Full text of H.16 Capital Market Developments : May 10, 1971
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CONFIDENTIAL BEComrat® M . M L.5.8 Confidential ( F . R . ) ^ / y * \J0> May 1 0 , 1 9 7 1 \ /%^'zY^ CAPITAL MARKET DEVELOPMENTS Capitol Markets Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D. C. i ^ six MONTHS INDEX 3-5 D e v e l o p m e n t s in the Corporate and Municipal Bond Markets 6-7 Capital Market Y i e l d s 8-13 Capital Market Volume 14-17 Stock Market 18-33 Mortgage Market SYMBOLS: e Estimate p Preliminary r n.a. Revised Not a v a i l a b l e 3 TABLE 1: Yields, Volume and Reception •' YIELDS MOODY'S SEASONED NEW ISSUE ' Aaa WEEK ENDING: 1971- Apr. May 2 9 16 23 30 7.15 7.16 7.32 7.54 7.81 7.22 7.23 7.24 7.24 7.30 7 14 7.88 7.43 WEEK ENDING: 1971- Apr. May YIELDS MOODY'S BOND BUYER SEASONED SEASONED 2 0 Aaa BOND INDEX CORPORATE BOND MARKET VOLUME 2 PER CENT GROSS SOLD BY END BONDS SCHEDULED OFFERINGS OF WEEK WITHIN 28 DAYS 608 322 289 897 327 !8oe 67 79 78 93 85e n.a. n.a. n.a. n.a. n.a. 90e n.a. n^a. MUNICIPAL BOND MARKET VOLUME2 PER CENT GROSS SOLD BY END OF WEEK OFFERINGS BONDS SCHEDULED WITHIN 2 8 DAYS 1,164 1,136 743 2 9 16 23 30 5.00 5.10 5.20 5.30 5.50 5.15 5.21 5.32 5.48 5.69 318 569 507 414 311 69 61 85 67 70 884 1,443 7 14 5.65 n.a. 5.84 n.a. 280 568 84 n.a. n.a. n.a. 1 D e r i v e d b y a d j u s t i n g t o a A a a b a s i s , new i s s u e s o f p u b l i c l y - o f f e r e d c o r p o r a t e b o n d s w i t h c a l l p r o t e c t i o n , r a t e d A , A a , o r A a a by M o o d y ' s I n v e s t o r s S e r v i c e ( e x c e p t s e r i a l and c o n v e r t i b l e i s s u e s , o f f e r i n g s of n a t u r a l g a s p i p e l i n e and f o r e i g n c o m p a n i e s , and x b o n d s g u a r a n t e e d by t h e F e d e r a l G o v e r n m e n t . ) 2 Millions Note: of d o l l a r s See unless otherwise indicated. footnotes to Table 3 TABLE 2: Details on Inventories DATE OFFERED AMOUNT (MIL $ ) 5/6 5/6 5/5 5/5 5/4 5/4 5/3 4/27 4/27 4/22 4/21 65.0 75. 0 8. 0 15. 0 50. 0 35. 0 1 6 .. 0 5 0 .. 0 5 0 .. 0 18, . 0 18, . 0 OFFERED DATE I RELEXSED 4/27 4/29 5/4 5/4 CORPORATE BONDS IN SYNDICATE END OF LATEST WEEK \0RIGINAL RATING AND YIELD CALL PROTECTION COUPON ISSUER G e n ' l T e l . of S . E . Westinghouse Credit Comm. P u b . S e r v . Miss. Pvr. N. I n d . P u b . S e r v . Amer. P r e s . L i n e s O t t e r T a i l Pwr. Stand.Brands Avco. F i n . S e r v i c e s Mountain Fuel N. W. N a t . G a s N . 1 8 . 785 7 ., 2 0 8 ., 3 5 8 ., 3 0 7.. 9 5 7.. 6 2 5 8, . 6 0 7,. 7 5 9,. 0 0 8 .10 8 .63 Baa 5 6 5 •5 5 10 5 10 5 ' 5 5 A A Aa Aaa Baa A A Baa yrs. yrs. yrs. yrs. yrs. yrs. yrs. yrs yrs. yrs. yrs. 65% 90% 20% 30% 70% 98% 25% 85% 70% 70% 95% x CORPORATE BONDS RELEASED FROM SYNDICATE DURING LATEST WEEK ORIGINAL INCREASE RATING AND ESTIMATED PROCOUPON ISSUER IN YIELD CALL PROT. PORTION RELEASED YIELD AMOUNT 7-1/2 8.00 McGraw E d i s o n Atlantic City 50.0 27.0 INVENTORIES MUNICIPALS BLUE L I S T | IN SYNDICATE DATE 1971 - Apr. } 8-3/4 7.20 8-1/2 8-3/8 8-1/8 7-5/8 8-1/4 7-3/4 8-7/8 8.10 8-5/8 ESTIMATED PROPORTION SOLD 2 9 16 23 30 879 897 866 794 756 230 360 202 251 197 696 125 7.57 7.90 +14 +12 Aa Aa 10 y r s . 5 yrs. 10% 20% 1 CORPORATES IN SYNDICATE 1 167 164 58 128 48 90 May. 7 - - .. - No call protection. All figures in millions of dollars. Blue List is daily average for week ended Friday,except for latest \wek vliich is daily average of three days ended Wednesday. All other figures are as of Fridav. TABLE 3: High Grade Bond Yields U.S. DATE NEW CORPORATE Aaa1 MOODY'S SEASONED CORPORATE Aaa 2 GOVERNMENT 20-YEAR CONSTANT MATURITIES 3 BOND BUYER'S SEASONED MUNICIPALS 4 1969 - High Low 8 . 85 6. 90 (12/5) (2/21). 7.84 6.55 (12/26) (1/12) 6.97 5.96 (12/26) (1/24) 6.90 4.82 (12/18) (1/28) 1970 - High Low 9. 30 7. 68 (6/19) (12/18) 8.60 7.48 (7/3) (12/31) 7.55 6.17 (5/29) (12/18) 7.12 5.33 (5/29) (12/11) 1971 - High Low 7.. 8 8 6., 7 6 (5/7) (1/29) 7.45 7.06 (1/8) (2/12) 6.39 5.69 (1/4) (3/23) 5.84 5.00 (5/6) (3/18) 1971 - A p r i l May 16 23 30 7 .32 7 .54 7 .81 7.24 7.24 7.30 5.96 6.10 6.11 5.32 5.48 5.69 7 7.88 7.43 6.24 5.84 1 New c o r p o r a t e i s s u e s , w i t h c a l l p r o t e c t i o n , a d j u s t e d ( a s d e s c r i b e d i n f o o t n o t e 1 o f T a b l e 1) t o a Aaa b a s i s . 2 Weekly a v e r a g e of d a i l y f i g u r e s . Average term of bonds i n c l u d e d i s 22-24 y e a r s . 3 Weekly a v e r a g e of d a i l y f i g u r e s . 4 Thursday f i g u r e s . T h e a v e r a g e r a t i n g o f t h e 20 b o n d s u s e d i n t h i s i n d e x ! f a l l s midway b e t w e e n t h e f o u r t o p g r o u p s a s c l a s s i f i e d by M o o d y ' s I n vestors Service. N o t e - - H i g h s a n d l o w s a r e f o r i n d i v i d u a l s e r i e s a n d may b e o n d i f f e r e n t d a t e s for different series. 6 TABLE 4: Long-term Corporate and State and Local Government Security Offerings and Placements (In millions of dollars) GROSS PROCEEDS CORPORATE PERIOD 1 STATE AND LOCAL 2 1969 1968 1967 1969 1968 3,017 2,972 6,150e 2,636 2,684 1,804 2,200e 1,340 1,214 1,555 1,262 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 1,801 July August September 2,768 2,274 3,518 2,478 1,427 2,427 1,348 1,359 1,758 1,097 October November December 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 January February March April May 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter 1st half Three quarters Year 12,139e 1,802 Excluding f i n a n c e companies 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter 6,688e 1967 1,110 737 & ^ :; r " 7 , 808 : 559 a 3 6,170 7,037 Year S e c u r i t i e s and Exchange Commission e s t i m a t e s of g r o s s p r o c e e d s . I n v e s t m e n t B a n k e r s A s s o c i a t i o n of America e s t i m a t e s of p r i n c i p a l a m o u n t s . T o t a l g r o s s p r o c e e d s e x c l u d i n g o f f e r i n g s of s a l e s and consumer f i n a n c e companies. | 987 538 TABLE 5: New Corporate Security Issues, Type of Issue and Issuer (In millions of dollars) QUARTER OR MONTH ISSUERS 1 2, 812 2, 714 3 ,,406 2 ,,677 2 ,, 1 6 2 868 1, , 3 4 6 1,, 6 7 4 3,048 2,663 4,020 3,636 128 89 20 26 68 11 4 56 11 159 286 398 230 82 107 59 121 388 184 165 906 1,416 6 8 9 1 1, , 1 0 9 600 817 1,, 1 0 3 939 843 638 630 682 1 ,241 994 1,006 1 ,101 1,107 1 ,350 1,056 955 306 62 1 ,747 353 144 279 445 371 693 282 911 1,310 744 994 1,143 682 838 1,300 1,033 1,687 489 523 1,200 52 2 n.a. 101 165 550 716 666 2,470 623 1 ,069 985 392 682 600 1,286 555 1,795 1,300 n.a. 390 1,390 860 340 872 1,914 2,022 3,041 1,931 1,831 1,731 2,425 2,390 3,001 2,436 471 447 399 436 320 205 389 304 283 834 1,154 701 468 1,021 / 617 338 704 1,083 898 709 1971 - J a n . Feb. e/Mar. 3,017 2,972 6,150 2,031 2,187 4,150 496 261 800 e/Apr. 3/910 2,160 450 Mar. Apr, May June July Aug. Sept. Oct. Nov. Dec. COMMUNICATIONS 2,445 2,314 3,169 3,852 3,539 3,170 3,909 3,389 2,768 2,274 3,518 3,777 4,181 3,979 1970 PUBLIC UTILITY 710 287 737 816 5,987 7,827 8,368 914 1,421 1,557 GROSS PROCEEDS BY TYPE OF ISSUER 135 83 226 n.a. 10,468 8,560 11,907 12,139 1970 - I I III IV 1971 - I e / 1 PUBLICLY OFFERED GROSS PROCEEDS BY TYPE OF ISSUE COMMON AND ISSUES INCLUDED PRIVATELY PFD. . MFG. FOREIGN CONVERTIBLE STOCK PLACED 1,659 2,690 2,212 . O t h e r i s s u e r s a r e e x t r a c t i v e , r a i l r o a d and o t h e r t r a n s p o r t a t i o n , r e a l e s t a t e and f i n a n c e , and commercial and o t h e r . \ Source: S e c u r i t i e s and Exchange Commission. Quarterly supplements are a v a i l able. ' . ' 'V . TABLE 6: Large Long-term Public 'Security Issues for New Capital (continued) (Other than U.S. Treasury)' TYPE ' AMOUNT (MILLIONS OF DOLLARS) MATURITY As o f May 7 . , 1 9 7 1 COUPON RATE OR MOODY'S OFFERNET INTER- ! i;;c RATING EST COST I YIELD Corporates O t t e r T a i l Pwr. Co. Northern Indiana Pub.Serv. Midland E n t e r p r i s e s Inc. N a t i o n a l Can C o r p . G.M. A . C . Wis. Pub. Serv. Corp. M i s s i s s i p p i P w r . Co. Westinghouse C r e d i t Corp. G e n ' l T e l . of S.E. B o s t o n E d i s o n Co. Co. 1 s t . Mtg. 1 s t . Mtg. Bds. . Debs, Debs. Bds. 1 s t . Mtg. Notes(7 yr.) 1 s t . Mtg. Bds. 16.0 50.0 15.0 20.0 200.0 25.0 15.0 75.0 25.0 75.0 2001 2001 1991 1996 1993 2001 2001 1978 2001 2001 8-3/4 8-1/8 8-7/8 8-3/8 8.00 8-1/4 8-3/8 7.20 8-3/4 8-1/8 8.60 7.95 8.93 8.42 8.10 8.20 8.30 7.20 8.79 8.00 Rights offering. I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of $15 m i l l i o n and o v e r ; S t a t e and l o c a l s e c u r i t y o f f e r i n g s of $10 m i l l i o n and o v e r . I n c a s e of S t a t e and l o c a l g o v e r n m e n t s e c u r i t i e s , G.O. d e n o t e s g e m - r a I o b l i g a t i o n ; R e v . - U t . , r e v e n u e o b l i g a t i o n s s e c u r e d o n l y by income from p u b l i c u t i l i t i e s ; R e v . - Q . - U t . , r e v e n u e b o n d s s e c u r e d o n l y by i n c o m e f r o m q u a s i - u t i l i t i u s ; R e v . - S . T . , r e v e n u e bonds s e c u r e d by r e v e n u e from s p e c i f i c t a x e s o n l y ; R e v . - K e n t . , r e v e n u e b o n d s s e c u r e d s o l e l y by l e a s e p a y m e n t s . I n c l u d e s f o r e i g n g o v e r n m e n t and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and D e v e l o p m e n t i s s u e s and n o n - q u a r a n t e e d i s s u e s by F e d e r a l A g e n c i e s . Baa Aa Baa Baa —— A A —— Baa TABLE 6: Large Long-term Public Security Issues for New Capital (Other than U.S. Treasury) 1 TYPE 2 ISSUER AMOUNT (MILLIONS OF DOLLARS) MATURITY 1 COUPON OFFERRATE-OR ING NET INTEREST COST 1 YIELD MOODY'S RATING S t a t e and L o c a l Van D y k e P u b . S c h . D i e t . , M i c h . Mass. H e a l t h & Ed. Fac. Auth. D e t r o i t , Mich. W a s h . S u b u r b a n S a n i t a r y D i e t . ,Md. * S t . C l a i r C o . B l d g . Comm. 1 1 1 . z, S a c r a m e n t o , C a l i f . M u n i c i p a l Utility Dist. E r i e Co. Water A u t h o r i t y . P u e r t o R i c o Highway Auth. G.O. Rev. G.O. G.O. G.O. 13.5 12.0 11.5 20.0 10.0 Rev. Rev. Rev. 40.0 11.8 60.0 \ — 6.05 3.25-6.40 4.00-5.75 3.50-7.40 3.20-6.15 4.00-6.40 - - 6.11 6.12 6.74 3.50-5.70 3.25-6.30 3.60-6.60 1972-2000 1972-1981 1972-1986 1972-2001 1972-2001 1972-2001 6.25 5.61 6.44 —— -T Baa A A Aa A 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 Corporates Debs. 1 s t . Mtg. 1 s t Mtg. Bds. 1 s t . Mtg. Debs. 1 s t . Mtg. S.F. debs. Debs. 1 s t . Mtg. Debs. Debs. Debs. Equip. Trst. Ctfs. Debs. United J e r s e y Banks Conv. d e b s . Chase Manhattan Corp. S.F. debs. N a t i o n a l B i s c u i t Co. Com. Stk. M a s s . M u t u a l L i f e I n s . Co. S.F. debs. Armstrong Cork Co. Debs. D e n n i s o n M a n u f a c t u r i n g Co. 1 s t . Mtg. K e n t u c k y U t i l i t i e s Co. Equity Sec. K e n t u c k y U t i l i t i e s Co. Debs. Hartford N a t ' 1 Corp. Debs. Tex. Gas T r a n s . C o r p . Debs. J e r s e y C e n t r a l JPwr. & L t . Prom. N o t e s Rep. N a t ' 1 Bk. of D a l l a s D ebs. Occidental P e t . Corp. Debs. M i d a t l a n t i c Bk. I n c . Pref. Stk. D a y t o n Pwr. & L t . Co. 1 s t . Mtg. D a y t o n P w r . & L t . Co. Bds. G e n ' 1 T e l . Co; o f t h e S . E . C e n t r a l T e l . & U t i l i t y Corp. 1 s t . Mtg. Notes Microdot Inc. Bds. B e n e f i c i a l Corp. Notes Monumental Corp. Debs. *Interlake Inc. Bds. B e n e f i c i a l Corp. 1 s t . Mtg. ^ Kansas C i t y Pwr. & L t . Co. Debs. N o r t h e r n N a t T l G a s Co. Debs. Western Elec. 1 s t . Mtg. G e o r g i a Pwr. Co. 1 s t . Mtg. Ohio Edison S o u t h e r n New E n g l . T e l . C o . Kansas Gas & E l e c . Co. S o u t h w e s t e r n P u b . S e r v . Co. S o u t h w e s t e r n E l e c . P w r . Co. Monongahela Pwr. C o n s o l i d a t e d N a t . Gas Co. P u b l i c S e r v . E l e c . & Gas Co. Broadway-Hale S t o r e s I n c . New E n g l a n d T e l . & T e l . C o . N o r t h e r n S t a t e s Pwr. Co. S p e r r y Rand C o r p . Texaco I n c . N a t i o n a l Can C o r p . U n i o n T a n k C a r Co. 110.0 35.0 15.0 25.0 20.0 40.0 70.0 35.0 200.0 50.0 160.0 200.0 20.0 May May May May May May May May May May May May May 25.0 20.0 200.0 50.0 100.0 75.0 20.0 35.0 15.0 May May May May May May May May May May May May May May May May May May May May May May May May June 3 June 8 June 8 J u n e 10 June,15 — 30.0 21.0 35.0 100.0 20.0 20.0 45.0 40.0 20.0 20.0 50.0 20.0 60.0 25.0 27.0 60.0 100.0 100.0 60.0 / 11 12 17 17 17 19 19 25 25 26 27 11 TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital (Other than U.S. Treasury) 1 (continued) , • • . As o f 1 7, AMOUNT (MILLIONS APPROXIMATE DATE OF ISSUER TYPE OF OFFERING DOLLARS) 1971 Corporates(cont'd) Michigan Bell Tel. West Penn Pwr. Co. Bds. 1 s t . Mtg. 150.0 40.0 June 21 J u n e 23 S t a t e and L o c a l Texas G.O. Minn.-St. Paul Metro. Area, Minn. Rev. I s l i p Cent. Sch. D i s t . # 7 G.O. F l a . , O r l a n d o - O r a n g e C o . Exp G . O . Connecticut G.O. Chicago P a r k , 111. G.O. N. Y. S t . F i n a n c e A g c y . G.O. Illinois G.O. Dade Co. P o r t A u t h . , F l a . Rev. King C o . , Wash. G.O. La. Stadium & Exp. D i s t . Rev. West V i r g i n i a , S t a t e of G.O. M u l k i l t e o Wash S / D # 6 Bds. F a i r f a x C o . , Va. G.O. New O r l e a n s Rev. & G.O. Austin, Texas Rev. N a s s a u C o . , N.Y. G.O. Ohio, S t a t e of G.O. Phoenix Arizona Rev. New Y o r k S t . D o r m . A u t h . G.O. P o r t o f S e a t t l e Wash. Rev. M i c h i g a n , S t a t e of G.O. Penna, S t a t e of G.O. Lower C o l . R i v e r A u t h . , T e x . G.O. Cleveland C i t y Sch. D i s t . G.O. Oakland Co., Mich. G.O. San B e r n a r d i n o , C a l i f . Redevp. Agcy. Bds. Mecklenburg G.O. Allegheny Co., Pa. G.O. Other Bds. F e d e r a l Home L o a n B a n k s Bds. Quebec ( P r o v i n c e o f ) Debs. Bds. G o v ' t Dev. Bk. f o r P . R i c o * 1 2 30.0 May 10 14.0 11.6 70.5 100.0 12.0 156.0 100.0 24.8 10.4 113.0 45.0 10.0 30.0 15.8 13.0 48.0 75.0 19.0 20.3 29.0 57.5 100.0 60.0 16.0 13.3 May 1 0 May 1 1 May 1 1 May 11 May 1 1 May 12 May 17 May 1 8 May 18 May 18 May 18 May 19 May 19 May 19 May 2 0 May 2 0 May 2 0 May 2 5 May 2 5 May 2 5 May 2 5 May 2 6 May 2 6 May May 13.5 10.0 29.7 May J u n e 29 July 1 400.0 May 12 1 : ° 8 s ^ Included in table f o r , f i r s t time. ' , , I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of $15 m i l l i o n and o v e r ; S t a t e and l o c a l Government i s s u e s of $10 m i l l i o n and o v e r . I n c l u d e s f o r e i g n government and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and Development i s s u e s and n o n - g u a r a n t e e d i s s u e s of F e d e r a l A g e n c i e s . 12 STOCK PRICES AND VOLUME STOCK PRICES1- TRADING V O L U M E 2 - DATE NYSE I N D E X 3 - D J . INDUSTRIALS AMEX 4 - NYSE AMEX 1969 - H i g h Low 50.32 (5/14) 49.31 (7/29) 32.91 (1/3) 968.85(5/14) 769.93(12/17) 25.02 (7/29) 16.5 (3/29) 8.6 (8/29) 8.0 (1/31) 3.6 (11/21) 1970 - High Low 52.36 (1/5) 37.69 (5/26) 842.00(12/29) 27.02 (1/8) 631.16(5/26) 19.36 (5/27) 18.5 (12/4) 7.8 (8/14) 7.1 (1/2) 1.8 (8/14) 1971 - High Low 57.76 (4/28) 49.73 (1/4) 950.82(4/28) 830.57(1/4) 26.68 (4/28) 22.1 (2/12) 22.72 (1/4) 14.9 (4/2) 6.7 (2/12) 4.3 (1/8) 2 9 -16 23 30 55.58 56.33 57.06 57.32 57.27 903.04 920.39 940.21 947.79 941.75 26.20 26.41 26.49 26.51 26.47 14.9 19.0 20.6 18.4 20.6 5.0 5.6 5.8 5.1 5.3 7 56.67 936.97 26.24 17.2 4.7 1971 - Apr. May • . Figures other than highs and lows are Fridays onlyHighs and lows are for the year and are not necessarily for Fridays. NYSE is the New York Stock Exchange; AMEX is the American Stock Exchange. Volume figures are daily averaged for the entire week, (millions of shares). -Trading is normally conducted for 5-1/2 hours per day and 5 days /per week, or In recent years, however abbreviated trading to the extent, and over the time Days/ Through; Week January 3, 19<9 July 7, 1969 January 2, 1970 July 3, 1969 December 31, 1969 May 1, 1970 3. 12/31/65 - 50 4. Average dollar value of shares listed. 4 4-1/2 27-1/2 hours per weefc. periods, shown below: Hours/ Week 20 22-1/2 TABLE 9: Security Credit <7 . END OF PERIOD CREDIT EXTENDED TO MARGIN CUSTOMERS BY: TOTAL BROKERS 1 | BANKS 2 | & 1 CUSTOMERS1 NET DEBIT BALANCES NET CREDIT CUSTOMERS1 NET EXTENDED BY FREE CREDIT BROKERS AND DEALERS 3 BALANCES Outstanding;: 1971 - Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 4,570 4,520 4,360 4,160 3,860 3,800 3,810 3,920 4,010 4,010 4,030 2,370 2,370 2,330 2,290 2,290 2,290 2,300 2,330 2,270 2,320 2,330 6,940 6,890 6,690 6,450 6,150 6,090 6,110 6,250 6,280 6,33 6,360 6,562 6,353 5,985 5,433 5,281 (4) (4) (4) (4) (4) (4) Jan. Feb. Mar. Change i n Outstanding: 4,000 4,090 4,300 2,300 2,330 2,360 6,300 6,420 6,660 (4) (4) (4) 1971 - F e b . Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. -110 -50 -160 - 200 -300 ifiO 10 110 90 2 18 - 60 10 30 - 60 50 10 -170 -50 -200 -- 2 4 0 -300 - 60 20 140 30 52 28 - 30 90 210 - 30 30 30 - 60 120 240 Jan. Feb. Mar. 1 2 3 - 40 -40 WW —— 2,452 2,743 2,798 -121 -209 -368 -552 -152 , - — — - -— — -— - - 2,563 2,441 2,248 2,222 2,009 (5)2,180 2,083 2,236 2,163 2,197 2,286 • -163 - 22 -193 - 26 -213 171 97 153 - 73 34 89 166 291 55 4,099 3.912 3,724 3,211 3,272 (4) (4) (4) (4) (4) (4) (4) (4) (4) 42 -187 -188 -513 - 61 - — - ——— — - — M a r g i n d e b t , a s r e p o r t e d b y t h e New Y o r k S t o c k E x c h a n g e . Although margin debt u n t i l March 1968 i n c l u d e d l o a n s s e c u r e d by U . S . g o v e r n m e n t s , t h e amount of s u c h l o a n s i n c l u d e d i s thought t o have been s m a l l . "Bank l o a n s t o o t h e r s than b r o k e r s and d e a l e r s f o r p u r c h a s i n g o r c a r r y i n g s e c u r i t i e s o t h e r than U.S. governments." The d i f f e r e n c e between c u s t o m e r s 1 n e t d e b i t b a l a n c e s and c u s t o m e r s ' n e t f r e e c r e d i t b a l a n c e s , t h i s f i g u r e r e p r e s e n t s t h e n e t c r e d i t e x t e n d e d by b r o k e r s and dealers to the nonfinancial public. NOTE: W i t h t h e e x c e p t i o n o f b a n k l o a n d a t a , f i g u r e s a r e s u p p l i e d b y t h e New Y o r k S t o c k Exchange and a r e end of month d a t a . Bank l o a n s a r e f o r weekly r e p o r t i n g l a r g e commercial banks. Broker d a t a i n c l u d e s l o a n s f o r r e g u l a t e d s e c u r i t i e s ; bank d a t a i n c l u d e s l o a n s f o r t h e p u r p o s e of p u r c h a s i n g or c a r r y i n g any s e c u r i t y , w h e t h e r regulated or not. TABLE 10: Savings Flows at Nonbank Depositary Intermediaries ($ m i l l i o n s ) DATE MUTUAL SAVINGS BANKS NET REGULAR DEPOSITS 3 NEW ANNUAL ' 2 MONEY GROWTH NET RATE 1 FLOW SAVINGS & LOAN ASSOCIATIONS NET. SHARE CAPITAL NEW ANNUAL MONEY 2 NET GROWTH FLOW RATE 1 TOTAL DEPOSITS ANNUAL NET GROWTH RATE 1 FLOW NET NEW MONEY2 Not S e a s o n a l l y A d j u s t e d 1968 1969 1970 1970 4,203 2,549 4,466 Jan. Feb. Mar. 1971 - J a n . z 7.0 4.0 6.7 1,143 -763 936 7,432 4,200 11,173 -114 246 510 -240 798 900 1,604 631 160 -88 800 955 6.0 6.3 3.4 7.7 3,881 2,738 -1,003 5,295 11,635 6,749 15,639 -1,417 205 1,655 -1,418 177 537 -1,531 451 2,165 -1,658 337 449 2,554 2,444 4,103 2,476 2,340 3,352 3,142 5,70.7 3,107 3,140 3,581 3.2 8.2 2,626 -1,766 6,231 Seasonally Adjusted 1970 - O c t . Nov. Dec. 1971 - & / Mar. 437 540 796 885 939 1,287 7.6 9.3 13.6 15.0 15.7 21.2 — 1,415 1,130 1,740 3,619 2,472 3,371 12.0 9.5 14.5 29.8 19.8 26.6 1,852 1,670 2,536 4,504 3,411 4,658 10.6 9.4 14.2 24.9 18.5 24.8 Annual growth r a t e f o r monthly data i s t h e a n n u a l i z e d monthly percentage i n c r e a s e in d e p o s i t s N e t New Money i s new d e p o s i t s n e t o f b o t h w i t h d r a w a l s a n d i n t e r e s t . D a t a f o r S&Ls a r e f o r i n s u r e d a s s o c i a t i o n s o n l y , w h i c h ' r e p r e s e n t 96% o f i n d u s t r y t o t a l r e s o u r c e s . R e g u l a r d e p o s i t s a t m u t u a l s a v i n g s b a n k s e x c l u d e i t e m s such a s C h r i s t m a s c l u b and c e r t a i n e s c r o w ' a c c o u n t s , w h i c h r e p r e s e n t a v e r y s m a l l p a r t of t o t a l d e p o s i t s . SOURCE: N a t i o n a l A s s o c i a t i o n o f M u t u a l S a v i n g s B a n k s a n d F e d e r a l Home L o a n B a n k B o a r d . NOTE: D a t a s h o w n a b o v e r e f l e c t r e v i s e d s e a s o n a l a d j u s t m e n t s . . S&L d a t a ( u n a d j u s t e d ) h a v e FRASER b e e n r e v i s e d f r o m b e n c h m a r k s . Digitized for TABLE 11: Mortgage Commitments at Selected Thrift Institutions DATE TOTAL OUTSTANDING COMMITMENTS ALL MUTUAL SAVINGS & SAVINGS LOAN BANKS ( N . Y . STATE) ASSOCIATIONS (Billions Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1971 - J a n . Feb. Mar. 1 of D o l l a r s , 7.6 7.8 8.0 8.2 8.6 5.2 5.4 5.8 6.1 6.5 2.5 2.4 . 2.2 2.1 2.0 9.8 8.9 9.3 9.6 10.1 6.8 7.1 7.5 7.8 8.1 10.4 11.2 12.6 8.3 8.9 10.1 | I TOTAL 1 NET CHANGE ALL SAVINGS & LOAN ASSOCIATIONS S< a s o n a l l y Aid j u s t e d ) MUTUAL SAVINGS BANKS ( N . Y . STATE) 1/ -.31 -.08 .20 .17 .37 -.24 .21 .34 .26 .41 -.07 -.13 -.14 -.09 -.04 2.0 1.8 1.8 1.8 2.0 .21 .25 .30 .35 .51 .29 .36 .37 .34 .28 -.08 -.11 -.07 .01 .23 2.1 2.3 2.5 .25 .80 .20 .60 1.36 1.16 ^ i B a s e d o n d a t a f r o m F e d e r a l Home L o a n B a n k B o a r d a n d S a v i n g s B a n k s A s s o c i a t i o n s o f New Y o r k S t a t e . Data f o r s a v i n g s banks and S&L's i n c l u d e a minor amount of nonr e s i d e n t i a l commitments. S&L c o m m i t m e n t s i n c l u d e l o a n s i n p r o c e s s . Net changes a r e d e r i v e d d i r e c t l y from unrounded o u t s t a n d i n g s l e v e l s a s r e p o r t e d and a f t e r s e a s o n a l a d j u s t m e n t by F e d e r a l R e s e r v e . S u b t o t a l s may n o t a d d t o t o t a l s b e c a u s e of r o u n d i n g . .05 .20 .20 \ ! 16 TABLE 12: Net Change in Mortgage Holdings TOTAL INCLUDING FNMA-GNMA TOTAL 1 FINANCIAL INSTITUTIONS MUTUAL SAVINGS & SAVINGS LOAN ASSOC. BANKS COMMERCIAL BANKS LIFE INSURANCE COMPANIES Not S e a s o n a l l y A d j u s t e d 18,105 20,016 23,781 24,051 1,062 1,099 1,137 1,327 P 15,782 18,219 21,273 19,676 485 566 608. 1,305 n.a. n.a. 4,705 4,639 6,677 5,535 50 50 49 2,720 3,153 2,787 3,761 7,520 9,350 9,407 4,596 2,907 2,459 2,052 38 136 223 317 234 187 89 2,682 106 153 100 239 300 180 400 346 Seasonally Adjusted 1,542 1,330 1,351 1,485 1,749 2,083 1,817 2,091 2,074 2,187 2, 604 1,044 809 844 1,050 199 140 76 65 1,281 81 1,575 1,409 1,727 1,754 1,958 2,504 165 1,760 1,793 143 186 188 195 224 312 155 201 142 175 245 170 176 256 283 445 312 225 217 380 168 228 941 1,162 1,735 25 n.a. n.a. 220 161 482 322 385 631 777 1,055 983 1,103 1,189 1,427 1,704 131 232 1,261 24 195 199 222 213 83 151 200 1,425 1,744 M o n t h l y d a t a f o r c o m m e r c i a l b a n k s b a s e d on F e d e r a l R e s e r v e e s t i m a t e s b e n c h m a r k e d t o C a l l R e p o r t d a t a on r e a l e s t a t e l o a n s o u t s t a n d i n g a s a v a i l a b l e . Other data d e r i v e d from m o r t g a g e d e b t o u t s t a n d i n g as r e p o r t e d s e p a r a t e l y by N a t i o n a l Assn. o f M u t u a l S a v i n g s B a n k s , F e d e r a l Home L o a n B a n k B o a r d , I n s t i t u t e o f L i f e I n s u r a n c e a n d , t h r o u g h August 1968, t h e F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n , and t h e r e - ' a f t e r b y FNMA a n d t h e G o v e r n m e n t N a t i o n a l M o r t g a g e A s s o c i a t i o n . Data f o r mutual s a v i n g s b a n k s a n d f o r L i f e I n s u r a n c e c o m p a n i e s may d i f f e r s o m e w h a t f r o m t h o s e d e r i v e d from r e g u l a r q u a r t e r l y s e r i e s b e c a u s e of m i n o r c o n c e p t u a l d i f f e r e n c e s f o r w h i c h a d j u s t m e n t s a r e n o t made i n t h e m o n t h l y s e r i e s . A l t o g e t h e r , these groups a c c o u n t e d f o r 87 p e r c e n t o f t h e n e t i n c r e a s e e s t i m a t e d f o r a l l h o l d e r s i n 196 9. 17 TABLE 13: Net Increases in Mortgage Debt Outstanding Billions QUARTER TOTAL RESIDENTIAL 3 of d o l l a r s , 1- to 4FAMILY MULTIFAMILY 1 SAAR COMMERCIAL MULTI-AND COMMERCIAL FARM 8.2 6.0 2.2 1.8 7.3 8.4 8.8 8.4 1.8 1.8 2.5 2.8 6.4 5.9 6.5 7.5 9.4 9.2 10.2 11.1 2.3 2.2 1.8 1.8 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 1-9 1.4 5.0 5.4 6.0 6.3 5.0 5.0 5.5 6.6 9.8 9.8 11.5 12.9 1.5 1.5 2.0 2.3 < 5.5 4.1 1966 - I I IV 18.6 15.1 10.9 9.1 8.3 7.0 2.6 2.1 1967 - I II III IV 15.9 20.7 26.6 27.3 10.3 13.9 19.2 19.8 7.0 10.5 15.3 16.0 3.3 3.4 3.9 3.8 3.9^ 5.0 4.9 4.8 1968 - I II III IV 27.7 26.2 26.0 29.6 19.0 18.2 17.7 20.2 15.8 15.0 14.1 16.4 3.1 3.2 3.4 3,8 1969 - I II III IV 31.3 28.9 26.5 25.1 25.0 21.5 19.3 18.3 18.6 16.8 14.6 13.0 1970 - I II III pr IVp 20.3 23.4 28.5 30.3 13.8 16.9 21.0 21.4 8.8 11.5 15.0 15.1 1 D e r i v e d f r o m d a t a on m o r t g a g e d e b t o u t s t a n d i n g f r o m F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a t i o n , F e d e r a l Home L o a n B a n k B o a r d , I n s t i t u t e o f L i f e I n s u r a n c e , N a t i o n a l A s s o c i a t i o n o f M u t u a l S a v i n g s B a n k s , D e p a r t m e n t s o f Commerce and Agric u l t u r e , F e d e r a l N a t i o n a l M o r t g a g e A s s o c i a t i o n , F e d e r a l H o u s i n g Administration, V e t e r a n s A d m i n i s t r a t i o n and C o m p t r o l l e r of t h e C u r r e n c y . S e p a r a t i o n o f nonf a r m m o r t g a g e d e b t b y t y p e o f p r o p e r t y , w h e r e n o t a v a i l a b l e , and interpolatioBB and e x t r a p o l a t i o n s , where r e q u i r e d , e s t i m a t e d m a i n l y by F e d e r a l R e s e r v e . . 2 May d i f f e r s o m e w h a t f r o m r e l a t e d f l o w o f f u n d s s e r i e s m a i n l y b e c a u s e of more a g g r e g a t i v e t y p e of s e a s o n a l a d j u s t m e n t . . 3 R e s i d e n t i a l m o r t g a g e d e b t i n c l u d e s ! n o n f a r m o n l y a n d i s sum o f 1 - t o 4 - family and m i l I t i f a m i l y mortgage debt combined. 18 TABLE 14: FNMA Weekly "Auction" Results WEEK ENDED 1970 Oct. 62.2 IMPLICIT Y I E L D 2 ( p e r c e n t ) 90DAY MONTH 6- 1-YEAR & OVER 5 19 267.5 352.5 149.8 149.7 73.1 53.2 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 28 166.5 165.5 127.8 124.7 48.1 54.7 42.1 17.2 60.9 72.1 28.9 12.2 60.6 8.56 8.51 8.41 8.54 8.43 8.36 8.57 8.47 8.40 10.5 3.0 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 29 12 26 186.0 193.5 122.5 126.9 687.2 51.8 74.0 66.9 15.2 17.9 36.7 29.3 7.43 7.33 7.32 7.43 7.45 7.44 Apr. i COMMITMENTS IN $ MILLIONS ACCEPTED TOTAL 90TOTAL 1-YEARll 6OFFERED DAY MONTH & OVER fci 7.3 14.9 3.9 1 7.56 7.55 7.54 54.5 39.8 7.32 7.45 7.53 9.4 5.4 313.9 154.0 126.6 33.4 7.43 7.54 7.57 Note: U n d e r t h e FNMA a u c t i o n s y s t e m , a p p r o v e d s e l l e r s o f G o v e r n m e n t u n d e r w r i t t e n m o r t g a g e s b i d f o r FNMA f o r w a r d p u r c h a s e c o m m i t m e n t s . Bids a c c e p t e d b y FNMA a r e f o r d e l i v e r y a t t h e s e l l e r ' s o p t i o n , a n d a t a n y time within the specified period. B i d s on p r o p o s e d homes r e l a t e t o c o n s t r u c t i o n n o t y e t s t a r t e d on w h i c h m o r t g a g e s may b e d e l i v e r e d o n l y a f t e r c o m p l e t i o n and o c c u p a n c y . 1 For " p r o p o s e d c o n s t r u c t i o n " 2 A v e r a g e s e c o n d a r y m a r k e t y i e l d a f t e r a l l o w a n c e f o r commitment f e e and r e q u i r e d p u r c h a s e a n d ' h o l d i n g o f FNMA s t o c k , a s s u m i n g p r e p a y m e n t o f 15 y e a r s f o r 3 0 - y e a r G o v e r n m e n t - u n d e r w r i t t e n m o r t g a g e s . Y i e l d s shown a r e g r o s s , b e f o r e d e d u c t i o n of 38 b a s i s p o i n t s f e e p a i d by i n v e s t o r s to s e r v i c e r s . P r i o r t o A u g u s t 1 0 , 1970 t h e s e r v i c i n g f e e was 50 b a s i s o f new h o m e s o n l y . points. 19 TABLE 15: Private Housing Starts and Permits STARTS DATE SEASONALLY ADJUSTED ANNUAL RATE TOTAL 1 -FAMILY 2 OR MORE TOTAL UNADJUSTED TYP E OF FINANCING FHA VA OTHER BUILDING PERMITS (SEASONALLY ADJUSTED / ANNUAL RATE) 2 - Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 708 1,392 1,224 697 728 1,242 835 1,393 827 1,603 838 1,425 881 1,509 890 1,583 934 1,693 2,054 1,240 684 527 514 558 776 587 627 693 759 814 114.7 128.4 125.0 135.2 140.8 128.7 130.9 140.9 126.9 121.4 2 5 ., 2 3 2 .. 4 3 7 .. 1 4 0 .. 7 4 3 .. 4 3 4 .. 1 3 4 .. 3 4 0 .. 4 3 3 .. 7 6 3 .. 2 4 ., 8 5 .- 4 5 .. 2 5 ., 1 5 ., 3 5 .. 6 5 ., 3 5. 8 5. 5 5 . .7 8 4 .,7 9 0 ., 6 80. 8 8 9 ., 4 9 2 .. 1 87. 1 9 1 .. 3 9 4 . ,7 87. 2 52. 5 1,085 1,177 1,309 1,285 1,309 1,378 1,388 1,523 1,487 1,768 - Jan.-/ Feb.r/ Mar j J 1,725 946 1,724 978 1,918 1,028 779 746 890 110.6 100.4 164.5 3 2 .. 3 2 7 ., 3 3 3 .. 4 4. 6 4. 7 6. 9 72. 8 6 8 ., 4 124.0 1,635 1,563 1,618 1 2 T o t a l s t a r t s a r e Census e s t i m a t e s i n c l u d i n g farm f o r both p e r m i t - i s s u i n g and noxi^issuing a r e a s . A d w e l l i n g u n i t i s s t a r t e d when e x c a v a t i o n b e g i n s ; a l l u n i t s i n an a p a r t m e n t s t r u c t u r e a r e c o n s i d e r e d s t a r t e d a t t h a t t i m e . FHA a n d VA s t a r t s a r e u n i t s s t a r t e d u n d e r commitments by t h e s e a g e n c i e s t o i n s u r e o r g u a r antee the mortgages. A s r e p o r t e d b y FHA a n d VA, a u n i t i s s t a r t e d when a f i e l d o f f i c e r e c e i v e s t h e f i r s t c o m p l i a n c e i n s p e c t i o n r e p o r t , w h i c h i s made b e f o r e f o o t i n g s a r e p o u r e d i n some c a s e s b u t n o r m a l l y a f t e r t h e f o u n d a t i o n s h a v e b e e n completed. O t h e r s t a r t s a r e d e r i v e d a s a r e s i d u a l , a l t h o u g h t o t a l a n d FHA a n d VA s t a r t s a r e n o t s t r i c t l y c o m p a r a b l e i n c o n c e p t o r t i m i n g ; o t h e r s t a r t s i n c l u d e b o t h u n i t s f i n a n c e d by c o n v e n t i o n a l m o r t g a g e s and u n i t s w i t h o u t m o r t g a g e s . B u i l d i n g p e r m i t s b e f o r e J a n u a r y 1963 a r e Census e s t i m a t e s f o r a b o u t 1 0 , 0 0 0 a r e a s i d e n t i f i e d as having a l o c a l b u i l d i n g permit system i n 1959. Estimates beginning J a n u a r y 1 9 6 3 a r e f o r a p p r o x i m a t e l y 1 2 , 0 0 0 a n d b e g i n n i n g J a n u a r y 1967 1 3 , 0 0 0 , o r a l l known p e r m i t - i s s u i n g p l a c e s . , U n l i k e s t a r t s , s e a s o n a l l y a d j u s t e d b u i l d i n g p e r m i t s r e f l e c t d i r e c t a d j u s t m e n t f o r d i f f e r e n c e s i n t h e number of working d a y s p e r month, a s w e l l as o t h e r d i f f e r e n c e s i n t i m i n g and c o v e r a g e . 2o TABLE 16: Mortgage and Bond Yields FHA MORTGAGES DATE 30-YEAR 2 CONVENTIONAL MORTGAGES 3 SPREAD BETWEEN YIELDS ON CONV. & FHA MORTGAGES 1 NEW A a a CORPORATE BONDS 4 SPREAD BETWEEN YIELDS ON NEW CORPORATE BONDS AND FHA MORTGAGES 1968 - High Low 1969 - High Low 7.52 6.78 8.62 7.99 7.40 6.75 8.35 7.55 .02 -.27 -.13 -.40 6.79 6.15 8.75 6.91 1.20 .26 1.08 -.13 1970 - High Low 9.29 8.40 8.60 8.30 -.10 -.74 9.11 7.80 .99 .01 1970 - O c t . Nov. Dec. 8.97 8.90 8.40 8.50 8.45 8.30 -.47 -.45 -.10 8.63 8.34 7.80 .34 .56 .60 1971 - J a n . Feb. Mar. —— 7.95 7.75 7.60 n.a. .28 \ 2 7.32 7.24 7.28 7.46 -.14 N e i t h e r m o r t g a g e n o r bond y i e l d s i n c l u d e a l l o w a n c e f o r s e r v i c i n g c o s t s which a r e much h i g h e r f o r m o r t g a g e s t h a n f o r b o n d s . G e n e r a l l y , bonds pay i n t e r e s t semiannually; mortgages, monthly. Mortgage y i e l d s , i f computed a s e q u i v a l e n t to a s e m i - a n n u a l i n t e r e s t i n v e s t m e n t , would be s l i g h t l y h i g h e r than given i n t h e table. Based on F H A - f i e l d - o f f i c e opinions about a v e r a g e bid p r i c e s i n the p r i v a t e s e c o n d a r y m a r k e t f o r new-home m o r t g a g e s f o r i m m e d i a t e d e l i v e r y . D a t a shown a r e f o r 3 0 - y e a r m o r t g a g e s w i t h minimum d o w n p a y m e n t s , and w e i g h t e d b y p r o b a b l e volume of t r a n s a c t i o n s . Y i e l d s c o m p u t e d b y FHA, a s s u m i n g p r e p a y m e n t p e r i o d o f 15 y e a r s f o r 3 0 - y e a r , m o r t g a g e s . Dashed l i n e s i n d i c a t e p e r i o d s of a d j u s t ment t o changes i n c o n t r a c t u a l i n t e r e s t r a t e s . 3 B a s e d on F H A - f i e l d - o f f i c e o p i n i o n on t y p i c a l i n t e r e s t r a t e s v e n t i o n a l f i r s t m o r t g a g e s p r e v a i l i n g i n t h e m a r k e t a r e a s of cities. 4 See n o t e for Table 1. ( r o u n d e d ) on c o n insuring office- TABLE 17: Conventional Mortgage Terms 21 1 NEW HOMES CON- FEES & TRACT CHARGES EFFEC- MATURITY RATE (PER TIVE (YEARS) (PER CENT) RATE CENT) 2 3 LOAN/ PRICE LOAN RATIO AMT. (PER ( $ 0 0 0 ) CENT) 4 EXISTING HOMES CON- FEES & LOAN/ TRACT CHARGES EFFEC- MATU- PRICE RATE (PER TIVE RITY RATIO (PER CENT) RATE (YEARS) (PER CENT) CENT) 2 3 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 8.29 8.24 8.28 8.31 8.32 8.35 8.31 8.33 8.26 8.20 1.11 1.02 0.98 0.99 1.01 0.98 1.03 1.05 0.99 1.07 8.47 8.41 8.45 8.48 8.49 8.52 8.48 8.51 8.43 8.38 25.0 24.8 25.3 25.1 25.1 24.8 25.2 25.1 25.3 25.8 71.1 25.1 24.5 71.3 25.3 71.7 25.6 71.3 71.5 24.9 71.6 25.5 25.3 72.7 72.4 " 24.8 72.1 25.2 73.8 25.8 8.26 8.19 8.18 8.19 8.21 8.25 8.27 8.20 8.18 8.12 0.98 0.90 0.94 0.98 0.95 0.89 0.88 0.88 0.85 0.85 22.6 8.43 8.34 22.7 8.34 22.8 8.36 23.0 23.1 8.37 8.41 23.1 8.42 / 22.8 22.8 8.35 22.7 8.32 8.26 23.3 70.4 70.2 70.3 71.5 71.5 71.5 71.7 71.5 71.5 71.9 20.6 20.4 21.1 21.5 21.7 21.4 21.0 20.5 21.1 21.7 1971 Jan. Feb Mar. 8.03 7.74 7.52 0.92 1.00 0.81 8.18 7.91 7.66 25.8 26.2 25.9 73.3 73.9 73.3 7.94 7.67 7.48 0.82 0.79 0.77 8.08 7.80 7.60 23.5 24.0 24.1 72.5. 73.1 73.3 22.0 22.5 22.9 DATE LOAN AMT. ($000) 1970 1 26.4 26.2 25.8 C o m p i l e d b y F e d e r a l Home L o a n Bank B o a r d i n c o o p e r a t i o n w i t h F e d e r a l D e p o s i t I n s u r a n c e Corporation. D a t a a r e w e i g h t e d a v e r a g e s b a s e d on p r o b a b i l i t y s a m p l e s u r v e y of c h a r a c t e r i s t i c s of c o n v e n t i o n a l f i r s t m o r t g a g e s o r i g i n a t e d by m a j o r i n s t i t u t i o n a l l e n d e r g r o u p s ( i n c l u d i n g m o r t g a g e c o m p a n i e s ) f o r p u r c h a s e of s i n g l e f a m i l y h o m e s . D a t a e x clude loans for r e f i n a n c i n g , r e c o n d i t i o n i n g or modernization; c o n s t r u c t i o n loans to h o m e - b u i l d e r s ; and permanent l o a n s which a r e c o u p l e d w i t h c o n s t r u c t i o n l o a n s t o ownerbuilders. R e l a t e d s e r i e s on c o n v e n t i o n a l m o r t g a g e r a t e s o n l y , b a s e d on u n w e i g h t e d o p i n i o n s of f i e l d - o f f i c e d i r e c t o r s of t h e F e d e r a l H o u s i n g A d m i n i s t r a t i o n , a r e a v a i l a b l e somewhat s o o n e r t h a n t h e r e s u l t s o f t h e FHLBB-FDIC s u r v e y , and a r e i n c l u d e d - i n t h e c a s e of new home m o r t g a g e r a t e s — i n T a b l e 1 6 . 2 F e e s and c h a r g e s - - e x p r e s s e d a s a p e r c e n t a g e of t h e p r i n c i p a l m o r t g a g e a m o u n t - - i n c l u d e l o a n c o m m i s s i o n s , f e e s , d i s c o u n t s , and o t h e r c h a r g e s w h i c h p r o v i d e a d d e d i n c o m e t o t h e l e n d e r and a r e p a i d b y t h e b o r r o w e r . They e x c l u d e a n y c l o s i n g c o s t s r e l a t e d s o l e l y t o t r a n s f e r of p r o p e r t y o w n e r s h i p . 3 I n c l u d e s f e e s & c h a r g e s a m o r t i z e d o v e r a 10 y e a r p e r i o d i n a d d i t i o n t o t h e c o n t r a c t interest rate. 4 Derived by FRB.
@FedFRASER