Full text of H.16 Capital Market Developments : March 6, 1978
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Capital Market Developments % % March 6, 1978 Prepared by the CAPITAL MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER FINANCE SECTION DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM Washington, D C. 20551 Index SUBSCRIPTION RATES: Weekly $15.00 per year or $.40 each in the United States, its possessions, Canada, and Mexico; 10 or more of the same issue to one address, $13.50 per year or $.35 each. Elsewhere, $20.00 per year or $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 7, 8 SECURITY VOLUME AND YIELDS STOCK MARKET AND SECURITY CREDIT 9 - 1 6 MORTGAGE MARKET SYMBOLS e ESTIMATE p PRELIMINARY r REVISED n.a. NOT AVAILABLE DATA DO NOT EXIST Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE BOND MARKET YIELDS WEEK ENDING 1978 - J a n u a r y NEW ISSUE Aaa UTILITY 6 13 20 27 February 3 10 17 24 March 1 VOLUME RECENTLY OFFERED Aaa UTILITY 8.47 8.65 8.65 8.62 8.70 8.68 — 8.65 8.69 8.71r 3 2 3 GROSS OFFERINGS ($ MILLIONS) PER C E N T S O L D BY END OF WEEK NEW ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 0 39 72 58 415 412 177 95 88 95 8.60 8.64 8.68 8.70r 99 599r 99 96 472 86 7 35 0 55 8.70p 126 90 40 MUNICIPAL BOND MARKET YIELDS WEEK ENDING MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 2Q-BOND INDEX GROSS OFFERINGS ($ MILLIONS) 3 PER C E N T S O L D BY END OF WEEK NEW ISSUES 4 IN S Y N D I C A T E ($ MILLIONS) 6 13 20 27 5.15 5.25 5.20 5.20 5.64 5.75 5.74 5.70 145 858 807 658 87 89 82 88 316 284 273 297 February 3 10 17 24 5.30 5.27 5.20 5.20 5.63 5.59 5.61 5.65 951 461 751 332 87 91 74 79 154 151 251 231 March 3 5.15 5.63 624 73 253 1978 - J a n u a r y NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection, released from price restrictions sometime during the last four weeks. 3 Estimated by F.R. on the basis of available data. 4 Corporate Market: Salomon Brothers Bond Market Roundup; Municipal Market: Weekly Bond Buyer. Data are adjusted by Federal Reserve when necessary to make coverage of this series consistent with the gross offerings series. Table 2 HIGH GRADE BOND YIELDS NEW ISSUE A a a UTILITY DATE 1973 - H i g h Low 8.52 (8/10) 7.29 (1/21) 1974 - H i g h Low 1 RECENTLY OFFERED A a a UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. GOVT. 20-YEAR C O N S T A N T MATURITY 4 B O N D BUYER 2Q-BOND INDEX 8.32 (8/10) 7.28 (1/5) 7.77 (8/24) 7.11 (1/5) 7.79 (6/10) 6.42 (1/5) 5.59 4.99 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 (1/4) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 (1/4) 7.15 (12/12) 5.15 (2/7) 1975 - H i g h Low 9.80 (5/2) 8.89 (2/7) 9.71 (5/25) 9.06 (2/28) 9.01 (5/2) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 7.67 (10/3) 6.27 (2/13) 1976 - H i g h Low 8.95 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 (12/31) 8.66 (5/28) 7.91 (12/31) 8.17 7.27 (5/28) (12/31) 7.29 (1/2) 5.95 (12/16) 1977 - H i g h Low 8.36 (12/16) 7.90 (1/7) 8.48 (12/30) 7.95 (1/7) 8.28 (12/30) 7.88 (1/7) 7.99 7.26 (12/30) (1/7) 5.93 (2/4) 5.45 (11/17) 8.48 8.65 8.65 8.62 8.30 8.40 8.44 8.47 8.02 8.18 8.16 8.17 5.64 5.75 5.74 5.70 8.60 8.64 8.68 8 . 70r 8.46 8.46 8.47 8.49 8.17 8.20 8.25 8.25 5.63 5.59 5.61 5.65 8.70p 8.49p 8.21p 5.63 1978 - J a n . Feb. Mar. 6 13 20 27 3 10 17 24 3 — — 8.70 8.68 8.65 8.69 8. 71r — (8/3) (10/11) NOTES: 1 Federal Reserve series of implied yield on newly issued, Aaa-rated utility bond with 5-year call protection. 2 Federal Reserve series of implied free-market yield on competitively bid Aaa-rated utility bond with 5-year call protection released f r o m price restrictions sometime during the last 4 weeks. 3 Weekly average of daily closing figures. 4 Weekly average of daily figures. U.S. Treasury data. 5 Thursday figures. The average rating of t h e 2 0 bonds used in this index falls midway between the four t o p groups as classified by Moody's Investors Service. Weekly Bond Buyer data. 5 5 Table 3 LONG-TERM CORPORATE AND STATE AND LOCAL GOVERNMENT SECURITY OFFERINGS AND PLACEMENTS IN MILLIONS OF DOLLARS G R O S S PROCEEDS 1 CORPORATE PERIOD 3 1977 2,600e 2,550e 3,989 2,708 5,495 3,381 3,863 6,632 April May June 3,639 3,735 5,321 July August September October November December 1978 1 1976 2 STATE AND LOCAL 1978 J 1977 2 1976 2 3,556 3,435 4,137 2,451 2,885 3,365 3,507 4,186 6,439 3,456 4,571 5,787 2,218 3,575 3,115 4,074 3,322 3,905 3,216 3,357 4,817 3,185 4,080 3,891 2,734 2,821 2,814 4,032 4,800e 4,lOOe 4,431 3,047 6,480 3,800e 3,300e 3,400e 3,524 3,336 2,342 04 12,192 12,695 11,301 12,932e 13,876 14,132 11,390 13,958 11,128 13,814 11,156 10,500e 8,701 8,908 8,369 9,202 1st Half 3 Qtrs. Year 24,887 36,188 49,120e 28,008 39,398 53,356 24,942 36,098 46,598e 17,609 25,978 35,180 January February March Q1 02 03 3,200e 2,800e NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. Digitized for 3 FRASER E s t i m a t e d by F e d e r a l R e s e r v e oil t h e b a s i s of a v a i l a b l e d a t a . Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER IN MILLIONS OF DOLLARS PERIOD TOTAL G R O S S PROCEEDS BY TYPE OF ISSUE GROSS PROCEEDS BY TYPE OF ISSUER BONDS COMMON MEMO 1 AND MANUFACPUBLIC COMMUNIOTHER PUBLICLY PRIVATELY ISSUES INCLUDED PREFERRED TURING UTILITY CATIONS ISSUERS OFFERED PLACED FOREIGN STOCK CONVERTIBLE 1976 - I II III IV 13,876 14,132 11,390 13,958 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,846 3,553 3,121 1,861 2,559 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,244 4,044 3,140 3,317 3,897 765 1,879 378 541 4,569 5,358 4 , 715 5,276 1977 - I II III 12,192 12,695 11,301 6,504 5,606 6,366 3,071 4,215 3,057 2,617 2,874 1,878 858 1,800 1,560 6 108 495 2,774 3,182 2,826 3,019 3,852 2,757 1,415 1,044 644 4,986 4,618 5,072 1976 - O c t o b e r November December 4,431 3,047 6,480 2,729 1,256 2,568 753 1,101 2,992 949 690 920 235 1,310 250 21 31 3 1,349 510 2,385 1,414 1,327 1,156 155 190 196 1,513 1,019 2,744 1977 - J a n u a r y February March April May June July August September October 3,989 2,708 5,495 3,639 3,735 5,321 4,074 3,322 3,905 4,032 2,786 1,102 2,610 1,961 1,600 2,045 2,360 1,947 2,059 2,189 601 786 1,690 1,087 887 2,241 1,019 818 1,220 909 602 820 1,195 591 1,248 1,035 695 557 626 934 300 433 125 600 350 850 935 150 475 300 0 6 0 50 2 56 25 262 208 1 906 743 1,125 1,348 652 1,182 1,309 966 551 706 986 435 1,598 774 1,612 1,466 843 497 1,417 1,249 50 557 808 334 294 416 277 45 322 8 2,048 973 1,965 1,182 1,179 2,257 1,646 1,813 1,614 2,069 NOTES: 1 Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. Source: Securities and Exchange Commission. T a b l e 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 F e b r u a r y 27 t h r o u g h March 3 , 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS 1979-1993 8.38 9.50 7.50-8.50 9.45 Aa/AA Baa/BBB CORPORATE M i s s o u r i P a c i f i c R a i l r o a d Co. I n d i a n a & M i c h i g a n E l e c t . Co. Duke Power I n d i a n a and M i c h i g a n E l e c . Co, OTHER E u r o p e a n I n v e s t m e n t Bank E u r o p e a n I n v e s t m e n t Bank Equip. t r . 1 s t mtg. Com. s t k . Pfd. stk. 16.2 100.0 110.0 Bonds Notes 100.0 100.0 2008 40.0 1998 1985 NOTES: * Rights offering. 1 Includes on.y corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 9.00 9.00 Baa/BBB 9.25 8.63 9.30 8.70 Aaa/AAA Aaa/AAA 00 T a b l e SB INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' F e b r u a r y 27 t h r o u g h March 3, 1978 ISSUER TYPE AMOUNT (MILLIONS O F DOLLARS) MATURITY S T A T E A N D LOCAL E r i e C o . , N.Y. West View B o r . Mun. A u t h . , P a . West View B o r . Mun. A u t h . , P a . West View B o r . Mun. A u t h . , P a . West View B o r . Mun. A u t h . , P a . West View B o r . Mun. A u t h . , P a . I d a h o H o u s i n g Agy. I d a h o H o u s i n g Agy. Topeka, Kansas Topeka, Kansas Topeka, Kansas P h i l a d e l p h i a Hosp. A u t h . , P a . P h i l a d e l p h i a Hosp. A u t h . , Pa. P h i l a d e l p h i a Hosp. A u t h . , Pa. Houston I n d e p . Sch. D i s t . , Tex. A r l i n g t o n , Texas A r l i n g t o n , Texas S o u t h C a r o l i n a , S t a t e of New York S t a t e H o u s i n g F i n . Agy. New York S t a t e H o u s i n g F i n . Agy. New York S t a t e H o u s i n g F i n . Agy. New York S t a t e H o u s i n g F i n . Agy. New York S t a t e H o u s i n g F i n . Agy, L i n c o l n , Neb. G.O. Rev. Eev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. G.O. Rev. G.O. G.O. Rev. Rev. Rev. Rev. Rev. Rev. 35.3 5.7 5.7 5.7 5.7 8.2 24.7 10.7 8.0 15.7 6.1 12.1 12.0 16.1 40.0 7.2 11.0 65.4 7.9 7.5 4.5 10.3 12.5 8.2 NOTES: 1 Includes only state and local security offerings of $10 million and over; excludes secondary offerings. For State and local government securities, G.O. denotes general obligation; Rev. denotes revenue obligations. 1979-2003 1989-1992 1997 2007 2017 1978-1986 1980-1998 2009 1990-1997 2006 2007 1989-1997 2007 2008 1979-1993 1979-1998 1980-1999 1979-1996 1978-1989 1998 1993 2003 2008 1979-2000 NET INTEREST COST 6.11 4.72 5.08 4.99 4.64 6.47 6.47 6.47 6.47 6.47 OFFERING YIELD 4.00-6.25 5.40-5.75 6.00 6.25 6.40 4.00-5.10 4.00-5.40 5.80 6.00—6.50 6.75 6.38 5.30-5.90 6.00 5.88 3.70-4.90 3.90-5.40 4.00-5.25 3.50-4.90 4.00-6.15 6.38 6.25 6.40 6.53 3.95-5.85 MOODY S / S & P ' S RATINGS A/— Baa/ A Baa/A Baa/A Baa/A Aaa/AAA Aa/AA Aa/AA A/A A/A A/A Aa/AA Aa/AA Aa/AA Aaa/AA A/A A/AAaa/AAA A/AA A/AA A/AA A/AA A/AA A-l/AA e T a b l e 5B C o n t i n u e d INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER T H A N U.S. TREASURY F e b r u a r y 27 t h r o u g h March 3 , 1978 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS 5.93 3.95-5.60 6.00 A-l/AA A-1/A+ A-1/A+ STATE AND LOCAL L i n c o l n , Neb. L i n c o l n , Neb. L i n c o l n , Neb. Rev. Rev. Rev. 44.7 5.4 9.7 2014 1979-1998 2012 vo / Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of March 3 , 1978 ISSUER CORPORATE P h i l a d e l p h i a E l e c t r i c Co. Montgomery Ward C r e d i t C o r p . F i r s t N a t i o n a l Boston Corp. C e n t r a l & S o u t h West C o r p . G u a r a n t e e S a v i n g s & Loan A s s o c . A t c h i s o n Topeka & S a n t a F e R a i l r o a d Co. S o u t h w e s t e r n P u b l i c S e r v i c e Co. S o u t h w e s t e r n P u b l i c S e r v i c e Co. W a s h i n g t o n W a t e r Power Co. Ohio Power Co. Ohio Power Co. Texas U t i l s . I n c . K a n s a s C i t y Power & L i g h t Co. Alabama Power Co. C e n t r a l Maine Power Co. Soo L i n e R a i l r o a d Co. K a n s a s Gas & E l e c t . Co. New York S t a t e E l e c t . & Gas Co. New York S t a t e E l e c t . & Gas Co. S o u t h e r n R a i l w a y Co. C o n n e c t i c u t L i g h t & Power Co. Columbus & S o u t h e r n Ohio E l e c t . Co U n i t e d I l l u m i n a t i n g Co. S o u t h e r n P a c i f i c T r a n s p . Co. I n t e r s t a t e Power Co. M o u n t a i n S t a t e s T e l . & T e l e . Co P e n n s y l v a n i a Power & L i g h t Co. P u b l i c S e r v i c e Co. New M e x i c o G e n e r a l T e l . Co. of C a l i f o r n i a ^ C a l i f o r n i a L i f e Corp. *Home S a v i n g s & Loan A s s o c . CIT F i n a n c i a l C o r p . CIT F i n a n c i a l C o r p . *Long I s l a n d L i g h t i n g Co. *San Diego Gas & E l e c t . Co. ^ M i n n e s o t a Power & L i g h t Co. M i n n e s o t a Power & L i g h t Co. * C o n s o l i d a t e d N a t u r a l Gas Co. TYPE 1st mtg. Debt. Notes Com. s t k . Mtg. backed Equip. t r . 1 s t mtg. Com. s t k . ( r t s ) Pfd. stk. 1st mtg. Pfd. stk. Com. s t k . Com. s t k . 1st mtg. Com. s t k . Equip, t r . 1st mtg. 1st mtg. Com. s t k . Equip, t r . 1 s t mtg. 1st mtg. Com. s t k . Equip, t r . 1 s t mtg. Debt. Com. s t k . Pfd. stk. Debt. Debt. Mtg. b a c k e d Debt. Debt. 1st mtg. 1st mtg. 1 s t mtg. Com. s t k . 1 s t mtg. AMOUNT (IN MILLIONS OF DOLLARS) 100.0 75.0 100.0 108.0 50.0 21.0 45.0 25.0 25.0 38.0 40.0 100.0 35.0 100.0 26.0 15.2 30.0 50.0 38.0 22.1 40.0 45.0 21.0 18.8 35.0 225.0 75.0 26.0 50.0 20.0 100.0 100.0 100.0 75.0 60.0 50.0 26.0 75.0 NOTES: * 1 Included in table for first time. Includes only corporate and other security issues of $15 million and over; excludes exchanges, options APPROXIMATE DATE OF OFFERING Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Apr. Apr. Apr. Apr. Apr. 7 7 7 7 7 8 8 8 14 14 14 15 15 16 16 21 21 21 21 22 23 28 28 28 28 29 29 30 11 11 , T a b l e 6A C o n t i n u e d FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS #. OTHER THAN U.S. TREASURY 1 As of March 3 , 1978 ISSUER TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING CORPORATE San D i e g o Gas & E l e c t r i c Co. I n d i a n a p o l i s Power & L i g h t Co. American S a v i n g s & Loan A s s o c . OTHER ^Canadian Government E u r o p e a n Atomic E n e r g y Community Com. s t k . Com. s t k . Mtg. b a c k e d 30.0 24.0 150.0 Apr. Indef. Indef. Bonds Bonds 750.0 75.0 Indef. Indef. 12 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of March 3 , 1978 TYPE ISSUER AMOUNT (IN M I L L I O N S OF DOLLARS) STATE & LOCAL C a l i f o r n i a , S t a t e of M i n n e s o t a H o u s i n g F i n . Agy. Terrebonne P a r i s h . , La. * S i k e s t o n , Mo. P o r t A u t h . of New York & New Jersey * Richmond R e d e v . Agy . , C a l . *New Y o r k , S t a t e of *Eden P r a i r i e , M i n n . S. C a l i f o r n i a M e t r o . W a t e r D i s t . Anchorage, Alaska ^Honolulu, Hawaii Beaverton Sch. D i s t . #48, Ore. M a r y l a n d , S t a t e of Philadelphia, Pa. * A i k e n Co. S c h . D i s t . , S . C . * T e x a s , S t a t e of * J e f f e r s o n Co., Texas South C a r o l i n a Pub. S e r v i c e Auth. Lombard, 1 1 1 . New M e x i c o , S t a t e of Los A n g e l e s D e p t . of W a t e r & Power, C a l . Montgomery C o . , Ohio ^ W a s h i n g t o n P u b l i c Power S u p p l y Sys. *E1 C a j o n C i v i c C e n t e r A u t h . , C a l ^ D a l l a s , Texas APPROXIMATE DATE O F O F F E R I N G G.O. Rev. Rev. Rev. 100.0 129.7 10.0 90.0 Mar. Mar. Mar. Mar. 7 8 8 9 Rev. Rev. G.O. G.O. Rev. G.O. G.O. G.O. G.O. Rev. G.O. G.O. G.O. Rev. G.O. Rev. 75.0 22.8 50.0 11.2 147.5 13.4 12.0 12.6 78.8 80.0 13.0 25.0 18.0 200.0 16.4 22.0 Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. Mar. 9 13 14 14 14 14 15 15 15 17 21 21 21 21 23 27 Rev. Rev. 100.0 52.5 Mar. 29 Mar. Rev. Rev. G.O. 180.0 44.8 32.5 Mar. Apr. Apr. NOTES: 1 includes state and local government issues of $10 million and over, foreign government, International Bank for Reconstruction issues of Federally sponsored agencies; excludes secondary offerings. * Included in the table for the first time. 4 5 # # t t # * # # , # . Table 7 STOCK PRICES AND VOLUME 1 STOCK P R I C E S DATE NYSE INDEX 3 QJ INDUSTRIALS AMEX 4 NASDAQ 2 TRADING VOLUME NYSE AMEX NASDAQ 1974-- H i g h Low 53.37 (3/13) 32.89 (10/3) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.26 <12/9) 96.53 (3/15) 54.87 (10/3) 24.9 7.5 (1/3) (7/5) 4.4 (1/3) .9 (9/26) 7.5 (1/3) 2.8 (7/5) 1975-- H i g h Low 51.24 37.16 (7/15) (1/8) 881.81 (7/15) 632.04 (1/2) 96.86 (7/15) 62.20 (1/2) 88.00 (7/15) 60.70 (1/2) 35.2 8.7 (2/13) (9/15) 4.2 (2/21) 1.1 (9/15) 8.1 (2/13) 2.5 (9/15) 1976-- H i g h Low 57.51 48.04 (9/21) (1/2) 1014.79 (9/21) 858.71 (1/2) 107.05 (7/12) 84.31 (1/2) 92.52 (7/15) 78.06 (1/2) 44.5 (2/20) 10.3 (1/2) 8.6 (2/20) 1.1 (1/2) 11.1 (2/20) 3.5 (1/2) 1977-- H i g h Low 57.69 49.78 (1/3) (11/2) 999.75 (1/3) 800.85 (11/2) 127.89 (12/30) 105.05 (12/30) 109.61 (1/12) 93.66 (4/5) 35.3 10.6 4.2 1.4 1978--High Low 51.82 (1/3) 48.43 (2/28) 817.74 (1/3) 742.12 (2/28) 126.69 (1/3) 119.73 (1/11) 104.00 (1/3) 99.09 (1/11) 28.0 (1/9) 7.6 (1/20) 2.9 (1/9) 1.3 (1/20) 6 13 20 27 50.64 49.57 49.73 49.06 793.49 775.73 776.94 764.12 123.05 120.64 121.83 120.84 101.66 99.77 100.63 100.62 22.9 23.4 17.7 18.8 2.5 2.2 2.0 2.4 9.4 8.6 6.5 7.1 3 10 17 24 49.72 50.01 48.90 49.19 770.96 775.99 752.69 756.24 122.78 124.64 122.95 123.87 102.22 103.58 102.25 102.70 20.4 17.0 19.5 20.4r 2.3 2.2 2,3: 8.2 7.4 8.6 2.3r 7.7r 3 48.67 747.31 123.07 101.95 20.3 2.3 8.1 1978 Jan. Feb. Mar. (11/11) (10/10) (1/13) (9/22) 11.2 (11/10) 5.1 (5/27) 10.2 (1/6) 2.8 (1/20) NOTES: 1 Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/66 = 50 4 Based on average price change until September 4, 1973 thereafter, based on market value of shares listed. i to 14 Table 8 SECURITY CREDIT R E G U L A T E D MARGIN C R E D I T E X T E N D E D BY END O F P E R I O D OUTSTANDING BROKERS ON MARGIN STOCK 1 BROKERS ON 2 CONVERTIBLE BONDS BANKS U N R E G U L A T E D NONMARGIN STOCK CREDIT AT B A N K S 1976 - O c t o b e r November December 7,530 7,610 7,960 169 178 204 1,067 864 845 2,253 2,312 2,283 1977 - J a n u a r y February March April May June July August September October November December 8,270 8,480 8,690 196 197 199 196 196 198 204 200 196 246 1 / 250 832 844 810 807 801 873 875 885 881 882 872 873 2,312 2,319 2,312 2,350 2,345 2,551 2,568 2,587 2,581 2,579 2,604 2,568 1978 - J a n u a r y 9,590 -5 9 26 -12 -203 -19 99 59 -29 8,880 9,070 9,230 9,460 9,560 9,590 9,560 9,610 9,740 C H A N G E IN O U T S T A N D I N G 1976 - O c t o b e r November December 350 1977 - J a n u a r y February March April May June July August September October November December 310 210 210 190 190 160 230 100 30 -30 50 130 1978 - J a n u a r y 80 —8 i 2 -3 -13 12 -34 -3 -6 2 6 -4 -4 -5 -55 1 / 4 72 -2 10 -4 01 -10 1 29 7 -7 38 -5 206 17 19 —6 -2 25 -36 -150 NOTES: 1 Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds. 2 3 New York Stock Exchange data. June data for banks are universe totals; all other data for banks represent estimates for all commercial banks based on reports by a reporting sample which accounted for 60 per cent of security credit outstanding at banks on June 30. 4 5 ~ value. D a t a p r i o r t o November n o t s t r i c t l y c o m p a r a b l e d u e t o c h a n g e s i n r e p o r t i n g . Table 9 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS * IN MILLIONS OF DOLLARS REGULAR DEPOSITS DATE NET FLOW 1972 1973 1974 1975 1976 1977-June July Aug. Sept. Oct. Nov. Dec. 19 7 8 - J a n 1977-June July Aug. Sept. Oct. Nov. Dec. 19 7 8 - J a n 10,132 4,842 2,165 11,070 12,670 1,484 677 282 1,200 683 406 1,289 250 1 ANNUAL 3 GROWTH RATE 12.5 5.3 2.3 11.3 11.6 —— —— — — —— — — «•» — mm 769 1,255 1,187 1,131 1,257 515 519 7.3 11.9 11.1 10.5 11.6 4.7 4.7 344 3.1 TOTAL SAVINGS & LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS NET NEW MONEY 5,451 -442 -2,822 4,757 5,275 84 397 -12 -137 296 99 -131 -50 2 SHARE CAPITAL NET r / FLOW ™~ ANNUAL 3 GROWTH RATE NET NEW MONEY 23,884 18.7 32,567 20,204 10,507 9.8 4,668 16,006 7.1 29,276 42,769 17.6 50,169 34,369 17.6 NOT SEASONALLY ADJUSTED 2,048 6,382 3,913 4,163 2,631 2,862 1,666 5,961 2,270 2,396 1,516 1,729 5,542 883 2 DEPOSITS NET r / FLOW - 42,699 25,046 18,171 53,839 62,839 —— 2,890 2,750 SEASONALLY ADJUSTED —— 12.1 3,614 — 19.9 5,974 — 18.6 5,671 — 18.2 5,656 — 12.2 3,832 — 11.7 3,711 — 10.8 3,410 —— 2,018 6.2 — 29,335 10,062 1,846 34,033 39,644 2,132 4,310 2,619 1,529 2,566 1,615 752 3,000 2,840 4,383 7,229 6,858 6,787 5,089 4,226 3,929 10.9 17.8 16.6 16.2 12.0 9.9 9.1 2,362 5.4 2 New deposits net of both*withdrawals and interest. Data for S&L's are for insured associations only, which represents 8 per cent of industry total resources. 3 Annual growth rate for monthly data is the annualized monthly percentage increase in deposits. of s e a s o n a l f a c t o r s . 16.7 8.4 5.6 15.8 15.9 7,866 4,840 3,144 7,161 3,079 2,135 6,831 NOTES: 1 Regular deposits at mutual savings banks exclude items such as Christmas club and certain escrow accounts, which represent a very small part of total deposits. Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. http://fraser.stlouisfed.org/ * These s e r i e s have been r e v i s e d to r e f l e c t annual r e c a l c u l a t i o n Federal Reserve Bank of St. Louis / ANNUAL 3 GROWTH RATE NET NEW MONEY — — —— — — —— — — 2 T a b l e 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D NET CHANGE OUTSTANDING COMMITMENTS PERIOD TOTAL MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS ( N . Y . S T A T E ) TOTAL MUTUAL ALL SAVINGS S A V I N G S BKS & LOAN ASSOCIATIONS (N.Y. S T A T E ) 1972 25.2 20.3 4.9 7.48 6.28 1.20 1973 19.9 16.4 3.5 -5.31 -3.92 -1.39 1974 14.7 12.5 2.2 -5.20 -3.91 -1.29 1975 20.6 18.6 2.0 5.81 6.06 20.8 21.3 21.7 21.8 22.3 22.6 23.1 23.7 24.6 26.1 27.3 28.2 18.8 19.3 19.5 19.6 20.0 20.4 20.8 21.3 22.0 23.5 24.6 25.5 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.4 2.6 2.6 2.7 2.7 .06 .61 .48 .38 .48 .27 .50 .87 1.05 1.20 1.26 .92 .20 .58 .16 .10 .32 .53 .33 .50 .78 1.46 1.09 .92 .02 -.06 .19 .05 .05 .02 .03 .12 .19 .06 .09 27.9 28.4 29.6 30.2 30.3 31.4 32.1 34.1 35.5 38.0 39.3 39.7 25.1 25.4 26.4 27.0 27.0 27.6 28.4 30.1 31.4 33 .4 34.7 35.2 2.8 3.0 3.2 3.2 3.3 3.8 3.7 4.1 4.1 4.6 4.7 4.5 -.35 .48 1.24 .56 .12 1.07 .80 1.97 1.32 2.51 1.38 .30 -.45 .30 1.04 .59 .02 .58 .83 1.66 1.31 2.04 1.20 .53 .10 .18 .20 -.03 .10 .52 -.03 .33 .01 .47 .18 -.23 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. * Oct. Nov. Dec. 1977 - J a n . Feb. Mar. Apr. May June July ' Aug. Sept. Oct. Nov. Dec. - - .25 NOTES: Based on data from Federal Home Loan Bank Board and Savings Banks Association of New York State. Both series include a minor amount of nonresidential commitments; S&L commitments also include loans in process. Net changes are derived directly from unrounded end of period outstanding levels as reported and after seasonal adjustment by Federal Reserve. Subtotals may not add to totals because of rounding. H.16 17 T a b l e 11 NET NEW MONEY B O R R O W I N G S BY MAJOR HOUSING A G E N C I E S IN MILLIONS OF DOLLARS PERIOD TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES INTERMEDIATE AND LONG-TERM I S S U E S TOTAL FHLB FHLMC 1975 - J u l y Aug. Sept. Oct. Nov. Dec. +236 -398 215 587 152 669 +300 -700 1976 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -197 -964 -851 124 -953 -107 —58 787 195 -37 -552 145 0 -604 -304 693 -607 -206 291 +190 190 310 -297 -219 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 12 -862 289 344 532 605 531 347 195 247 466 1,078 188 0 -592 -354 746 297 203 553 301 -291 211 500 0 -200 1978 - J a n . e 984 30 0 NOTES: Based on data from Treasury Survey of Ownership. of FHLB discount notes began in May 1974. Digitized1for Sales FRASER http://fraser.stlouisfed.org/ p Preliminary Federal Reserve Bank of St. Louis 100 850 200 600 0 -700 0 +150 0 0 0 -1,100 0 0 —600 0 0 0 0 0 -300 0 FNMA 0 0 0 0 200 0 +300 0 100 700 0 600 0 0 196 -4 -7 -7 300 -300 700 -6 -200 300 -9 +190 -10 —8 -9 -7 0 -189 -393 -4 —6 0 105 0 0 304 0 0 300 0 200 3 -47 -3 9 11 200 0 30 0 0 200 318 12 -212 -1 1 -350 752 —8 200 600 0 -300 200 0 0 FNMA & FHLB SHORT-TERM DISCOUNT NOTES 1 —64 302 115 -263 -48 69 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 -176 -270 643 -402 235 402 -22 46 486 -36 -34 1,078 954 T a b l e 12 NET CHANGE IN MORTGAGE HOLDINGS IN MILLIONS OF DOLLARS PERIOD 1970 1971 1972 1973 1974 1975 1976 2 FINANCIAL INSTITUTIONS TOTAL INCLUDING FNMA-GNMA TOTAL COMMERCIAL BANKS MSB's 21,930 41,406 57,587 58,372 42,739 43,497 62,783 17,020 39,018 55,561 55,072 36,517 38,658 64,903 2,462 9,940 16,800 19,600 11,700 4,200 13,900 1,956 3,938 5,377 5,642 2,172 2,236 4,074 S & L's 10,254 23,919 31,932 25,552 17,567 29,289 44,515 INSURANCE FNMA-GNMA COMPANIES 2,348 1,221 1,452 4,278 5,078 2,933 2,414 4,910 2,388 2,026 3,300 6,222 4,839 -2,120 1 < Not S e a s o n a l l y A d j u s t e d 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 3,929 4,273 7,112 8,533 9,633 10,621 8,339 9,502 9,127 8,349 7,940 . 4,255 4,315 7,046 8,410 8,946 10,505 8,425 9,665 8,930 8,380 7,844 1,300 1978 - J a n . 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1978 - J a n . 1,100 1,100 2,000 2,300 2,400 2,900 2,300 3,000 2,300 2,300 2,100 2,000 5,716 5,508 7,316 7,958 9,088 9,468 7,463 8,708 9,972 8,478 8,661 5,983 5,373 7,099 7,664 8,033 9,059 7,899 9,137 9,005 8,736 8,593 1,555 1,427 2,047 2,161 2,165 2,581 2,286 2,858 2,113 2,182 2,247 2,073 196 156 291 414 388 976 649 719 660 690 564 771 2,925 3,028 4,615 5,282 6,000 6,132 5,224 5,726 5,256 4,876 4,754 4,638 34 31 140 414 158 496 252 220 744 614 426 N.A. -326 - 42 m 66 123 687 177 — 86 -163 « 167 - 31 96 222 4 Seasonally Adjusted 337 307 280 401 366 816 559 696 735 735 590 652 3,979 3,565 4,485 4,689 5,235 5,154 4,741 5,334 5,409 5,245 5,904 5,150 112 74 287 453 267 508 313 249 748 574 352 N.A. -267 135 217 294 1,055 * 409 -436 -429 - 33 -258 * 68 127 1,755 1 NOTES: 1 Monthly data for commercial banks based on Federal Reserve estimates bench marked t o 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 t h e monthly series. Altogether, these groups accounted for 8 3 per cent of t h e net increase estimated for all holders in 1974. Digitized FRASER January 1972 data reflect activity in limited amount of conventional mortgages. 2 for Beginning ^ * 19 Table 13 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN B I L L I O N S O F D O L L A R S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S 2 RESIDENTIAL QUARTER TOTAL TOTAL 1- t o 4 FAMILY MULTIFAMILY COMMERCIAL MULTIFAMILY & COMMERCIAL FARM 1970 - I II II IV 25.5 25.3 33.5 35.4 18.7 18.3 23.9 26.8 13.2 12.5 15.5 18.8 5.5 5.8 8.4 8.0 5.7 6.9 8.6 7.4 11.2 12.7 17.0 15.4 1.0 0.0 1.0 1.3 1971 - I II III IV 41.2 51.8 57.8 59.5 32.7 40.3 43.1 44.7 23.2 29.6 33.8 35.7 9.5 10.7 9.3 9.1 6.7 9.3 12.1 11.6 16.2 20.0 21.4 20.7 1.7 2.1 2.6 3.1 1972 - I II III IV 67.6 74.1 77.6 88.1 49.3 54.1 59.1 63.6 38.0 41.0 48.1 47.9 11.3 13.1 11.0 15.7 14.8 16.5 14.9 21.0 26.1 29.6 25.9 36.7 3.5 3.5 3.6 3.6 1973 - I II III IV 80.6 87.4 80.7 70.4 56.0 59.9 56.2 48.5 47.8 46.9 43.7 40.6 8.2 13.0 12.5 7.9 19.1 21.7 19.4 16.4 27.3 34.7 31.9 24.3 5.6 5.8 5.0 5.5 1974 - I II II IV 69.9 70.9 54.5 46.7 48.7 47.2 35.1 29.7 39.2 40.3 28.4 25.4 9.5 6.9 6.7 4.3 17.5 18.7 13.6 11.2 27.0 25.6 20.3 15.5 3.6 4.9 5.8 5.9 1975 - I II III IV 44.0 55.0 62.3 67.7 29.7 39.8 45.3 50.8 28.9 39.8 44.9 51.9 0.8 0.0 0.4 -1.1 9.0 10.3 12.9 12.8 9.8 10.3 13.3 11.7 5.3 4.9 4.0 4.1 1976 - I II III IV 78.6 77.3 94.0 98.6 59.7 58.0 73.8 78.0 58.3 58.1 70.0 75.5 1.4 -0.1 3.8 2.5 13.7 14.5 13.4 13.0 15.1 14.4 17.2 16.9 5.3 4.8 6.9 7.6 108.3 132.2 140.3 140.1 84.2 102.6 106.6 109.2 80.3 96.1 98.9 99.7 3.9 6.5 7.7 9.5 15.5 20.3 24.8 22.9 19.4 26.8 32.5 32.4 8.6 9.3 8.9 8.0 1977 - I ( r ) II(r) HI(r) IV ( p ) NOTES 1 Derived from data on mortgage debt outstanding from Federal Deposit Insurance Corporation, Federal Home Loan Bank Board, Institute of Life Insurance, National Association of Mutual Savings Banks, Departments of Commerce and Agriculture, Federal National Mortgage Association, Federal Housing Administration, Veterans Administration and Comptroller of the Currency. Separation of n o n f a r m mortgage debt by type of property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve. 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 n o n f a r m 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 . . PRIVATE HOUSING PERMITS, STARTS, COMPLETIONS, AND MOBILE HOME SHIPMENTS IN T H O U S A N D S O F U N I T S , S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S PERMITS 1 PERIOD TOTAL 1—FAMILY 2 - O R MORE FAMILY TOTAL STARTS COMPLETIONS 1 —FAMILY 1 —FAMILY 2-OR MORE TOTAL FAMILY FAMILY MOBILE HOME SHIPMENTS 2-OR MORE 1969 1970 1971 1972 1973 1974 1975 1976 1977 1,324 1,352 1,925 2,219 1,820 1,074 939 1,297 1,677 626 647 906 1,033 882 644 676 894 1,125 698 705 1,018 1,186 937 431 264 403 552 1,407 1,434 2,052 2,357 2,045 1,388 1,160 1,538 1,987 811 813 1,151 1,309 1,132 888 892 1,162 1,451 656 621 901 1,048 914 450 268 376 375 1,399 1,418 1,706 1,972 2,014 1,692 1,297 1,362 1,652 808 802 1,014 1,143 1,174 932 867 1,026 1,254 592 617 692 828 840 760 430 336 398 413 401 497 576 567 329 216 246 277 1977 - J u l y Aug. Sept. Oct. Nov. Dec. 1,639 1,772 1,695 1,850 1,893 1,811 1,089 1,156 1,135 1,216 1,257 1,210 550 616 560 634 636 601 2,072 2,038 2,012 2,139 2,096 2,194 1,453 1,454 1,508 1,532 1,544 1,568 619 584 504 607 552 626 1,671 1,699 1,901 1,627 1,780 1,604 1,267 1,282 1,489 1,217 1,272 1,257 404 417 412 410 508 347 251 270 300 319 318 324 1978 - J a n . 1,533 1,021 512 1,549 1,139 410 312 NOTES: Private building permits (for 14,000 areas with permit systems, excluding farm), starts, and completions are Census Bureau data. A dwelling unit is started when excavation begins. In the case of apartment buildings, all units are considered started at that time; however, all such units are considered completed when more than half of the units in the structure are ready for use. Private mobile home shipments are Mobile Home Manufacturers Association data converted to seasonally adjusted annual rate by Census Bureau. http://fraser.stlouisfed.org/ |fmit data for 1 9 6 ^ p d 1970 based on Federal Reserve Bank of St. Louis 000 areas with p ^ i i t systems. # # # # # # # # # # Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES CONVENTIONAL LOANS PRIMARY MARKET NEW HOMES EXISTING HOMES 1 PERIOD SPREAD BETWEEN RETURNS ON NEW Aaa NEW HOMES CONVENTIONAL UTILITY 1 AND HUD(FHA) BOND NEW HOME SPREAD DISCOUNT YIELD (BASIS (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS POINTS) PO i f " ; POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET 1 RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) SPREAD (BASIS POINTS) YIELD (IN PER CENT) 1975 - High Low 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1976 - High Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4.3 2.0 65 -4 8.72 8.05 1976 - O c t . Nov. Dec. 9.00 8.95 8.90 71 90 NA 9.00 9.00 8.95 71 95 NA 8.55 8.45 8.25 26 40 NA 4.3 3.6 2.0 45 50 65 8.29 8.05 NA 1977 - J a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 8.80 8.80 8.85 8.90 8.95 9.00 9.00 9.00 9.00 9.00 9.05 9.10 58 52 63 59 NA 93 83 .99 86 72 82 N.A. 8.85 8.85 8.90 8.95 9.00 9.05 9.05 9.05 9.05 9.05 9.05 9.10 63 57 68 64 NA 98 88 1.04 91 .77 82 N.A. 8.40 8.50 8.58 8.57 NA 8.74 8.74 8.74 8.72 8.78 8.78 8.91 18 22 36 26 NA 67 57 73 58 50 55 N.A. 3.2 3.9 4.6 4.5 NA 1.9 1.9 1.9 1.7 2.2 2.2 3.2 40 30 27 33 NA 26 26 26 28 22 27 19 8.22 8.28 8.22 8.31 NA 8.07 8.17 8.01 8.14 8.28 8.23 N.A. 1978- J a n . 9.15 N.A . 9.20 N.A. 9.11 N.A. 4.7 4 N.A. NOTES: 1 Gross yield spread is average mortgage return before deducting servicing costs, minus average yield on new issues of high-grade utility bonds with 5-year call protection. Rates on conventional first mortgages (excluding additional fees and charges) are based on unweighted HUD (FHA) field office opinions on prevailing contract interest rates in the market areas of the insuring offices, rounded to the nearest 5 basis points. For secondary market data, weighted HUD office opinions on the average bid price for HUD (FHA) loans with minimum downpayment, prepaid in 15 years, for immediate delivery, are used. H.16 i 23 T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN MILLIONS OF DOLLARS) DATE OF AUCTION OFFERED AVERAGE YIELD AMOUNT (IN MILLIONS OF DOLLARS) OFFERED ACCEPTED 855 ( 1 2 / 2 7 ) 570 ( 1 2 / 2 7 ) 8 . 9 8 ( 1 2 / 2 ) 383 ( 5 / 2 ) 1977 - High AVERAGE YIELD ACCEPTED 278 ( 5 / 2 ) 71 ( 9 / 1 9 ) 9.21 (12/27 8.81 (1/10) 35 ( 9 / 7 ) 8 . 4 6 ( 1 / 1 0 ) 123 ( 7 / 2 5 ) 130.5 75 .9 77.3 54.1 8.72 8.71 163.9 122.9 101.6 82.8 9.08 9.06 8 22 195 .0 119.9 143.1 78.3 8.75 8.77 199.8 170.4 144.4 92.3 9.06 9.06 Sept. 7 19 50.3 62.6 35 .1 40.3 8.74 8.74 138.9 107 .5 113.9 70.5 9.06 9.05 3 17 31 131.3 325 .8 156.1 82.2 212.6 105.7 8.77 8.84 8.86 187.3 242.7 328.1 137 .2 167 .8 224.0 9.07 9.11 9.14 Nov. 14 28 110.6 99.8 69.5 83.2 8.86 8.85 308.6 229.0 202.8 183.5 9.16 9.16 Dec. 13 27 329.1 855 .4 224.3 569.7 8.89 8.98 262.2 329.4 168.9 190.5 9.17 9.21 50 ( 9 / 7 ) Low 1977 - J u l y 11 25 Aug. Oct. 1978 - J a n . 9 23 10 1 1 . 0 768.8 605.3 356.6 9.13 9.21 403.6 546.3 192.8 256.8 9.28 9.37 Feb. 6 21 640.9 558.2 338.0 285.5 9.27 9.35 633.6 580.5 299.3 266.7 9.45 9.53 NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received. H.16 23 T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS GOVERNMENT-UNDERWRITTEN DATE OF AUCTION AMOUNT (IN MILLIONS O F DOLLARS) OFFERED 1977 - High AVERAGE YIELD ACCEPTED CONVENTIONAL AMOUNT MILLIONS O F DOLLARS) OFFERED 855 ( 1 2 / 2 7 ) 570 ( 1 2 / 2 7 ) 8 . 9 8 ( 1 2 / 2 ) 383 ( 5 / 2 ) Low 50 ( 9 / 7 ) AVERAGE YIELD ACCEPTED 278 ( 5 / 2 ) 9.21 (12/27) 8.81 (1/10) 35 ( 9 / 7 ) 8.46(1/10) 123 ( 7 / 2 5 ) 130.5 75.9 77.3 54.1 8.72 8.71 163.9 122.9 101.6 82.8 9.08 9.06 8 195.0 119.9 143.1 78.3 8.75 8.77 199.8 170.4 144.4 92.3 9.06 9.06 Sept. 7 19 50.3 35.1 40.3 8.74 8.74 138.9 107.5 113.9 70.5 9.06 9.05 3 17 31 131.3 325.8 156.1 82.2 212.6 8.77 8.84 105.7 8.86 187.3 242.7 328.1 137.2 167.8 224.0 9.07 9.11 9.14 Nov. 14 28 110.6 69.5 83.2 8.86 8.85 308.6 229.0 202.8 99.8 183.5 9.16 9.16 D e c . 13 27 329.1 855.4 224.3 569.7 8.89 8.98 262.2 329.4 168.9 190.5 9.17 9.21 9 23 1011.0 768.8 605.3 356.6 9.13 9.21 403.6 546.3 192.8 256.8 9.28 9.37 6 640.9 558.2 338.0 285.5 9.27 9.35 633.6 580.5 299.3 266.7 9.45 9.53 1977 - J u l y 11 25 Aug. Oct. 1978 - J a n . Feb. 22 21 62.6 71 ( 9 / 1 9 ) NOTES: Average secondary market yields are gross before deduction of the fee of 38 basis points paid for mortgage servicing. They reflect the average accepted bid yield for home mortgages assuming a prepayment period of 12 years for 30-year loans, without special adjustment for Federal National Mortgage Association (FNMA) commitment fees and FNMA stock purchase and holding requirements on 4-month commitments. Mortgage amounts offered by bidders relate to total eligible bids received. H.16
@FedFRASER