
211
220
161
195
199
222
213
83
151
200
131
232
n.a.
550
498
521
507
435
468
508
408
364
320
229
100
J
n.a.
Monthly data for commercial banks based on Federal Reserve estimates benchmarked
to Call Report data on real estate loans outstanding as available. Other data
derived from mortgage debt outstanding as reported separately by National Assn.
of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance
and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual
savings banks and for Life Insurance companies may differ somewhat from those
derived from regular quarterly series because of minor conceptual differences^for
which adjustments are not made in the monthly series. Altogether, these groups
accounted for 87 per cent of the net increase estimated for all holders in 1969.
TABLE 13: Net Increases in Mortgage Debt Outstanding
1
Billions of dollars, SAAR QUARTER
!
j
|
TOTAL
RESIDENTIAL^
1- to 4FAMILY
MULTIFAMILY
COMMERCIAL
MULTI-AND
COMMERCIAL
FARM
5.5
4.1
8.2
6.0
2.2
1.8
7.3
8.4
8.8
8.4 *
1.8
1.8
2.5
2.8
1966 - II
IV
18.6
15.1
10.9
9.1
8.3
7.0
2.6
2.1
1967 - I
If
III
IV
15.9
20.7
26.6
27.3
It).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
1968 - I
ii
in
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 p
IIP
IIIp
IV p
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
1.8
1.4
1970 - I p
I*>
IIIp
IVe
20.3
23.4
27.0
29.5
13.8
16.9
21,0
22.5
8.8
11.5
15.0
16.6
5.0
5.4
6.1
5.9
5.0
5.0
4.2
4.7
9.8
9.8
10.2
10.7
1.5
1.5
1.7
2.2
/
L-—-—
-
%
'
-
1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance l
Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, NaI
tional Association of Mutual Savings Banks, Departments of Commerce and Agri- ?
culture, Federal National Mortgage Association, Federal Housing Administration*
Veterans Administration arid Comptroller of the Currency. Separation of nonf
farm mortgage debt by type of property, where not available, and interpolation^'
and extrapolations, where required, estimated mainly by Federal Reserve
• r
2 May differ somewhat from related flow of funds series mainly because of'more
I
aggregative type of seasonal adjustment.
f
3 Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family
1
and multifamily mortgage debt combined.
23
TABLE 14: FNMA Weekly "Auction" Results
COMMITMENTS IN $ MILLIONS
IMPLICIT YIELD 2 (per cent)
ACCEPTED
1-YEAR 1
901-YEARH
TOTAL
TOTAL
9066& OVER
OFFERED
DAY
MONTH & OVER
DAY
MONTH
WEEK
ENDED
Oct.
5
19
267.5
352.5
149.8
149.7
62.2
53.2
73.1
88.1
14.5
8.4
8.90
8.89
8.92
8.90
8.97
8.95
Nov.
2
16
341.5
222.4
181.2 100.1
170.3 75.8
62.4
79.4
18.7
15.1
8.90
8.89
8.93
8.90
8.93
8.92
Dec.
7
14
28
166.5
165.5
60.6
127.8
124.7
48.1
54.7
42.1
17.2
60.9
72.1
28.9
12.2
10.5
3.0
8.56
8.51
8.41
8.54
8.43
8.36
8.57
8.47
8.40
Jan.
25
44.6
35.5
9.9
25.6
--
7.83
7.96
Feb..
8
23.4
23.3
10.6
12.7
—
7.67
7.67
Mar.
1
15
186.0
193.5
51.8
74.0
15.2
17.9
29.3
41.2
7.43
7.33
7.43
7,45
;
7.3
14.9
mm
—
7.56
7.55
Note: Under the FNMA auction system, approved sellers of Governmentunderwritten mortgages bid for FNMA forward purchase commitments, subject to an over-all dollar limit announced by FNMA in advance. Bids
accepted by FNMA are for delivery at the seller's option, and at any
time within the specified period. Bids on proposed homes relate to
construction not yet started on which mortgages may be delivered only
after completion and occupancy.
1
For "proposed construction" of new homes only.
2
Average secondary market yield after allowance for commitment fee and
required purchase and holding of FNMA stock, assuming prepayment of
15 years for 30-year Government-underwritten mortgages. Yields shown
are gros.s, before deduction of 38 basis points fee paid by investors
to servicers. Prior to August 10, 1970 the servicing fee was 50 basis points.
24
TABLE 15: Private Housing Starts and Permits
STARTS
DATE
1970 - Jan,
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1971 -
Jan
-f/
Feb"
SEASONALLY ADJUSTED
ANNUAL RATE
TOTAL 1-FAMILY 2 OR MORE
1,059
1,306
1,392
1,224
1,242
1,393
1,603
1,425
1,509
1,583
1,693
2,054
577
725
708
697
728
835
827
838
881
890
934
1,240
TOTAL
UNADJUSTED
TYP E OF FINANCING
FHA VA
OTHER
BUILDING
PERMITS
(SEASONALLY /
ADJUSTED
ANNUAL
RATE)2
482
581
684
527
514
558
776
587
627
693
759
814
66.4
74.3
114.7
128.4
125.0
135.2
140.8
128.7
130.9
140.9
126.9
119.9
16.5
17.5
25.2
32.4
37.1
40.7
43.4
34.1
34.3
40.4
33.7
63.2
3.4
3.9
4.8
5.4
5.2
5.1
5.3
5.6
5.3
5.8
5.5
5.7
46.5
52.9
84.7
90.6
80.8
89.4
92.1
87.7
91.3
94.7
87.2
51.0
1,050
1,119
1,085
1,177
1,309
1,285
1,309
1,378
1,388
1,523
1,487
1,768
109.1
99.6
32.3
4,6
72.2
1,635
1,622
1,709
937
772
1,715
975
740
... Total starts are Census estimates including farm for both permit-issuing and
• nou-issuing areas. A dwelling unit is started when excavation begins; all units
in an apartment structure are considered started at that time. FHA and VA
starts are units started under commitments by these agencies to insure or guarantee the mortgages. As reported by FHA and VA, a unit is started when a field
office receives the first compliance inspection report, which is made before
footings are poured in some cases but normally after the foundations have been
completed. Other starts are derived as a residual, although total and FHA and
VA starts are not strictly comparable in concept or timing; other starts include both units financed by conventional mortgages and units without mortgages.
Building permits before January 1963 are Census estimates for about 10,000 areas
identified as having a ^ocal building permit system in 1959. Estimates beginning
January 1963 are for approximately 12,000 and beginning January 1967 13,000, or
all known permit-issuing places. Unlike starts, seasonally adjusted building permits reflect direct adjustment for differences in the number of working days per
month, as well as other differences in timing and coverage.
25
TABLE 16: Mortgage and Bond Yields *
FHA
MORTGAGES
2
DATE
30-YEAR
CONVENTIONAL
MORTGAGES
3
SPREAD BENEW
TWEEN YIELDS Aaa CORON CONV. & .
PORATE
FHA MORTBONDS
GAGES
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 - Oct.
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 - Jan.
Feb.
mmmm
7.95
7.75
7.24
7.28
....
1
2
3
4
n.a.
Neither mortgage nor bond yields include allowance for servicing costs which are
much higher for mortgages than for bonds. Generally, bonds pay interest semiannually; mortgages, monthly. Mortgage yields, if computed as equivalent to
a semi-annual interest investment, would be slightly higher than given in the
table.
Based on FHA-field-office opinions about average bid prices in the private
secondary market for new-home mortgages for immediate delivery. Data shown
are for 30-year mortgages with minimum downpayments, and weighted by probable
volume of transactions. Yields computed by FHA, assuming prepayment period
of 15 years for 30-year mortgages. Dashed lines indicate periods of adjustment to changes in contractual interest rates.
Based on FHA-field-office opinion on typical interest rates (rounded) on conventional first mortgages prevailing in the market areas of insuring officecities. Beginning with April 1960, rate relates only to new-home mortgages;
prior to that date, rate related to both new as well as existing-home mortgages. Dashed line indicates this change in the series.
See note for Table 1.
26
TABLE 17: Conventional Mortgage Terms *
NEW HOMES
CON- FEES &
TRACT CHARGES EFFEC- MATURITY
RATE
(PER
TIVE
(YEARS)
(PER
CENT) RATE
CENT)
2
3
8.16
1.08
8.23
8.29
8.24
1.09
8.28
8.31
8.32
8.35
8.31
8.33
8.26
8.20
0.98
1.03
1.05
0.99
1.07
8.34
8.41
8.47
8.41
8.45
8.48
8.49
8.52
8.48
8.51
8.43
8.38
1.11
1.02
0.98
0.99
1.01
25.0
24.2
25.0
24.8
25.3
25.1
25.1
24.8
25.2
25.1
25.3
25.8
LOAN/
PRICE
RATIO
(PER
CENT)
LOAN
AMT.
($000)
4
69.3
71.8
71.1
71.3
71.7
71.3
71.5
71.6
72.7
72.4
72.1
73.8
25.1
24.9
25.1
24.5
25.3
25.6
24.9
25.5
25.3
24.8
25.2
25.8
26.£
26.6
EXISTING HOMES
CON- PEES &
LOAN/
TRACT CHARGES EFFEC- MATU- PRICE
(PER
RATE
TIVE
RITY RATIO
(PER
CENT) RATE (YEARS) (PER
CENT)
2
CENT)
3
LOAN
AMT.
($000)
4
8.13
8.23
20.5
20.4
8.26
8.19
8.18
8.19
8.21
8.25
8.27
0.94
1.02
0.98
0.90
0.94
0.98
0.95
0.89
8.29
8.41
8.43
8.34
8.34
8.36
8.37
8.41
8.42
8.35
8.32
22.4
22.4
22.6
22.7
22.8
23.0
23.1
23.1
70.3
70.2
70.4
70.2
70.3
71.5
71.5
71.7
71.7
71.5
71.5
71.9
8.20
0.88
0.88
8.12
0.85
0.85
8.26
7-94
7.67
0.82
8.08
23.5
72.5
0.78
7.80
24.0
73.2
8.18
22.8
22.8
22.7
23.3
.
20.6
20.4
21.1
21.5
21.7
21.4
21.0
20.5
21.1
21.7
1971
Jan.
8.03
0.92
8.18
25.8
73.3
Feb.£/
7.75
1.01
7.92
26.3
74.0
22.0
22.5
Compiled by Federal Home Loan Bank Board in cooperation with Federal Deposit Insurance
Corporation. Data are weighted averages based on probability sample survey of characteristics of conventional first mortgages originated by major institutional lender
group s^(including mortgage companies) for purchase of single family homes. Data exelude loans for refinancing, reconditioning or modernization; construction loans to
home-builders; and permanent loans which are coupled with construction loans to ownerbuilders. Related series on conventional mortgage rates only, based on unweighted
opinions of field-office directors of the Federal Housing Administration, are available
somewhat sooner than the results of the FHLBB-FDIC survey, and are included-in the case
of new home mortgage rates—in Table 16.
f
'
^
\
i*
.
|
Fees and charges--expressed as a percentage of the principal mortgage amount--include
loan commissions, fees, discounts, and other charges which provide added income to the
lender and are paid by the borrower. They exclude any closing costs related solely to
transfer of property ownership.
Includes fees & charges amortized over a 10 year period in addition to the contract
interest rate.
Derived by FRB.
*
@FedFRASER