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Gj,
L.5.8

ilvF:|J|^fpECONTROLLED AFTER SIX MONTHS

Confidential (F.R.)

MARKET
DEVELOPMENTS

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




^972

INDEX

Developments in the Corporate and Municipal Bond Markets
Capital Market Y i e l d s
Capital Market Volume
Stock Market
Mortgage Market

SYMBOLS:

estimate
Preliminary
Revised
Not available




TABLE 1: Yields, Volume and Reception
YIELDS
MOODY'S
SEASONED
NEW ISSUE 1
Aaa

WEEK ENDING:

972 - Apr.

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

7.33
7.42
7.42
7.32

7.25
7.28
7.32
7.36

422
469
412
334

78
87
99
99

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

5
12
19

7.20
7.28

7.34
7.32

601

70
79

26

May

7
14
21
28

7.25
7.19

7.30
7.27

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

2

n.a.

n.a.

June

MOODY'S
SEASONED
Aaa

WEEK ENDING:

972 - Apr.

May

June

YIELDS
BOND BUYER
SEASONED 20
BOND INDEX

344f
215
348

57
97.

300e
MUNICIPAL BOND MARKET
VOLUME 2
GROSS
OFFERINGS

PER CENT
SOLD BY END
OF WEEK

BONDS SCHEDULED
WITHIN 28 DAYS

7
14
21
28

5.20
5.25
5.20
5.00

5.49
5.54
5.50
5.20

378
676
569
387

76
92
90
88

1,375
1,015
1,310
1,342

5
12
19
26

5.10
5.20
5.15
4.90

5.35
5.39
5.29
5.19

478
320
350
618

73
87

1,246
1,470

76
81

1,134
954

214

n.a.

2

n.a.

n.a.

Derived by adjusting to a Aaa basis, new issues of publicly-offered corporate bonds
with call protection, rated A, Aa, or Aaa by Moody's Investors Service (except serial
and convertible issues, offerings of natural gas pipeline and foreign companies, and
bonds guaranteed by the Federal Government.)
Millions of dollars unless otherwise indicated.
Note:

Sou footnotes to Table 3




TABLE 2: Details on Inventories
DATE
OFFERED

i

5/15
5/17
5/17
5/18
5/18
5/18
5/22
5/22
5/25
5/25
5/25

AMOUNT
(MIL. S)

1

30. 0
25. 0
12. 0
24. 0
50. 0
26. 0
50.,0
50.,0
20.,0
40,.0
25,.0

31

OFFERED

CORPORATE BONDS IN SYNDICATE END OF LATEST W E E K
ORIGINAL
RATING AND
ISSUER
COUPON
YIELD C A L L PROTECTION
C e n t r a l 111 PS
Utah P & L
Pa P w r
Nat Fuel Gas
Avco F i n Svcs
Metropolitan Edison
C h e s . P o t . Va.
C h e s . P o t . Va.
Kewanee Oil
Fed P a p e r B d .
Centran Bancshs

7 1/2
7 1/2
7 5/8
7 1/2
7 7/8
7 7/8
7 i/4
6 1/2
7 5/8
7 .85
7 .85

7.43
7.50
7.48
7.51
7.98
7.75
7.34
6.50
7.63
7.85
7.85

Aa
A
Aa
A
NR
A
Aa
Aa
A
Baa
NR

5
5
5
5
10
5
5
5
10
10
10

E S T I M A T E D PROPORTION SOLD
40%
80%
50%
25%
98%
50%
40%
90%
90%
90%
75%

yrs
yrs
yrs
yrs
yrs
yrs '
yrs
yrs
yrs
yrs
yrs

CORPORATE BONDS RELEASED FROM SYNDICATE DURING LATEST W E E K
ORIGINAL INCREASE RATING A N D
ESTIMATED PROISSUER
COUPON
IN YIELD C A L L PROT. PORTION RELEASED
YIELD

AMOUNT

NONE

INVENTORIES
MUNICIPALS
BLUE LIST
|
IN SYNDICATE
621
72

DATE
1972

- Apr.

28

May

5
12
19

735
669
687
776

26

99
122
144
171

1

CORPORATES
IN SYNDICATE
10
162
127r
94
108

protection.
All figures in millions of dollars.
BLue List is daily average for week ended F r i d a y , e x c e p t
which is daily average of three days ended Wednesday.
All other figures are as of Fridav.




for

latest week

TABLE 3: High Grade Bond Yields

1970 - High
Low

NEW
CORPORATE
Aaa 1
9.30 (6/19)
7.68 (12/18)

1971 - High
Low
1972 - High
Low

DATE

MOODY'S SEASONED
CORPORATE
Aaa 2

U.S. GOVERNMENT
20-YEAR
CONSTANT
MATURITIES 3

BOND
BUYER'S
SEASONED •
MUNICIPALS 4

8.60 (7/3)
7.48 (12/21)

7.55 (5/29)
6.17 (12/18)

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

8.23 (5/12)
6.76 (1/29)

7.71 (8/13)
7.06 (2/12)

6.51 (6/18)
5.69 (3/23)

6.23 (6/24)
4.97 (10/21)

7.42 (4/21)
6.86 (1/14)

7.36 (4/28)
7.16 (1/21)

6.19 (4/14)
5.96 (1/14)

5.54 (4/13)
4.99 (1/13)

Apr. 14
21
28

7.42
7.42
7.32

7.28
7.32
7.36

6.19
6.19
6.15

5.54
5.50
5.20

May

7.20
7.28
7.25
7.19

7.34
7.32
7.30
7.27

6.13
6.13
6.06
5.99

5.35
5.39
5.29
5.19

1

5
12
19
26

• 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.
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.




6

T A B L E 4: Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
GROSS PROCEEDS
CORPORATE

PERIOD
1972

1971

1

STATE AND LOCAL
1970

January
February
March

3 ,205
3 ,369
3 ,229

3,115
3,000
6,075q

2,636
1,802
3,539

April
May
June

3 05 Oe

4,042
3,271
4,375

3,170
3,909
3,389

July
August
September

4,147
2,532
3,768

2,768
2,274
3,518

October
November
December

3,387
3,704
3,673

3,777
4,182
3,980

12,190
11,688
10,447
10,764

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

23,844
34,325
45,089

18,445
27,005
38,944

J.972

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st h a l f
T h r e e quarters
Year

9, 803

i
|
1

,
i

1971

1970

1,762
1,953
2,195

2,732
1,851
2,258

1,340
1,214
1,555

2,086

1,891
2,167
2,013

1,647
996
1,085

1,989
1,903
2,098

1,348
1,359
1,758

1,728
2,264
2,068

1,924
1,748
2,190

6,841
6,081
5,990
6,060

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

12,912
18,902
24,962

7,837
12,302
18,164

i

|

|

5,910e

S e c u r i t i e s and Exchange C o m m i s s i o n estimates of gross 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 A m e r i c a 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 .




2

T A B L E 5: New Corporate Security Issues, Type of Issue and Issuer
(In millions of dollars)

QUARTER
OR
MONTH

TOTAL

GROSS P R O C E E D S BY
T Y P E OF I S S U E
COMMON
AND
BONDS
MEMO:
PRIVATELY
PFD.
I S S U E S INCLUDED
PUBLICLY
PLACED
STOCK
FOREIGN 1 CONVERTIBLE
OFFERED

COMMUNICATIONS

OTHER
ISSUERS1

896
2.,263
,053
1,
1,
,476

4,753
3,331
4,164
4,541

561 •

,422
2,

1,462

529

1,661

116
47
52

384
255
712

1 ;,135
588
1 ,206

1,267
588
1,055

273
405
218

1,367
1,489
1,897

2,196
687
1,196

72
34
8

199
160
293

582
474
1 ,146

732
849
1,070

1 ,622
359
282

1,210
850
1,271

723
1,269
1,201

59
62
12

222
395
150

662
811
980

933
1,217
891

432
269
352

1,360
1,408
1,450

533
392
604
1,767
834
59
3,205
195
- Jan.
988
529i
412
3,369
1,917
1,041
83
12
Feb.
604
740
976
3
3,229
1,677
577
233
Mar.
1,225
5751
550
1.600
900
3.050
70
Apr.e/
O t h e r issuers are e x t r a c t i v e , railroad and o t h e r t r a n s p o r t a t i o n , real e s t a t e
and finance, and c o m m e r c i a l and other.
Source:
S e c u r i t i e s and E x c h a n g e C o m m i s s i o n .
Quarterly supplements are available.

752
498
227
180

1,529
1,354
1,658
1,070

6,546
4,725
5,135
5,361

1, 7 5 8
1, 641
2, 4 3 9
1 593

3,384
4,079
3,193
2,851

215
114
133
74

6,074

4,136

664

1,274

43

Apr.
May
June

4,042
3,271
4,375

2,116
2,148
2,282

507
491
760

1,419
633
1,332

July
Aug.
Sept.

4,147
2,532
3,768

1,331
1,428
1,966

619
416
606

Oct.
Nov.
Dec.

1

PUBLIC
UTILITY
2,910
2,651
3,041
2,261

11,688
10,447
10,764
9,805

3,387
3,704
3,673

1,942
2,003
1,190

723
433
1 ,283

I I I
IV
- I

1971 - M a r . r /

1972

MFG.
3, 130
2,,202
2,,453
,525
1,

197T - i f

1972

G R O S S P R O C E E D S BY
T Y P E O F ISSUER




1,351
652
767
511

T A B L E b:

L a r g e Lonci term P u b l i c S e c u r i t y I s s u e s for New C a p i t a l ( c o n t i m n d)
(Other than U.S. T r e a s u r y ) '

ISSUER
Corporate
So. Calif Edison
Hospitality Motor Inns, Inc
Punta Gorda Isles, Inc
First Commercial Banks
Southwestern Bell Tel
Southwestern Bell Tel
S u n Oil Co
Security Mtg Inv.
First Pa Banking & Tr Co
G e n 1 1 Elect Credit Corp
Security M t g Inv
Procter & Gamble Co
Mercury Gen'l Corp
Kansas City Pwr & Lt
BancOhio Corp
Consolidated Nat Gas
Fruehauf Finance Co
Bait Gas & Elect
Fruehauf Finance Co
Gen'l Tel of the NW
American Medicorp, Inc
Eastern Airlines Inc
Centennial Corp
Fleetwood Enterprises, Inc
Rite Aid Corp
Columbus & So Ohio Elect Co
Utah Pwr & Lt
Pacific Lighting
Central 111 Pub Svc
G U l f Pwr
, Utah Pwr & Lt
Pa Pwr
Barnett Banks of Fla Inc
National Fuel Gas
Metropolitan Edison


Avco Financial Corp


TYPE 2

AMOUNT
(MILLIONS
OF
DOLLARS)

Pref
75.0
Cm St
24.8
Conv deb
15.0
Deb
25.0
Debs
175.0
Notes
75.0
Debs
100.0
Debs
50.0
Debs
30.0
Bonds
75.0
Debw/W Arts) 20.0
Debs
100.0
Cm St
15.6
Debs
30.0
Debs
25.0
Debs
50.0
Notes
25.0
Cm St
43.5
Debs
25.0
1st mtg
20.0
Conv debs
30.0
Cm st
54.3
Cm st
32.9
Cm st
20.6
Cm st
17.7
Cm st
17.0
Cm st
23.4
Pref
30.0
Debs
30.0
Bonds
22.0
Bonds
25.0
1st mtg
12.0
20.0
Debs
Debs
23.5

MATURITY

—4
1992
2002
2012
1979
2232
1982
1979
1977
1982
2002

May 1, thru May 23 1972
COUPON
I
RATE OR
MOODY'!
; on-CHNET INTERRATING
ILL
EST COST
1 YIELD
7 5/8
——

7,625

Aa

- —
i

--

6.00
7 3/4
7 3/8
6 1/2
7 1/8
7 1/4
6 7/8
6 5/8
6.00
7.00

6.00
7.79
7.40
6.60
7.21
7.25
6.88
6.625
6.00
7.08

-*
-

——

——

__

2002
1979

7.52
7.09
7.55
7.00

Aa

1979

. 7 5/8
7.00
7 5/8
7.00

--

——

——

1994
2002
1997

7.60
7 7/8
5.00

Aaa
Aaa
Aa
__
——

_
_

Aaa

Aa
__
—*

7.60
7.85
5.00

A

-——
--

--

--

——

—-

——

——

——

__

--

--

__

--

__

——

1st mtg

26.0

2002
2002
2002
2002
1992
1997
2002

Bonds

50.0

1992

.

__
__

7 1/2
7 1/2
7 1/2
7 5/8
7 3/4
7.50
7 7/8

7.43
7.50
7.50
7.48
7.75
7.50
7.75

Aa
Aa
A
Aa

7 7/8

7.98

--

A
A

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

ISSUER
Corporate
Pacific Pwr & Lt. Co.
First Va. Mtge & Re. Inv. Tr.
Delmarva Pwr & Lt. Co.
C&P Tele Co of Va.
C&P Tele Co of Va
ulf Republic Fin Corp
Median Mtge Investors
Heublein Inc
U.S. Industries Inc.
Kansas City Pwr & Lt. Co
Centran Bancshares
Kewanee Oil Co.
Federal Paper Board Co., Inc.




TYPE 2

AMOUNT
(MILLIONS
OF
DOLLARS)

Com stk
(rts)
36.4
Bene Int
25.0
Com stk (rts)16.2
Debs
50.0
tiotes
50.0
Com stk
19.0
Conv debs
10.0
2onv debs
100.0
Debs
50.0
:om stk
15.3
Debs
25.0
Bonds
20.0
Debs
40.0

MATURITY

2012
1978
--

1992
1997
1997
1997
1997
1997

COUPON
RATE OR
NET INTEREST COST

7 1/4
6 1/2

OFFERING
YIELD

1972

MOODY 1 S
RATING

7.34
6.50

Aaa
Aaa

7.50
4.50.
7.75

Ba
A

7.85
7.63
7.85

A
Baa

——

7 1 2
4.
.50
7 3/4
.85
7,
.63
• 7,
.85
7.

TABLE 6: Large Long-term Public Security Issues for New Capital (continued)
(Other than U.S. Treasury)'
May 1, thru May 23,
•

1
ISSUER
State & Local
MaComb Co, Mich
MaComb
Pennsylvania, State of
Pennsylvania, State of
Alabama State Dock Dept.
Battery Park City Auth
Battery Park City Auth
Texas Tech University, Texas
Penna State Pub School Bldg Auth,
Harrisburg
Pub State Pub School Bj.dg Auth,
Harrisburg
Wayne Co., Ga. Indust
Greater Anchorage Area Borough,
Alaska
Norfolk, Va.
Milwaukee
Port of Portland Oregon Airport
Port of Portland, Ore
Florida
Florida
Monroe, Co., N.Y.
Wayne Co Ga. i v " Dev Auth
ii
Columbus, Ohio
King Co, Wash
Detroit, Mich
New Jersey Hsg Finance Agency
Dallas-Ft. Worth Reg Auth, Tex.
Alaska, State of
Puerto Rico Bldg Auth
Puerto Rico Bldg Auth




TYPE 2

AMOUNT
(MILLIONS
OF
DOLLARS)

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

6.0
10.4
50.0
50.0
15.0
45.2
154.8
12.5

Rev.

MATURITY

COUPON
RATE OR
NET INTEREST COST

|
J

ol-TER II. r
.
YIELD

1972

MOODY'S
RATING

1972-2001
1972-2001
1974-2001
1999
1973-1992
1980-1995
2014
1974-2001

5.49
3.82-5.15
4.99
5.11
6.35
6.35
5.36

2. 90-5.70
2. 70-5.25
3. 00-5.60
3. 00-5.55
3. 00-5.70
4. 80-6.00
6. 38
3. 20-5.60

24.0

1974

5.59

2.70-5.80

——

Rev.
Rev.

26.3
3.8

1974-2011
1973-1982

5.59

,30-5.80
3.
3. 75-5.35

Baa

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

13.0
15.0.
12.3
8.0
17.0
34.8
19.2
15.n

1974-1992 5.87
1973-1992 4.80
1973-1992 4.77
1974-199-1 6.20
2006
6.20
2008
• 5.44
1976-1997 5.44
—
1°73-2002

,90-6.00
3.
2.
,90-5.45
,90-5.80
2.
,
3. 60-6.00
6.
,20
,50
5.
3,
.60-5.30
2,
.80-5.35

Baa
Aa
Aaa
Baa
Baa
Aa
A
Aaa

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

6. 5
'
16.5
17.3
13.7
59 0
37.5
30.0
14.5
12.0

1992
1974-2003
1974-2012
1973-1987
1973-2021
1978-2002
1973-1997
2002
1974-1992

6 . nn
3 .10-5.00
3 .40-5.70
3 .30-6.00
3 .00-5.an
4.50-6.35
3.00-5.40
5 ,85
3 .25-5.50

—W

--

5.01
5.50
5.68
5. 75
6.22
5.16
—

A
A
A-1
Aa
A
A
A

w-

Aa
A
Aa
Aa
Baa-l
A

TABLE 6: Large Long term Public Security Issues for New Capital (continued)
(Other than U.S . Treasury)1
May 1, thru May 23,

ISSUER

TYPE 2

State and Local
Kansas
Albany Co, N.Y.
Ann Arundel Co., Md.
California, State of
Washington, State of
Boston, Massachusetts
Dallas, Tex,
New York State Housing
Beaver Co, Pa
Beaver Co, Pa
Hawaii Co, Hawaii
Lancaster* Pa
Lancaster, Pa.
Other
Federal Home Loan Mortgage Corp
Federal Home Loan Mortgage Corp
SBA '

Rev
G.O.
G. 0.
G.O.
Rev.
G.O.
G.O.
G.O.
Rev.
Rev
G.O.
Rev
Rev.
Bonds
Bonds
Debs

AMOUNT
(MILLIONS
OF
DOLLARS)
40.0

10.0

15.0
94.9
40.0
45.0
35.0
175.0
4.5
13.0

10.0
3.9
17.1

350.0
150.0
38.6

MATURITY

COUPON
|
RATE OR
itlTKRi.
;(
NET INTER- '
EST COST
j VILLI)
|

1973-2001
1973-1992
1973-2002
1973-1992
1973-1997
1973-1992
1973-1992
1973-2002
1974-1982
1992
1975-1992
1980-1992
2012

4.99
5.09
4.84
4.48
5.07
5.30
4.54
5.90

1977
1997
1982

6.15
7.15
6.90

6.80
6.80
4.85
6.03
6.03

MOODY'S
RATING

2.80-5.20
2.85-5.40
2.85-5.65
2.80-5.20
2.80-5.65
3.20-5.75
2.75-5.25
3.00-6.04
4.50-6.00
6.75
3.40-5.70
4.60-5.75

6.15
7.15
6.85

Rights offering.
Includes corporate and other security offerings of $15 million antl over;
t
State and local security offerings of $10 million and over.
In case of State and local government securities, G.O. denotes g o m r a l obligation;
Rev.-lit., revenue obligations secured only by income from public utilities;
Rev.-Q.-lit., revenue bonds secured only by income from quasi-utilities; Rev.-S.T.,
revenue bonds secured by revenue from specific taxes only; Rev.-Rent., revenue
bonds secured solely by lease payments.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-quaranteed issues by Federal Agencies.




A
A
A
Aa
A
»Baa
Aa
A

1972

12
T A B L E 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury) 1
Afi flf M a y 23, 197?

ISSUER
Corporates
— V a . E l e c t & P w r Corp
Va. E l e c t & P w r Corp
H a n o v e r Sq. R e a l t y I n v e s t o r s
C a t e r p i l l e r T r a c t o r -Co.
Fla Pwr
Fla Pwr •
W i l s o n Certified F o o d s
Colorado Interstate Gas
Wise-Mich Pipeline
Consumer Pwr
N a t u r a l G a s P i p e l i n e Co.
I o w a Pub Svc
Hartford E l e c t L i g h t
Columbus & So Ohio Elect
New Jersey Bell Tele
-West P e n n P w r
P u b l i c Svc of N e w H a m p s h i r e
P u b l i c Svc of N e w H a m p s h i r e
Pullman Transport Leasing
Philadelphia Elect
Duquesne Light Co
Pa. E l e c t
Fla Pwr & Lt.
P o r t l a n d G e n '1 E l e c t
Columbia Gas System
C o l u m b i a G a s System
Consumer Pwr
P u b l i c Svc E l e c t
P u b l i c Svc of N e w M e x .
Louisville Gas & Elect
P i t t s t o n Co.
Georgia Pwr
Western Mass Elect
Baltimore Gas & Elect
C e n t r a l Soya
B o s t o n Co. M t g e Inv.
M e d i c a l M t g e Inv. .
Fidelco Growth Investments
I n s t i t u t i o n a l I n v e s t o r s Tr.
P e n n z o i l L a , & Tex. O f f s h o r e
M o b i l e Oil C o r p




TYPE

AMOUNT
(MILLIONS
OF
DOLLARS)

1st m t g e
100.0
C o m stk (rts)
45.0
C o n v debs
25.0
Debs
100.0
30.0
P r e f stk.
Bonds
50.0
Debs
25.0
Bonds
35.0
Bonds
50.0
Bonds
70.0
Del a
40.0
Bonds
17.0
35.0
Bonds
25.0
1st m t g e
Bonds
125.0
35.0
Bonds
Bonds
20.0
P r e f stk
15.0
20.0
Eq tr.
100.0
Bonds
35.0
1st m t g e
25.0
P r e f stk.
Bonds
50.0
Pref stk
30.0
Debs
60.0
40.0
C o m stk
70.0
P r e f stk
Com stk(rts)
100.0
Bonds
20.0
Bonds
25.0
65.0
Debs
100.0
Bonds
30.0
1st m t g e
Bonds
40.0
Debs
30.0
Conv debs
24.0
Debs
50.0
Conv debs
25.0
Conv debs
30.0
Conv debs
130.0
Debs
300.0

APPROXIMATE DATE
OF OFFERING

May
May
May
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
. June
a June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
INDEF
INDEF
INDEF
INDEF
INDEF

31
31
31
1
1
1
1
1
5
6
7
7
8
8
13
14
15
15
15
15
19
19
20.
20
21
21
21
21
22
26
27
27
28
29

13
TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury)1
(Continued)

ISSUER
State and Local
Ohio University
Los Angeles, Gal.
Hampton Rds Sanit, Dist. Va.
Phoenix, Ariz.
Cleveland City S/D Ohio
Gainesville, Fla.
Georgia-Highway Auth
HUD
Cincinnati
Los Angeles DWAP
Illinois Housing Dev. Auth.
Port of Tacoma, Wash
Seattle Wash
Universities of State of Tex.
Penna
New York Job Dev. Auth
Bergen Co. N.J.
Montgomery Co.
Springfield, M o
Oklahoma City M i n Imp. Auth,
Okla.
Connecticut
Hillsborough Co. Ind. Dev. Autt
Fla.
Milwaukee Co, Wis.
King Co*. Wash
Sacramento MUD, Cal

TYPE

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

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

24.7
40.0
12.0
14.5
20.0
18.0
25.0
213.1
9.8
40.0
15.1
15.1
10.5
12.0
50.0
15.0
10.2
21.0
30.0

May
May
May
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June
June

8
8
12
12
13
13
14
14
14

Rev-Re f.
G.O.

9.9
90.0

June
June

14
15

G.O.
G.O.
G.O.
G.O.

27.0
18.9
30.0
50.0

June
June
June
June

19
20
20
21

31
31

1
7
7
7

* - Included in table for first time.
' — — — — — — — — — — — —
1
Includes corporate and other issues of S15 million and over; State and local
Government issues of $10 million and over.
2
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.




Table 8

STOCK PRICES AND VOLUME
STOCK PRICES1*

TRADING VOLUME 2 '

DATE
NYSE INDEX 3 -

D J . INDUSTRIALS

AMEX <

AMEX

NYSE

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 (8/1/,)

1971 - High
Low

57.76 (4/28)
48.73 (1/4)

950.82 (4/28) 26.68 (4/28)
797.97(11/23) 22.72 (1/4)

22.1 (2/12)
11.0 (9/17)

6.7 (2/5)
2.7 (8/13)

1972 - High
Low

56.23 (1/3)

889.30 (1/3)

971.25 (5/26) 28.53 (4/14)
25.61 (1/3)

21.2 (3/24)
14.0 (3/31)

7.4 (3/10)
4.0 (5/5)

7
14
21
28

61.08
61.28
60.72
60.00

962.60
967.72
963.80
954.17

28.31
28.53
28.30
27.96

19.8
19.9
18.1
15.9

6.0
6.3
5.7
4.3

5
12
19
26

59.30
59.19
60.54
61.38

941.23
941.83
961.54
971.25

27.53
27.48
27.86
27.94

14.4
14.4
15.6
16.5

4.0
4.1
4.4
4.4

1972 - Apr.

May

61.38 (5/26)

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.

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
Hours/
Days/
From
Through:
Day
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
5

5
5
5

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

V
• is
T A B L E 9: Security Credit

END OF PERI01

CREDIT EXTENDED TO
MARGIN CUSTOMERS BY:
BROKERS 1 ( BANKS - | TOTAL

CUSTOMERS 1
NET DEBIT
BALANCES

NET CREDIT
C U S T O M E R S ' N E T E X T E N D E D BY
FREE CREDIT
BROKERS AND
DEALERS 3
BALANCES

Outstanding
4,300
4,530
4,620
4,720
4,790
4,850
4,930
4,950
4,910
5,400

2,360 '
2,340
2,340
2,390
2,420
2,430
2,430
2,410
2,400.
2,440

6,660
6,870
6,960
7,110
7,210
7,280
7,360
7,360
7,310
7,840

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

2,798
2,660
2,550
2,440
2,210
2,200
2,100
2,160
2,170
2,220

1972- Jan.
Feb.

5,700
6,180

2,490
2,510

8,190 ,
8,690

(4)
(4)

2,488
2,542

Mar.

6,620

2,520

9,140

210
230
90
100
70
60
80
20
-40
490

30
-20

240
210
90
150
100
70
80

-20
-10
40

--

--

-50
530

--

300
480
440

50
20
10

• 350
500
450

1971

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

Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1972

1

2
3

4
5

- Jan.
Feb.
Mar.

50
30
10

(4)

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

~

2,512

(4)

55
-138
-110
110
230
-10
100
60
10
50

--

—
—

——

-• ———
• -

——

268
54
-30

——

(4)
(4)

——

M a r g i n d e b t , as r e p o r t e d by the N e w Y o r k S t o c k E x c h a n g e .
A l t h o u g h m a r g i n debt
u n t i l M a r c h 1968 included loans secured by U . S . g o v e r n m e n t s , the a m o u n t of such
loans i n c l u d e d is t h o u g h t to h a v e b e e p small.
" B a n k loans to o t h e r s than b r o k e r s and d e a l e r s for p u r c h a s i n g or c a r r y i n g secur i t i e s o t h e r than U . S . g o v e r n m e n t s
T h e d i f f e r e n c e b e t w e e n c u s t o m e r s ' net d e b i t b a l a n c e s and customers' net free credit b a l a n c e s , this figure r e p r e s e n t s t h e n e t c r e d i t extended by b r o k e r s and
d e a l e r s to the n o n f i n a n c i a l p u b l i c .
•
NOTE:
W i t h the e x c e p t i o n of b a n k loan d a t a , figures are supplied by the N e w Y o r k
S t o c k E x c h a n g e and a r e end of m o n t h d a t a .
B a n k loans a r e for w e e k l y r e p o r t i n g
large c o m m e r c i a l b a n k s .
B r o k e r d a t a i n c l u d e s loans for r e g u l a t e d s e c u r i t i e s ; bank
data i n c l u d e s loans for the 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
r e g u l a t e d or not.
Series discontinued.
C h a n g e s in s e r i e s .




-

- •-~

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

DATE

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS 3
NET
NEW
ANNUAL
MONEY 2
GROWTH
NET
1
RATE
FLOW

SAVINGS ,c LOAN ASSOCIATIONS
5
NET
SHARE CAPITAL
NEW
ANNUAL
NET
MONEY2
GROWTH
1
FLOW
RATE

TOTAL
DEPOSITS
ANNUAL
NET
GROWTH
RATE 1
FLOW

|

NET
NEW
MONEY 2

Not Seasonally Adjusted
1969
1970
1971

2,549
4,517
9,623

1971 - February
March
April

906
1,604
801

—

1972 - February ,£/
March £/
April e/

931
1,507
450

——

4.0
6.8
13.5
—
—

—
--

-763
936
5,678

4,068
10,965
28,244

811
955
651

2,444
4,108
2,211

809
773
280

2,818
4,299
1,800

3.1
8.1
19.4
-——
--

——
--

-1,003
5,285
20,652

6,617
15,482
37,867

2,340
2,627
2,092

3,350
5,712
3,012

2,684
2,552
n.a.

3,749
5,806
2,250

3.4
7.7
17.5
__
--

-1,766
6,231
26,330
3,151
3,582
2,743
3,493
3,325

—

Seasonally Adjusted
1971 - October
November
December

599
659
836

9.1
10.0
12.5

--

1972 - January
February
March g/
April e/

948
861
1,089
806

14.1
12.6
15.8
11.5

——

---

—
--

2,071
1,710
2,031

14.8
12.1
14.2

4,1182,955
3,103
2,730

28.4
19.9
20.6
17.8

«• *
—
--

• ~
>

2,670
2,369
2,867

13.0
11.4
13.7

5,066
3,816
4,192
3,536

23.9
17.6
19.1
15.8

""

1
2
3

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 SM-s are for
insured associations only, which represent 967. of industry total resources.
Regular deposits at mutual savings banks exclude items such as Christmas club and certain
escrow accounts, which represent a very small part of total deposits.
SOURCE: National Association of Mutual Savings Hanks and Federal Home Loan Bank Hoard.




--

T A B L E 11:

Mortgage Commitments at Selected Thrift Institutions

OUTSTANDING COMMITMENTS
ALL
MUTUAL
SAVINGS
SAVINGS &
BANKS
LOAN
(N.Y. STATE)
ASSOCIATIONS

TOTAL

1

NET CHANGE
ALL
SAVINGS &
LOAN
ASSOCIATIONS

MUTUAL
SAVINGS
BANKS
(N.Y. STATE)

(Billions of Dollars, Seasonally Adjusted)

12.6
13.7
14.5
15.9

16.2
16.3

10.1
11.0
11.6
12.8
13.1
13.2

2.5

1.28

1.11

2.7
3.0

1.15

.90
.56

3.1
3.1

16.4
16.3

13.2

3.1
3.2

16.6
16.6

13.1

3.3

13.2

3.4
3.6

13.1

17.0
18.3

\l:i

4.1

19.5

15.2

4.3

.90
1.31
.30

.12

.08
.02
.20

1.26
.29
.14

.17
.25
.34
.05

.01
.01

-.07

.14

-.05

.07

.08

.09

-.06

.30
1.34
1.19

.97

.12
.15

.22

Based on data from Federal Home Loan Bank Board and Savings Banks Associations of New York State.
Data for savings banks and S&L's include a minor amount of nonresidential commitments. S&L
commitments include loans in process. New 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.




T A B L E 12:

DATE

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

Net Change in Mortgage Holdings

FINANCIAL INSTITUTIONS
LIFE
MUTUAL
SAVINGS & 1
INSURANCE
SAVINGS
COMMERCIAL
LOAN
BANKS
BANKS
ASSOC. | COMPANIES
Not Seasonally Adius ted

4,909

3,938

1,221

2,388

596

2 ,338

693

289

1 ,453
,
1.7 7 6
2,, 5 5 2

-79
-61

179
237

19,699
16,827

6,677
5,404
2,462

2,787
2,682
1,845

41,647

39,259

9,940
700

1971

-

Dec.

4,616

4,327

1972

-

Jan.
Feb,
Mar.

2,427

2,248

600

274

2,711

2,424

500
1,000

259
430

n.a.

2,508
4,375

2,052
2,348

21,273

24,074
21,736

2,459

F::MA-GNMA

9 ,350
9 ,561
10 , 1 7 2
24 ,160

23,781

1968r
1969r
1970r
1971r.

1

83

Seasonally Adlusted
1971

1972

1

-

-

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

2,033

2,043

2,184

2,219

394
475

200
217

3,005
3,057

2,983
3,113

690
685

401
293

3,300
4,136

3,260
3,935

864
1,219

318
386

4,186
4,168
3,924

977
901
902
884

374

3,657
3,647

3,878
3,656
3,458
3,267
3,345

4,325

4,083

3,023
3,215

2,874
2,965

752
826
788
654
1,061

,
1. 3 4 8
,
1, 4 2 6
,
1, 8 0 1
,
2, 0 8 2
,
2, 0 3 6

101
101

-10
-35

91
53

22
-56
40

42

201
308
512
466
390
302

2 ,,309

21

2 ,,455
2 ,,252
2 ,,122

72
130
128

465

1, 9 7 7
2 ,,058

522

2 , 357

77
77
378

272
296

,
1, 8 1 3
2 ,, 0 4 2
2 ,, 5 9 2

-27

1

149
250

n. a.

111

400
306
329

486

242

Monthly data for commercial banks based on Federal Reserve estimates benchmarked
to Call Report data on real estate loans outstanding as available. Other data
derived from mortgage debt outstanding as reported separately by National Assn.
of Mutual Savings Banks, Federal Home Loan Bank Board, Institute of Life Insurance
and, through August 1968, the Federal National Mortgage Association, and thereafter by FNMA and the Government National Mortgage Association. Data for mutual
savings banks and for Life Insurance companies may differ somewhat from those
derived from regular quarterly series because of minor conceptual differences for
which adjustments are not made in the monthly series. Altogether, these groups
accounted for 86 per cent of the net increase estimated for all holders in 1971.




19

TABLE 13: Net Increases in Mortgage Debt Outstanding

1

Billions of dollars, SAAR TOTAL

RESIDENTIAL 3

1- to 4FAMILY

- I
II
III
IV

16.0
20.8
26.3
27.2

10.3
14.0
18.9
19.7

7.0
10.6
15.1
15.9

- I
II
III
IV

28.1
26.4
25.8
29.4

19.4
18.2
17.4
20.2

- I
II
III
IV

31.8
29.1
26.2
24.9

- I
II
III
IV-

20.6
22.9
29.1
31.3

- I
II-

37.1
47.8
53.6
53.4
56.3

QUARTER

nir

Ifr

- Ie

MULTIFAMILY

COMMERCIAL

MULTI-AND
COMMERCIAL

FARM

3.3
3.4
3.8
3.8

3.9
5.0
4.9
4.7

7.2
8.4
8.8
8.5

1.8
1.8
2.5
2.8

16.2
15.0
13.9
16.3

3.2
3.2
3.5
3.9

6.4
6.0
6.6
7.3

9.5
9.2
10.1
11.2

2.3
2.2
1.8
1.9

23.6
21.5
19.0
18.2

19.2
16.8
14.4
13.0

4.4
4.7
4.7
5.3

6.1
5.4
5.4
5.2

10.5
10.1
10.0
10.5

2.2
2.2
1.7
1.4

. 14.2
16.9
21.8
22.5

9.1
11.5
15.5
16.0

5.1
5.4
6.3
6.5

4.8
4.6
5.2
6.7

9.9
9.9
11.5
13.2

1.5
1.5
2.1
2.2

26.6
36.1
40.1
40.1

18.5
26.4
31.4
31.4

8.1
9.7
8.7
8.7

8*3
9.4
11.2
10.8

. 16.3,
19.1
19.9
19.5

2.2
2.3
2*3
2.5

42.6

32.4

10.1

11.6

21.7

2.1

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 nonfarm mortgage debt by type of property, where not available, and interpolations
and extrapolations, where required, estimated mainly by Federal Reserve.
2 May differ somewnat from related flow of funds series mainly because of more
aggregative type of seasonal adjustment.
3 Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family
and multifamily mortgage debt combined.




J
T A B L E 14:

FNMA Weekly "Auction" Results
IMPLICIT Y I E L D 2 ( p e r c e n t )

C O M M I T M E N T S IN $ M I L L I O N S
|
ACCEPTED
.

WEEK
ENDED

1 -YEAR
& OVER

Feb.
Mar.
Apr.

TOTAL
OFFERED

TOTAL

4MONTHj

10
24

136.9
103.6

7%.9
54 . 9

72.9
54.9

7
21

88.7
68.6

63.9
44.8

63.9
44.8

—

6
20

86.9
202.9

50.6
86.2

50.6
86.2

——

3
17

258.8
347.4

178.5
176.3

178.5
176.3

--

1
15

Jan.

May

6MONTH

11

364.9
266.3

336.4
188.2

336.4
188.2

——

——

--

"

—

—

--

4MONTH

6MONTH

1-YEAR
& OVER

7.61
7.61

--

——

--

--

7.61
7.61

——

—

--

--

7.56
7.54

——

——

--

--

7.56
7.60
7.63
7.64

----

--

NOTE;
U n d e r the FNMA a u c t i o n s y s t e m , approved s e l l e r s of 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 bid for FNMA forward p u r c h a s e c o m m i t m e n t s .
1. 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 after a l l o w a n c e for c o m m i t m e n t fee and
required p u r c h a s e and h o l d i n g of FNMA s t o c k , assuming p r e p a y m e n t of
15 y e a r s for 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 .
Yields shown
are g r o s s , b e f o r e d e d u c t i o n of 3 8 basis p o i n t s fee paid by investors
to s e r v i c e r s .




1

21
T A B L E 15: Private Housing Starts and Permits
STARTS

DATE

1971 - Apr.
Hay
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1972 - J a n .
Feb. r/
Mar.r/
Apr.

UNADJUSTED
TYPE OF FINANCING
FHA | VA
OTHER

SEASONALLY ADJUSTED
ANNUAL RATE
T O T A L 1 - F A M I L Y 2 OR M O R E

1,951
2,046
2,008
2,091
2,219
2,029
2,038

1,122
1,152
1,150

1,162

829
894
858
929

1,021

ANNUAL
RATE)2

201.1
198.5
193.8
194.3
204.5
173.8
179.7
176.4

1,198
1,172
1,155
1,242
1,347

985
1,110

2,682

1,415
1,325

1,071
1,357

150.9
153.6

2,357
2,115

1,298
1,174

1,059
941

204.8

2,228
2,457
2,487

857

882

BUILDING
PERMITS
(SEASONALLY
ADJUSTED

152.1

212.6

44.6
40.7
46.1
42.9
45.8
48.3
38.5
47.2
85.4

9.1
7.4

37.4

7.5

8.5
8.4
9.3
9.2
9.4
8,7

8.1

27.8
8.0
3 7 . 7 10.5
29.8
8.5

148.0
149.4
138.4
141.1
147.0

116.8

1,638
1.927
1,849
2,052

2,006

59.3

1,900
2,173
1,952
2,292

106.0

2,105

117.8
156.6

2,078
1.928
1,987

133.1
-120.1

T o t a l starts a r e C e n s u s e s t i m a t e s i n c l u d i n g farm for both p e r m i t - i s s u i n g and
noi.-issuing a r e a s .
A d w e l l i n g unit is started w h e n excavation begins; all units
in an a p a r t m e n t structure are considered, started at that time.
FHA and VA
starts a r e units started u n d e r c o m m i t m e n t s by these a g e n c i e s to insure or guara n t e e the m o r t g a g e s .
A s reported by FHA and V A , a unit is started w h e n a field
o f f i c e r e c e i v e s the first 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 is m a d e before
footings are poured in some cases but n o r m a l l y after the foundations have been
completed.
O t h e r starts are derived as a r e s i d u a l , although total and FHA and
VA starts are not strictly c o m p a r a b l e in concept or timing; other starts inc l u d e b o t h units financed by c o n v e n t i o n a l m o r t g a g e s and units 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 are C e n s u s e s t i m a t e s for about 10,000 areas
identified as h a v i n g a local b u i l d i n g permit system in 1959.
Estimates beginning
J a n u a r y 1963 a r e for a p p r o x i m a t e l y 1 2 , 0 0 0 and b e g i n n i n g January 1967 13,000, or
all k n o w n p e r m i t - i s s u i n g places.
U n l i k e s t a r t s , seasonally adjusted b u i l d i n g perm 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 for d i f f e r e n c e s in the n u m b e r of w o r k i n g days per
m o n t h , as w e l l as other d i f f e r e n c e s in timing and c o v e r a g e .




22

T A B L E 16: Mortgage and Bond Yields
FHA
MORTGAGES
DATE

1
30-year

2

1 CONVENTIONAL
MORTGAGES
3

SPREAD BETWEEN YIELDS
ON C O N V . &
FHA M O R T GAGES 5

1

NEW
Aaa CORPORATE
BONDS
4

S P R E A D BETWEEN
Y I E L D S ON N E W
C O R P O R A T E BONDS
AND
FHA M O R T G A G E S 6

1970 - H i g h
Low

9.29
8.40

8.60
8.30

-.10
-.74

9.11
7.80

.99
.01

1971 - H i g h
Low

7.97
7.32

7.95
7.55

.28
-.19

8.01
7.24

.50
-.36

1971 - Nov.
Dec.

7.62
7.59

7.75
7.70

.13
.11

7.19
7.09

.43
.50

1972 - J a n .
Feb.
Mar.
Apr.

7.49
7.46
7.45
7.50

7.60
7.60
7.55
7.60

.11
.14
.10
.10

7.07
7.16
7.22
7.31

.42
.30
.33
.19

1

2

3

4
5
6

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 for s e r v i c i n g costs which are
G e n e r a l l y , b o n d s pay i n t e r e s t semimuch h i g h e r for m o r t g a g e s than for b o n d s .
annually; mortgages, monthly.
M o r t g a g e y i e l d s , if computed as equivalent to
a semi-annual interest i n v e s t m e n t , w o u l d be slightly h i g h e r than given in the
table.
Based o n F H A - f i e l d - o f f i c e o p i n i o n s a b o u t a v e r a g e bid prices in the p r i v a t e
s e c o n d a r y m a r k e t for n e w - h o m e m o r t g a g e s for i m m e d i a t e d e l i v e r y .
Data shown
are for 3 0 - y e a r m o r t g a g e s w i t h m i n i m u m d o w n p a y m e n t s , and w e i g h t e d by p r o b a b l e
v o l u m e of transactions.
Y i e l d s computed by F H A , assuming p r e p a y m e n t period
of 15 y e a r s for 3 0 - y e a r m o r t g a g e s .
Based o n F H A - f i e l d - o f f i c e o p i n i o n o n t y p i c a l c o n t r a c t interest rates ( r o u n d e d )
o n 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 p r e v a i l i n g in the m a r k e t areas o f insuring
offices.
S e e n o t e for T a b l e 1.
Y i e l d spread e q u a l s c o n v e n t i o n a l m o r t g a g e r a t e less F H A s e c o n d a r y m a r k e t y i e l d .
Y i e l d spread e q u a l s F H A secondary m a r k e t y i e l d less n e w A a a c o r p o r a t e bond
yield.




23
TABLE 17: Conventional Mortgage Terms

DATE

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

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

1

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

LOAN
AMT.
($000)
4

1971
7 .37
7 .36
7 .38
.51
7,
.60
7,
.67
7,
.68
7.
.65
7.
,62
7.

0.73
0.71
0.74
0.90
0.84
0.97
0.97
0.87
0.93

.49
7,
7 .47
.50
7,
.66
7.
.74
7.
.83
7.
,84
7.
.79
1.
,77
7.

26.3
26.1
26.3
26.3
26.2
25.8
26.4
26.7
26.6

73.6
74.0
73.7
74.5
73.9
75.3
75.5
75.4
74.5

26.2
26.7
27.2
27.1
26.5
25.9
26.3
27.3
26.5

7.34
7.33
7.38
7.50
7.58
7.63
7.62
7.56
7.51

0.75
0.71
0.74
0.75
0.76
0.78
0.79
0.79
0.78

7.47
7.45
7.50
7.63
7.71
7.76
7.75
7.69
7.64

24.2
24.0
24.3
24.2
24.5
24.2
24.1
24.6
24.6

73.6
73.2
73.9
74.5
74.2
74.5
74.2
74.6
74.6

23.1
23.3
28.3
23.2
23.5
22.5
22.9
2:3.2
23.9

Jan.
7. 62
Feb.
7. 45
Mar.r/ 7. 38
,37
Apr. £/ 7.

0.95
1.02
0.84
0.86

7. 78
7. 61
7. 52
7. 51

26.5
27.0
27. 2
27.1

75.0
76.5
76.2
75.6

27.6
27.8
28.2
28.4

7.45
7.35
7.31
7.29

0.82
0.79
0.77
0.78

7.58
7.48
7.44
7.42

24.7
25.4
25. 1
25.3

74.7
75.8
.75.6
75.2

24.1
24.8
24.4
24.9

Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1972

1

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.




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