Full text of H.16 Capital Market Developments : March 30, 1970

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

DECONTROLLED AFTER SIX HOOTS

.

L.5.8 Confidential. (F.R-K\ ^

/

March 30. 1 9 7 0 . ^ ' '

V

"
4 ^
CAPITAL oaP'>,A
MARKET
DEVELOPMENTS

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




INDEX
3-5

Developments in the Corporate and Municipal Bond Markets

6-7

Capital Market Yields

8-13

Capital MarkeTVolume

14-17

Stock Market

18-33

Mortgage Market

SYMBOLS:
e

Estimate

p

Preliminary

r

Revised

n.a. ; Not available




/

TABLE 1: Yields, Volume and Reception

YIELDS
MOODY'S
SEASONED
1
NEW ISSUE
Aaa

WEEK ENDING:

1970 - Feb.

. Mar.

6
13
20
27

8.63
8.40
8.32
8.20

7.97
7.97
7.93
7.83

206
140
408
297

100
86
96
81

842
1,065
1,039
980

6
13
20 |
27

8.25
8.52
8.76
8.74

7.79
7.80
7.88
7.92

370
470
410
460e

78
71
98
100

1,074
851
1,108
725

3j>/

n. a.

n.a.

750e

Apr.

YIELDS

MOODY'S
SEASONED

WEEK ENDING:

Aaa

1970 - Feb.

6
13
20
27

Mar.

6
13
20
27

Apr.

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

6.28
6.26
6.24
6.00
1

3j>/

' BOND BUYER
SEASONED 20
BOND INDEX
6.54
6.42
6.32
. 6.16

n. a.

MUNICIPAL BOND MARKET
VOLUME2
PER CENT
GROSS
SOLD BY END
OFFERINGS

, OF WEEK

n.a.

BONDS -SCHEDULED
WITHIN 28 DAYS

343
142
300
450

74
74
83
87

740
785
746
496

5.85
5.75
5.84
5.80

6.00
5.95
6.18
5.98

276
322
356
327

72
59
87
84

784
954
962
803

n.a.

n.a.

270e

n.a.

n. a.

1 Derived by adjusting t o a Aaa basis, new issues of publicly-offered corporate bonds
with call protection, rated A, Aa, or Aaa by Moody's Investors Service (except serial
and convertible issues, offerings of natural gas pipeline and foreign companies, and
bonds guaranteed by the Federal Government.).
2 Millions of dollars unless otherwise indicated.

Note:

See footnotes -to Table 3




TABLE 2: Details on Inventories
DATE
OFFERED

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

AMOUNT
(MIL. $)

ESTIMATED PROPORTION SOLD

NONE

OFFERED

DATE
| RELEXSED

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

NONE

INVENTORIES
•
MUNICIPALS
BLUE LIST
|
IN SYNDICATE

DATE
1970 - Feb.
-1

Mar.

27

339

6
13
20
272/

409
510
580
445

63
84 •
157
80
86

•

1

I

CORPORATES
IN SYNDICATE

; !

55

j
,

81
138
8
o

1

|
I

N.C. - No. call protection.

Digitized forAll
FRASER
figures in millions of dollars.
which is daily average o,' three days


Blue List is daily .average for week ended Fridav, except for latest week
ended Wednesday. All other figures are as of Friday.

BONDS IN SYNDICATE
Friday figures

,

Millions of dolla r s

CORPORATE BONDS IN SYNDICATE

200
100

MUNICIPAL BONDS IN SYNDICATE
300

200
100

DEC.

SEPT.

'68




MAR.

JUN.

SEPT;

DEC.

MAR.

1969

JUN.

1970

X

SEPT.

DEC.

TABLE 3: High Grade Bond Yields

• NEW '
CORPORATE
Aaa 1

DATE

'MOODY'S SEASONED
CORPORATE
Aaa 2

)

U.S. GOVERNMENT
20-YEAR .
CONSTANT
MATURITIES 3 ,

BOND
'
BUYER'S
SEASONED
' MUNICIPALS 4

1967 - High
Low

6.55(12/8)
5.11(2/10)

6.24(2/29)
5.00(2/10)

5.73(11/7)
4.48(1/20)

4.45(12/7)
3.40(2/2)

1968 - High
Low

7.02(12/13)
6.13(8/30)

6.55(1/27)
5.95(9/13)

5.90(1/20)
5.18(8/9)

4.85(1/26)
4.07(8/8)

8.85(12/5)
6.90(2/21)

7.84(12/26)
6.55(1/3)

6.97(12/26)
5.96(12/24)

6.90(12/18)
4.82(1/28)

8.25
8.52
8.76
8.74

7.79
7.80
7.88
7.92

6.60
6.77
6.85
6.66

6.00
5.95
6.18
5.98

1969 - High
Low
1970 - Mar.

1
6
13
20
272/

1

New corporate issues, with call protection, adjusted (as described in
footnote 1 of Table 1) to a Aaa basis.
2
Weekly average of daily figures. Average term of bonds included is
22-24 years.
!
3
Weekly average of daily figures.
1
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.




,

v

"

HIGH GRADE BOND YIELDS

NEW CORPORATE Aaa

MOODY'S
CORPORATE Aaa

U S. GOVT. 2 0 YR "
CONSTANT MATURITIES
BOND BUYER MUNICIPAL

1966




1967

1968

1969

1970

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

PERIOD

STATE AND LOCAL 2

1

1970

1969

196 8

January
February
March

2,400e
l,810e
3,500e

2,075
2,045
2,098

1,771
1,608
1,799

April
May ;
June

2,400e

2,748
2,076
2,530

1,428
1,866
2,411°

July
August
September

2,478
1,427
2,427

2,143
1,432
1,557

October "
November
December

1,933
. 2,375 .
2,532

2°, 129
1,767
2,054

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st half
Three quarters
Year

7,7l0e

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

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

13,572
19,904
26,744

10,882
16,015
21,965

.

1968

19 Z0 -7

196 9

!
j

1,320
1,206
l,350e

1,262
987
538

1,178
1,158
1,404

j

1,500

1,801
1,110
737

1,318
1,143
1,395

1,097
808
359

1,444

1,280
886
816

2,230
1,021
1,115

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

3,840
3,856
4,612
4,366

6^35
8,899
11,881

7,956
12,008
16,574

,

'
3,876e

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

Quarter
Quarter
Quarter
Quarter

Y ar

Note;

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

"

1
2
3

6,170

Securities and Exchange Commission -estimates of gross proceeds.
Investment Bankers Association of America estimates of-principal amounts.
Total gross proceeds excluding offerings of sales and consumer finance
companies.
. •
AT&T rights offering excluded from April estimate.




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

QUARTER
OR
MONTH

TOTAL

PUBLICLY
OFFERED

GROSS PROCEEDS BY
TYPE OF ISSUE
COMMON
MEMO:
AND
PRIVATELY PFD.
ISSUES INCLUDED
CONVERTIBLE
PLACED
STOCK
FOREIGN

1968 - IV
1969 - I
II
III
IV

5,951
6,218
7,354
6,332
6,840

2)555
2,657
3,411
3,186
3,479

1,922
1,540
1,623
1,347
1,053

1,474
2,023
2,268
1,797
2,307

1969 - Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1970 - Jan.
Feb. e

2,045
2,098
2,748
2,076 \
2,530
2,478
1.426
2.427
1,933
2,375
2,532
2,400
1,810

842
835
1,268
.871
1,272
1,279
685
1,222
969
1,164
1,346
1,550

395
509
649
510
514
609
259
479
313
226
514
300
300

807
755
830
694
744
589
482
726
651
984
672
550
450

1

1,060

113
215
227
289
115
74
38
62
28
137
132
122
.35
59
8
48
n.a.
n.a.

GROSS PROCEEDS BY
TYPE OF ISSUER
PUBLIC
UTILITY

OTHER
ISSUERS1

902
1,355
1,126
750
809

1,712
1,407
1,773
1,862
1,314

1,435
1,346
1,878
1,544
1,967

319
473
432
684
598

2,483
2,993
3,266
2,243
2,961

578
401
430
4,63
233
214
167
369
105
303
401
330
225

513
491
513
569
691
875
362
625
260
453
601
800
500

315
404
784
392
702
493
507
544
745
622
600
650
480

56
231
44
197
191
286
126
272
120
201
277
125
220

1,161
972
1,405
915
946
826
433
984
808
1,099
1,054
825
610

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




COMMUNICATIONS

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

MYPE '
Corporate

MATURITY

COUPON
RATI: OR
KKL L-.THR1 ST COST

MOOMY'
RAT IM

OFFERING
Y1HL1)

\

Baxter Laboratories, Inc.
Aluminum Co. of Canada Ltd.
Kansas Gas & Elec. Co.
Fruehauf Finance Company
Pacific Gas & Elec. Co.
Mack Financial Corporation
Chrysler Corporation
Chrysler Corporation
U.S. Lines Inc.
C&P Telephone of Virginia
Michigan Wisconsin Pipe
Line
VEPCO
^Standard Oil Co. (Jersey)
Pitney-Bowes, Inc.
Duquesne Light Co.
Texas Elec. Serv. Co.
Allegheny Ludlum Steel
Corporation
*South Caroline Elec. & Gas
Company
Public Service of Indiana
Connecticut General Mtg.
and Realty Inc.
Public Service Elec. & Gas
Company
General Telephone Co. of
Southwest
Baltimore Gas & Elec. Co.
Crown Zellerback
Connecticut General Mtg.
and Realty Inc.
Central Telephone & Util.
Corporation
Southern Calif. Edison Co.
FRASER

Digitized for


AMOUNT
(MILLIONS
OF
DOLLARS)'

Conv. debs,
60.0
Debs.
100.0
1st mtg.
40.0
Notes
50.0
1st & Ref.
75.0
Sr. debs.
40.0
S.F. debs.
100.0
Notes
100.0
Merchant Marine 32.0
Debs.
75.0

1990
1995
2000
1975
2002
1990
1995
1975
1991
2010

4..75
9.,50
8.,50
8,,70
8.,63
9.,63
8,.88
8,.75
8,.63
8,.75

4.75
9.37
8.50
8.70
8.55
9.63

Bonds
40.0
Com. stk.
74.3
Cap. notes
387.1
Com. stk.
28.4
1st mtg.
30.0
Pfd. cum. !stk. 20.0

. 1990

9,.25

9.25

2000
2000

8,.75

8.77

1995

9 .00

8.95

18.8
40.0

1974

8. 20

8.00

Conv. sub. debs.60.0

. 1990

6. 75

100.0

2000

9. 13

9% 00

1st mtg.
1st & ref.
3.F. debs.

26.0
40.0
125.0

2000
1974
2000

9.25
8. 50
8. 88

-9.25
8.25
8.82

Benf. int.

60.0

S.F. debs.
Com. stk.°
1st mtg.

1st mtg.

40.0
"

.

3um. pfd. stk.

20.0
50.0

Ba
A
Aa
N.R.
Aa
N.R.
A
A
Aaa
Aaa

8.88

8.75
8.63
8.65

A

A

Aa

—

N.R.
Aa
9

A
Aaa
A

TABLE 6: Large Long-term Public Security Issues for New Capital
(Other than U.S. Treasury)1
March 1, through March 27, 1970.

(continued)

ISSUER

TYPE 2

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

' COUPON
RATI: OR
KEI L.TER1 ST COST

OFFERING •
YIELD

MOOHY' .
RAT IN*.

Corporate(continued)
Pennsylvania Pwr. & Light
Atlantic City Elec. Co.
International Paper
Texas Gas Transmission
Atchinson Topeka & Santa Fe
Railway
Utah Pwrr. & Light Co.
Montana Power Company
Iowa Public Service Co.
Mallinckrodt Chemical
Works
University Computing Co.
Tenneco Inc.
Honeywell, Inc.

1st mtg.
1st mtg.
S.F. debs.
Debs.

2000
50.0
50.0 . 1975
1995
150.0
1990
50.0

9.00
8.20
8.85
9.50

8.90
8.20
8.85
9.55

Aa
Aa
A
Baa

Equip, trust
1st mtg.
1st mtg.
1st mtg.

37.0
30.0
30.0
25.0

1985
2000
1974
2000

8.75
9.50
8.25
9.00

8.75
9.10
8.10
8.90

Aa
A
Aa
A

Conv. debs.
Conv. debs.
Com. stk
Com. stk.

15.0
40.0
64.9
7b. d

1995
1995

5.75
7.20

5.75
7.16

Baa
N.R.

G.O.
G.0.
G.O.
G.O.
G.0.
G.O.
G.O.
G.O.
G.O.

12.0
30.4
10.0
13.4
18.0
45.2
11.5
55.0
30.0

1974-77
1972-96
1972-94
1971-85
1971-81
1973-85
1971-80
1971-95
1971-82

Rev.
Rev.
G.0.

10.0
19. Qi
75.0

1972-91
1971-1998
1973-95

5.35
6.20
5.39

4.20-5.50
4.20-6.40
4.30-5.90

Aaa
A
Aaa

G.O.
G.O.

80.0
10.2

1974" 2013
1971-90

6.59
6.35

4.90-6.60
4.60-6.50

A
A

G.O.

13.4

1972-98

6.95-6.81

5.15-7.20

Baa

State & local Government
Minnesota, State of
Cleveland, Ohio
Charlotte, North Carolina
Detroit, Michigan
Detroit S/D, Michigan
Maryland, State of
Alaska, State of
Ohio, State of
South Carolina
Indianapolis Airport Auth.,
Indiana
Gainesville, Florida
New Jersey, State of
New York State Housing
Finance Agency
Warwick, Rhode Island
Greater Anchorage Area
Borugh, Alaska




4.98
5.97
. 5.34
6.37
5.86
5.23
5.49
5.65
4.73

4.70-5.00 Aa
4.70-6.25 A
4.40-6.10 Aa
5.00-6.90 Baa
5.00-6.00 Baa
4.40-5.40 Aaa
4.70-5.50 Baa-:
4.25-5.80&6.00
Aaa
4.00-4.88 Aaa

.

TABLE 6: Large LOIKJ term Public Security Issues for New Capital (continued)
lOthei than U.S. Treasury)1

ISSUER

TYPE 2

(continued)
AMOUNT
(MILLIONS
MATURITY
OF
DOLLARS)

1970.
COUPON
RATE OR
NET INTEREST COST

' M'TKR - MOODY'S
II,(
RATING
YIELD

State and local Government
(continued)
Newark, New Jersey
Allegheny Co. P/A, Pa.
Atlanta, Georgia
Pennsylvania State Public
School Building
New York, State of
*Puerto Rico Highway
Chicago, 111. 0*Hare
Louisiana, State of
Alabama Pub. Sch. & Coll.
Authority
Vermont, State of
Dallas, Texas
Maine, State of
Virgin Islands Wtr.&Pwr.
Authority
Port of Seattle, Washington
Buffalo, New York




6.0.
Rev.
Rev.

20.5
30.0
18.0

1971-90
1974
1972-2000

7.40
5.71
7.19

Rev.
G.0.

30.0
75.0

1972-2009
1971-90

6.83
5.68

Rev.
Rev.
G.0.

40.0
52.0
50.0

1990
1999
1971-90

6.98
7.00
5.62

Rev.
3.0.
3.0. & Rev.
3.0.

11.9
26.0
38.2
16.5

1971-80
1971-89
1971-90
1971-90

lev.
lev.
3.0.

20.0
23.0
17.5

1971-90
1973-2000
1970-83

\

5.25-7.40
5.40
5.00-7.25

4.75-7.00 N . R .
4.15-6.00,
6.50&6.90 Aa
4.75-6SO&7.00 A

5.17
5.25
5.30,5.36
5.38
6.75

6.80
5.10

Baa
A-l
Baa

6.82

4.10-6.25

A-l

4.20-5.25
3.75-5.80
3.50-6.10
3.90-6.20

Aa
Aaa
Aa
Aaa

4.75-7.20
4.90-6.90
4.00-5.60

A
A
Aa

•• •

•

;

•-

T A B L E b: Large Long term Public Security Issues for New Cnpitnf (contiiiin d)
' "
(OUiet than U.S. Treasury).'
'•
(continued)

March

AMOUNT
(MILLIONS
• ISSUER

• •

TYPE

2

MATURITY

OF
DOLLARS)

^
-

1, t h r o u g h M a r c h 2 7 , 1 9 7 0

COUPON
R A T E OR
N E T INTEREST C O S T

!
\
>M'TKRi:.(
V
j\ VILLI)'

MOODY'S

Other
N o v a S c o t i a (Province O f )
FNMA
Tennessee Valley Auth.
FNMA

S.F. debs.
Debs.
Bonds
Debs.

20.0
200.0
100.0
250.0

1

1995
1975
1995

9.75
8.00
9.00

9.80

1974

7.75

7.75

•

•

8.00
8.90

Aaa

•'

•

Rights offering.
I n c l u d e s c o r p o r a t e and other security o f f e r i n g s of $15 m i l l i o n
State and local security o f f e r i n g s of $10 m i l l i o n and over.

and ovei

In case of State and local government s e c u r i t i e s , G.0. d e n o t e s geni-ral obii gat i on ;
R e v . - U t . , revenue o b l i g a t i o n s secured only by income from public uLilit
Rev.-Q.-lit., revenue bonds secured only by income from quas i-ut i1i t i es R e v . - S . T . ,
revenue bonds secured by r e v e n u e from specific taxes only; R e v . - K e n t . , revenue
b o n d s secured solely by lease p a y m e n t s .
Includes foreign government and I n t e r n a t i o n a l B a n k for R e c o n s t r u c t i o n and
Development issues and n o n - q u a r a n t e e d issues by Federal A g e n c i e s .




TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury)1
As of March 30, 1970.

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

Corporate
Memorex Corporation
Atlantic Richfield Co.
Pacific Tel. & Tel. Co.
R.C.A.
International Harvester
Credit Corporation
Transcontinental Gas Pipe
Line Corporation
Central Illinois Pub.
Service
Arizona Pub. Serv. Co.
American Century Mtg.
Investors
Seaboard Finance Co.
Columbia Gas System Inc.
Kentucky Utilities Co.
Portland General Elec. Co.
Big Three Industrial Gas
and Equip. Co.
i
Georgia Power Company
Indiana & Michigan Elec.
Company
Truckline Gas Company
Truckline Gas Company
Commonwealth Edison
Hudson Leasing Corp.
S.S. Kresge Company
Union Electric Company
Washington Wtr. & Pwr. Co.
Kansas-Nebraska Natural
Gas Company
Pennsylvania Elec. Co.
AT&T
Essex International Inc.
VEPCO
New York State Elec. & Gas
Corporation
*Ford Motor Credit Co.
*Ford Motor Credit Co.
*Appalachian Pwr. Co.




Conv. sub. debs.
S.Fi^ debs.
Debs.
Debs.
Notes

75.0
150.0
150.0
150.0

March
March
March
March

30
31
31

75.0

April

1

1st pipeline

50.0

April

1

1st mtg.
1st mtg.

25.0
30.0

April
April

1
1

Conv. debs
S.F. debs.
Debs.
1st mtg.
1st mtg.

15.0
50.0
40.0
30.0
20.0

April
April
April
April
April

2
2
2
2
2

Conv. debs,
1st mtg.

25.0
60.0

April
April

6
6

50.0
20.0
40.0
100.0
15.0
125.0
60.0
25.0

April
April
April
April
April
April
April
April

7
7
7
8
8
9
14
15

15.0
25.0
1569.0
40.0
85.0

April
April
April
April
April

15
16
18 (1
20
21

50.0
100.0
50.0
70.0

April
April
April
May

28

1st mtg.
Pfd. stk.
1st mtg.
1st mtg.
Conv. sub. debs.
Conv. sub. debs.
1st mtg.
Bonds
1st mtg.
1st mtg.
Debs, w/w
Notes
1st mtg.
1st mtg.
Notes
Debs.
Bonds

5

TABLE 7: Forthcoming Large Long-term.Public Security Offerings for New Capital
(Other than U.S. Treasury)1
.
(contmued)
A s o £ M a r e h 30, 1970.

ISSUER

TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

. APPROXIMATE DATE
OF OFFERING

State & local Government
Washington, State of
Rev.
Greater Chicago Metro,
Sanitary Dist., 111.
Elkhart Comm. HSBC, Ind.
Rev.
^Suffolk Co. New York Wtr.
Authority
Rev.
.Tennessee, State of
G.O.
Baltimore, Maryland
G.O.
Lake Co., Indiana
G.O.
*Hawaii
G.O.
Philadelphia S/D/, Pa.
G.O.
San Diego Unified Port
Dist., California
Bonds
Nashville and Davidson Co.
Metro, Tennessee
Bonds
Oregon, State of
G.O.
*Monroe Co., Michigan
G.O.
*Houston, Texas
G.O.
*Owens Boro, Kentucky
Rev.
Los Angeles Dept. of Wtr.
and Pwr., California
Rev.
Clark Co. S/D , Nevada
G.O.
^Suffolk Co., New York
G.O.
University of California
Rev.
Montgomery Co., Maryland
G.O.
G.O.
Norfolk, Virginia
Sacramento, MUD, Calif.
Rev.
. Los Angeles Co. Flood
Control, Dist., Calif.
Rev.
*New York State Dormitory
Authority
Rev.
Wayne Co., Detroit Airport
^Virginia Public Sch. Auth.
St. Louis Co., Missouri
*Columbus, Ohio
*Ypsilanti, Mich. S/D
Ohio, State of
*Allegheny Co.,_ Pa.
"*Los Angeles, Calif. Parking
Authority




25.0

March

31

20.0
13.1

March
March

31
31

11.0
53.0
35.0
15.0
30.0
73.0

April
April
. April
April
April
April

25.4

April

7

44.0
23.7
19.7
20,1
53.0

April
April
April
April
April

7
7
8
8
8

33.0
13.0
11.6
11.6
35.9
35.0
29,0

April
April
April
April
April
April
April

8
9
9
14
14
14
16

20.0

April

21

36.1

April

21

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

69.0
20.0
24 >5
15.0
11.9
50.0
19.2

April
April
April
April
April
April
May

21
22
23
27
27
28
1

Rev.

25.0

May

15

1
1,
2
2
6
7

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

ISSUER

TYPE

AMOUNT.
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

Included in table for first time.
Includes corporate and other issues of $15 million and over; State and local
Government issues of $10 million and over.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.
Postponement: Household Finance; 25.0 - postponed indefinitely.
International Harvester; 100.0 - cancelled.




TABLE 8: Stock Prices and Volume
TRADING1 VOLUME 2

STOCK PRICES 1
S&P
5003

DATE
1967 - High
Low
1968

1969 ^

- High
Low
High
Low

1970 - Mar.

.

97.59(9/25)
80.38(1/3)

D.J. - IND.

AMEX 4

AMEX

NYSE

943.08(9/25) 24.52(12/29)
786.41(1/3) 13.78(1/27)

60.7(8/14)
27.4(1/6)

33.5(10/27)
8.3(1/6)

108.37(11/29) 985.21(12/3) 33.25(12/20)
87.72(3/5)
825.13(3/21) 22.00(3/22)

82.1(6/7)
34.0(2/23)

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

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

968.85(5/14) 32.91(1/3)
769.93(12/17)25.02(7/29)

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

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

784.12
772.11
763.66
791.05

58.2
47.1
45.5
45.0

18.4
15.7
13.6
13.2

6 89.44
13 87.86
- 20 87.06
27f/89.92

25.58
25.10
24.60
25.02

1

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

2

Total number of shares traded per week (millions of shares). In the past,
trading was normally conducted 5 days a week for 5 1/2 hours per day, or
27 1/2 hours per week. From August 8 through August 20, 1967, daily trading was reduced to 4 hours per day or 20 hours per week. A 20-hour week
was also in effect from January 22 through March 1, 1968. From June 30
through December 31, 1968, the exchanges were open 5 1/2 hours for 4 days
a week or 22 hours. From January 3 through July 3, 1969, the exchanges
were open 4 hours each day, 20 hours per week. Beginning July 7, 1969
the exchanges have been open 4 1/2 hours each day, 22 1/2 hours per week.
NYSE.is New York Stock Exchange; AMEX is American Stock Exchange.

3

1941-43 = 10.

4

Average dollar value of shares listed.




Highs and lows are

15

STOCK PRICES AND TRADING VOLUME
AM EX

.

Weekly

1280 128

STOCK PRICES
AMEX PRICE LEVEL INDEX

1200 120

1120 112

1040 104

960

96

880

88

800 80
I

720

Millions of shares

AMEX TRADING VOLUME (TOTAL FOR WEEK)

NYSE TRADING VOLUME (TOTAL FOR WEEK)

1966

1967




1968

1969

1970

72

TABLE 9: Security Credit-

END OF PERIOD

CREDIT EXTENDED TO
MARGIN. CUSTOMERS BY:
BROKERS', j BANKS 2 [ TOTAL

CUSTOMERS'
NET DEBIT
BALANCES

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

1969 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
O.ct.
Nov.
Dec. r/

5,930
5,750
5,590
5,570
5,670
5,340
5,170
5,000
4,940
5,040
5,070
4,970

2,750,
2,810
2,780
2,760
2,770
2,740
2,700
2,670
2,620
2,570
2,520
2,580

8,680
8,560
8,370
8,330
8,440
8,080
7*870
7,670
7,560
7,610
7,590
7,550

9,042
9,148
8,318
8; 044
8,474
8,214
7,515
7,019
7,039
7,243
7,111
7,445

3,597
3,647
3,294
3,077
3,084
3,085
2,783
2,577
2,579
2,753
2,613
2,803

5,445
5,501
5,024
4,967
5,390
5,129
4,732
4,442
4,460
4,490
4,498
4,642

1970 - Jan. £/

4,720

2,430

7,150

6,683

2,626

4,057

Change in __
Outstanding;
1969 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. r/

-270
-180
-160
-20
100
-330
'.-170
-170
-60
100
30
-100

40
60
-30
-20
10
-30
-40
-30
-50
-50
-50
60

-220
-120
-190
-40
110
-360
-210
-200
-110
50
-20
-40

-928
-51
-830
-274
430
-260
-699
-496
20
204
-132
334

v - -120
50
-351
-271
7
1
-302
-206
2
174
-140
190

-628
-9
-477
-57
423
-261
-397
-290
18
30
8
144

1970 - Jan. j>/

-250

-150

-400

-762

-177

1

2
3

-585

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




TABLE 10: Savings Flows at Nonbank Depositary Intermediaries
1
($ millions)

DATE

1967
1968
1969
1968 - Dec.
1969 - Jan.
Feb.
1969 - Dec.
1970.- Jan. £ /
Feb. £ /

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS 3
NET,
NEW
'ANNUAL
MONEY 2
GROWTH
' NET
FLOW
RATE 1
5,082
4,208
2,487
694
218
331
507
-110
225

9.3
7.1
3.9
——
—
—

—--

SAVINGS .
& LOAN ASSOCIATIONS
, SHARE CAPITAL
NET
ANNUAL
NEW '
NET
MONEY2
GROWTH
FLOW
RATE 1
Not Seasonally Adjusted

2,376
1,143
-747

10,649
7,399
4,020

-26
106
264

1,646
-91
605

-237
' * -233
' 150

1,069
-1,404
280

9.4
6.0
3.1

6,129
2,739
-1,002

15,731
11,607
6,507

178
-130
569

2,340
126
936

-387
-1,418
179

1,576
1,514
505

__
—
--

——
-.7

TOTAL
-DEPOSITS
ANNUAL
NET
GROWTH
FLOW
RATE 1

9.4
6.3
3.3

NET,
' NEW
MONEY 2

8,505
3,882
-1,749
152
-24
833 1

—
—

-620
-1,651
329

Seasonally Ad lusted
1969 - Sept.
Oct.
Nov.
Dec.
1970 - ban. j>/
Feb. £ /

1
2
3

148
48
272
165

2.7
0.9
4.9
3.0

----

-113
277

-2.0
5.0

__

446
-176
265
47

4.0
-1.5
2.4
0.4

-754
249

-6.7
2.2

—
-——

V

594;
-125
537
173

3.6
-0.8
3.2
1.3

-867
521

-5.2
3.1

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.
SOURCES: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.




——

—

__

19

VINGS FLOWS (seasonally adjusted)
•thly

M i l l i o n s of d o l l a r s

2000
1600
1200

TOTAL

800
400

400

1200
SAVINGS & LOANS

800
400

400

800
MUTUAL SAVINGS BANKS

400

400
1966

1967




1968

1969

1970

'A' LE.:.' Nlortu <

"

.

^ lected Thrift Institutions

• )i., "ONVU ' :-M.NTS
• NET CHANGE
ALL •
"" - Ai : '
| . Ml n UAL
• ,
SAVINGS &
TOTAL
.
'
A. i:: &
.1
i, ' :.JS
,
•
LOAN
LOAN
j
u. \KS
A"SOCIATIONS j G .Y. STATE) !
ASSOCIATIONS
(Billions of Dollars, SJIeasonally Adjusted) 1/

or
DATE

1969 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1970 - Jan.
Feb.

l

T0TA1.

9.9
10.1
10.3
10.5
10.4
10.2
9.9
9.5
9.2
8.9
8.6
8.4

6.7
6.9
7.0
7.2
7.1
7.0
6.8
6.5
6.4
6.1
5.9
5.8

3.2
3.2
3.3
3.3
3.2
3.2
3.1
3.0
2.8
2.7
2.7
2.6

.18
.24
.18
.15
-.11
-.18
-.32
-.36
-.31
-.33
-.24
-.25

.11
.18
.12
.14
-.06
-.11
-.22
-.24
-.18
-.23
-.18
-.12

8.2
7.9

5.6
5.4

2.6
2.5

-.17
-.31

-.22
-.24

/ • MUTUAL
SAVING:
BANKS
(N.Y. STA 1

,

Based on data from Federal Home W a n 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.




.07
.06
.06
.02
-.05
-.06
-.10
-.12
-.13
-.09
-.06
-.13
.04
-.07

MORTGAGE COMMITMENTS OUTSTANDING (seasonally adjusted)
Monthly

Billions of dollars

N.Y.-MSB'S

* Includes building loans beginning August 1 9 6 7

1960




1962

1964

1966

1968

1970

BLE 12: Net Change in Mortgage Holdings

"DATE

TOTAL
-INCLUDING
FNMA-GNMA

TOTAL

1

FINANCIAL INSTITUTIONS
MUTUAL
SAVINGS &
SAVINGS
COMMERCIAL
LOAN
BANKS *
BANKS
ASSOC.

LIFE
INSURANCE
COMPANIES

Not Seasonally Adjusted
18,197
19,988
23,827
23,485

15,874
18,191
21,319
19,110

4,705
4,639
6,677
5,152

2,760
3,118
2,796
2,495

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

4,648
2,914
2,496
2,056

1969 - Jan.

2,101

1,948

638

281

885

144

1969 - Oct.
Nov.
Dec.

1,795
1,636
2,079

1,206
1,042
1,434

300
300
200

158
151
284

608
450
533

140
141
417

112

n. a.

1966
1967
1968
1969

100

1970 - Jan.

Seasonally Adjusted
1969

•i

970

Feb.
Knr.
Opr.
' May
June
July
Au^.
Sept,
Ocv.
Nov.
Dec.

2,202
2,099
2,117
2,032
2,153
.1,698
1,910
1,876
1,734
1,652
1,906

j ui.

2,025
1,906
1,910
1,808
1,875
1,364
1,380
1,365
1,166
1,069
1,292

668
632
567
534
440
151
310
383
244
237
347

n.a.

288

-

266
230
240
251
230
181
157
137
124
146
235

884
875
899
854
1,022
859
720
654
627
547
576

26

376

207
159
194
169
183
173
193
191
171
139
134

177
193
207
224
278
334
530
511
568
583
614

n. a.

556

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 dgbt outstanding as reported separately by National Assn.
of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance
and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual
savings banks and for Life Insurance-companies'may differ somewhat from those
derived from regular quarterly series because of minor conceptual differences for
which adjustments are not made in the monthly series. Altogether, these groups
accounted for 87 per cent of the net increase estimated for all holders in 1967. :




NET CHANGE IN MORTGAGE HOLDINGS (seasonally adjusted)
Monthly

Billions of dollars

3.0

2.5

TOTAL, INCL. FNMA - GNMA

2.0

FINANCIAL INSTITUTIONS

1.5

1.0

1967




1968

1969

1970

1

3: Net Incr asps in Mortgage Debt Outstanding
Billions of dollarsSAAR - .
1- to 4- MULTI-

. QUARTER

RESIDENTIAL 3

TOTAL

FAMILY

FAMILY

COMMERCIAL

MULTI-AND
COMMERCIAL

FARM

19.2
15.6
11.0
9.2

14.8
12.1
8.4 ,
7.0

4.4
3.6
2.62.1

6.9
6.5
5.5
4.2

11.6
10.1
8.2
6.2

2.4
2.2
2.2
1.8

1967. ... - ig/ 15.6
20.5
HP
•III|> 27.0
IVp 27.5

10.0
13.8
19.6
19.9

6.8
10.5
15. 7
16.0

3.2
3.4
3.9
3.9

3.8
4.9
4.9
4.9

7.2
8.2
8.7
8.8

1.8
1.8
2.5
2.7

1968

. ip/
HP

18.4
18.0
18.2
20.5

15.4
14.8
14.6
16.5

3.0
3.2
3.5
4.0

6.3
5.7
6.5
7.8

9.4
8.9
10.1
11.7

2.3
2.2
1.8
1.8

--ip/

22.1
21.2
19.8
16.9

17.9
16. 5
15.1
13.0

4.2
4,7
4.6
3.9

6.1
5.0
4.6
5.1

10.3
9.6
9.1
9.0

2. 2
2.3
2.0
1.9

1966

- Ip/
II
III
IV

.
1969

28.5
24.3
18.7
15.2

27.1
25.9
III]) 26.5
IVp 30.1
30.4
28.5
III], 26.4
IVp 24.0
IIP

'

.

Derived from data on mortgage debt outstanding from Federal Deposit Insurance
Corporation, Federal Home Loan Bank Board, Institute of Life Insurance,
National Association of Mutual Savings Banks, Departments of Commerce and
Agri iiiture, Federal National Mortgage Association, Federal Housing
Administration, Veterans Administration and Comptroller of the Currency.
Sep-ration of non-farm mortgage debt by type of property, where not available#
and interpolations and extrapolations, where required, .estimated by Federal
Home Loan Bank Board and the Federal Reserve.
Residential mortgage debt includes nonfarm only and is sum of 1-to 4-family
and multifamily mortgage debt combined.




NET INCREASES IN MORTGAGE DEBT OUTSTANDING
Quarterly

Billions of dollars, seasonally adjusted annual rate

TOTAL

TOTAL
RESIDENTIAL

1-4 FAMILY

COMMERCIAL

MULTIFAMILY

1966




1968

24

TABLE 14: FNMA '.'Auction" Results

WEEK
ENDED
Weekly Auction:
1970 - Jan.
5
12
19
Biweekly Auction:
1970 - Jan. 26

IMPLICIT YIELD2(per cGnt)
•COMMITMENTS -IN $ MILLIONS
ACCEPTED
1-YEARN
901-YEAR 1
690TOTAL
TOTAL
6. & OVER
DAY
MONTH & OVER
OFFERED
MONTH
DAY
704.7
637.8

122.7
150.7

8.4
8.7

70.4
81.8

43.9
60.2

9.19
9.40

9.19
9.36

9.15
9.40

581.4

297.8

37.7

187.3

72.8

9.37

9.29

9.26

41.2
52.7

188.0
150.4

66.1
76.8

9.23
9.20

9.28
9.25

9.15
9.13

136.5 - 79.2
67.0
124.5

9.16
9.12

9.19
9.14

9.13
9.12

Feb.

9
24

497.0
438.1

295.3
279.9

Mar.

9
23

354.6
395.4

276.4 60.7
239.0 47.5

Apr.

6

(200.0)3/

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 gross, before deduction of 50 basis points fee paid by investors
to servicers.

3

FNMA announced limit of accepted bids for next auction.




27

FNMA "AUCTION" RESULTS
$ Millions

200

AMOUNT OF ACCEPTED BIDS
BY COMMITMENT PERIOD

150

6 MONTHS

100

1 YEAR

50

AND OVER

3 MONTHS
Per cent

12

IMPLICIT YIELD
6-MONTH COMMITMENTS

.

—

1

.1

.

1-

'

'

1

1

•

1 ^ 1

T

—

T,

1

10

8

1

$ Millions

-

1 \,

.

K

T O T A L BIDS RECEIVED

y
|

|
JUNE

( T O T A L BIDS A C C E P T E D
AUG.

1969




OCT.

DEC.

i

i
FEB.

r

i
APR.

I

I
JUNE

1970

i

i
AUG.

i

i
OCT.

i
DEC.

TABLE 15: Private Housing Starts and Permits
STARTS
UNADJUSTED
TYP E OF FINANCING
FHA VA
OTHER

SEASONALLY ADJUSTED
ANNUAL RATE
TOTAL 1-FAMILY 2 OR MORE

TOTAL

1969 - Feb.
. Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1,6.86
1,584
1,563
1,509
1,469
1,371
1,384
1,542
1,392
1,295
1,299

975
828
797
883
808
765
723 ,
846
777
772
729

711
756
766
626
661
606
661
696
615
523
470

13.2
90.1
18.9
131.9
23.0
159.0
21.1
155.5
21.5
147.3
20.8
125.2
22.4
124.9
18.3
129.3
25.1
123.4
18.8
97.4
85. 3 . 23.2

L970 - Jan.r/
Feb. 2 /

1,197
1,321

692
801

505
520

DATE

1

.

69.0
76.5

16.5
17.5

3.5
3.9
4.4
4.3
4.6
4.7
4.2
4.8
5.0
3.9
4.2
3.4
3.9

.

BUILDING
PERMITS
(SEASONALLY
ADJUSTED
ANNUAL
RATE) 2

73.4
109.1
131.6
130.1
121.2
99.7
98.3
106.2
93.3
74.7
57.9

1,477
1,421
1,502
1,323
1,340
1,228
1,245
1,201
1,183
1,191
1,239

49.1
55.1

1,013
1,147

.

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.
2 Building permits before January 1963 are Census estimates for about 10,000 areas
identified as having a local building permit system in.1959. Estimates beginning
January 1963 are for approximately 12,000 and beginning January 1967 13,000, or .
all known permit-issuing places. Unlike starts, seasonally adjusted building permits reflect direct adjustment for differences in the number of working days per
month, as well as other differences in timing and coverage.




PRIVATE HOUSING STARTS AND PERMITS
Monthly, annual rates

Millions of units

SEASONALLY ADJUSTED
2.0

HOUSING STARTS
1.6

/

PER. C E N T OF U N A D J U S T E D TOTAL STARTS

BUILDING PERMITS

MULTI-FAMILY
40

GOVERNMENT UNDERWRITTEN

1964




1966

1968

1970

TABLE 16: Mortgage and Bond Yields
FHA
MORTGAGES

DATE

CONVENTIONAL
MORT25-YEAR 30-YEAR
GAGES
3
2

1959-60 - High
.196i-66 - Low
1966 - High
196 7 - High
Low
1968 - High
Low

6.26
5.43
6.73
n. a.
n. a.
n. a.
n.a.

n.a.
5^44
6.81
6.81
6.29
7.52
6.78

1969 - Aug.
Sept.
• Oct.
Nov.
Dec.

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

8.36
8.40
8.48
-8.48
8.62

1970 - Jan.
Feb.

n.a.

——

9.29

1

NEW
Aaa CORPORATE
BONDS
4

SPREAD BETWEEN YIELDS
ON CONV. &
FHA MORTGAGES

6 . 30
5.80
6.70
6.70
6.40 7.40
6.75

.25
.30
.11
-.12
.12
-.27 .

5.25
4.41
5.82
6.51
5.18
6.79
6.15

8.20
8.25
8.30
8.35
8.35

-.16
-.15
-.18
-.13
-.27

7.65
7.98
7.89
8.32
8.75

8.55
8.55

—

*

-. 64

1

8.46
8.30

SPREAD BETWEEN
YIELDS ON NEW
CORPORATE BONDS
, ' AND
FHA MORTGAGES
1.69
.77
1.16
1.28
.27
1.20
.26

.

. 71 I
.42 1 '
.59
.16
-.13
__

.99

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.
.
,
Ba^ed on.FHA-field-office opinions about average bid prices in the private
secondary market for new-home mortgages for immediate delivery. Separate
• data available for 25-year and--beginning Julfy 1961--30-year mortgages with
minimum downpayments, weighted by probable volume, of transactions. Yields
computed by FHA, assuming prepayment period of 12 years for 25-year mortgages
and 15 years for 30-year mortgages. Over the period for which they can be
compared, the movement of the two mortgage yield series has been similar.
Dashed lines indicate periods of adjustment to changes in contractual interest
rates.
Based tin FHA-field-office opinion on typical interest rates (rounded) on conventional first mortgages prevailing in the market areas of insuring office
cities. Beginning with April 1960, rate relates only to new-home mortgages;
prior to that date, rate related to both new as well as existing-home mortgages. Dashed line indicates this change in.the series.
See note for Table 1.




MORTGAGE AND BOND YIELDS
onthly

.
12

11

10

9

8

7

HOME MORTGAGES:
6

CONVENTIONAL

5
Aaa CORPORATE BONDS:
NEW ISSUES

4
iiiiiiiinniiMiiinii
E L D SPREAD(FHA MORTGAGE VS. NEW ISSUE Aaa CORPORATE BONDS)

its
5 >0

wVV

A/

>0

+
0

_L_

L
1962




I
1964

"
1966

I

iiiiliiniuiiii
1968

1970

1

u.
TABLE 17: Conventional Mortgage Terms

DATE

1

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

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

25.6
25.6
25.8
25.4
25.8
25.6
25.5
25.2
25.3
25.3
25.3
25.4

73 .6
73,.3
73,.8
72..6
73..2
73.,0
72.,0
72.,3
72. 4
72. 9
72. 8
71. 9

24.1
23.5
24.0
24.8
25.0
24.9
24.5
24.3
24.7
25.0
24.6
25.0

7.18
7.28
7.35
7.46
7.54
7.64
7.79
7.90
7.92
7.98
8,00
8.08

0.86
0.86
0.84
0.85
0.83
0.86
0.91
0.93
0.92
0.91
0.90
0.93

7.32 22.8
7.42 22.9
7.49 23.0
7.60 23.0
7.68 22.7
7.79 22.8
7.94 22.8
8.05 22.6
8.08 22.2
8.13 22.2
8.15 22.6
8". 24 22.9

72.6
72.8
72.7
71.8
71.9
71.4
71.7
71.2
70.7
70.2
70.4
70.6

20.0
19.6
20.2
19.9
19.7
20.1 20.1
19.8
19.2
19.5
20.1 .
20.8

25.0

7.06

25.1

8.13

0^94

8.29 . 22.5

70.6

20.7

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

LOAN
AMT.
($000)
4

1969
7.16
Jan.
Feb.7.26
Mar.
7.32
Apr. / 7.47
May
7_50
June
7.62
July
7.76
Aug.
7.86
Sept. 7.89
Oct.
7.98
Nov.
7.97
Dec.
8.07

0.84
7 .30
0.81
7,.39
0.93
7,.47
0.96
7..62
0.88
7..65
0.84
7.,76
0, 92
7..91
0.86 . 8. 00
0.92
8. 05
0.89
8, 13
0.96
8. 13 -1.06 * 8. 25

1970
Jan.

8.17 - 1.07

8. 35

. T

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

2

Fees and charges—expressed as a percentage of the principal mortgage amount--include
loan commissions, fees, discounts^and other charges which provide added income to the
lender and are paid by the borrower. They exclude any closing costs related solely to
transfer "of property ownership.

3.

Includes fees & charges amortized over a 10 year period in addition to the contract
interest rate.

4 . Derived by FRB.




CONVENTIONAL MORTGAGE TERMS
Monthly

30

MATURITY
NEW

25

EXISTING

20

_L

_L

1 I I I I I I I M II "1 I I I I I II I I i i

15

80

LOAN/PRICE RATIO

75

NEW

EXISTING

70

1

1

!

1 •

: :

• 1

! I II II I II( I
MIM I III 1 1 II
Thousands of dollars

LOAN AMOUNT
30

20
EXISTING

10

i i i I i ii i i i i 1 i i I i i i i i
1964




1966

1968

1970
* CHANGE IN SERIES