Full text of H.16 Capital Market Developments : May 8, 1978

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Capital
Marl<et
Developments

%
%
%

%

May 8, 1978

Prepared by the
CAPITAL MARKETS SECTION
in conjunction with the
MORTGAGE and CONSUMER
FINANCE SECTION




DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS
F E D E R A L 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

S E C U R I T Y VOLUME AND YIELDS

7, 8

S T O C K M A R K E T AND S E C U R I T Y
CREDIT

9 - 1 6

MORTGAGE MARKET

SYMBOLS
6
ESTIMATE
P
PRELIMINARY
r
REVISED
n.a. NOT AVAILABLE
DATA DO NOT EXIST

Table 1

YIELDS, VOLUME AND RECEPTION
CORPORATE BOND MARKET
VOLUME

YIELDS
WEEK ENDING

1978 - March

April

May

3
10
17
24
31
7
14
21
28

N E W ISSUE
A a a UTILITY

1

RECENTLY
OFFERED
A a a UTILITY

2

3
GROSS
OFFERINGS
($ MILLIONS)

PER C E N T
S O L D BY END
OF WEEK

N E W ISSUES 4
IN S Y N D I C A T E
($ MILLIONS)

8.61
8.83

8.70
8.65
8.64
8.64
8.75

126
494
265
441
631

90
85
87
67
85

40
74
70
215
93

8.88
8.88
8.93
8.92

8.82
8.84
8.84
8.91

300
558
813
192

87
98
82
96r

23
10
145
8r

8.90p

128

96

—

8.70

5

5

MUNICIPAL BOND MARKET
VOLUME

YIELDS
WEEK ENDING

MOODY'S
N E W ISSUE
Aaa

BOND BUYER
20-BOND
INDEX

; GROSS
OFFERINGS
($ MILLIONS)

3

PER C E N T
S O L D BY E N D
OF WEEK

N E W ISSUES 4
IN S Y N D I C A T E
($ MILLIONS)

1978 - March

3
10
17
24
31

5.15
5.10
5.10
5.10
5.10

5.63
5.58
5.58
5.59
5.69

624
786
941
1,115
879

73
88
87
89
75

253
210
244
282
349

April

7
14
21
28

5.40
5.40
5.40
5.45

5.76
5.74
5.79
5.89

346
785
739
1,264

84
91
89
88

189
186
185
248

5

5.45

5.98

739

79

281

May

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
Aaa UTILITY

DATE

1

RECENTLY OFFERED
Aaa UTILITY

2

MOODY'S SEASONED
CORPORATE Aaa

3

U.S. GOVT. 20-YEAR
CONSTANT MATURITY

4

B O N D BUYER
2Q-BOND INDEX

1974 - High
Low

10.61 ( 1 0 / 4 )
8.05 (2/15)

10.52 ( 1 0 / 1 1 )
8.13 (1/4)

9 . 3 9 (10/11)
7.73 ( 1 / 4 )

8.68 (8/30)
7.39 ( 1 / 4 )

7.15 ( 1 2 / 1 2 )
5.15 (2/7)

1975 - High
Low

9.80 (5/2)
8.89 (2/7)

9.71 (5/25)
9.06 (2/28)

9.01 (5/2)
8 . 5 7 (2/28)

8.63 (9/19)
7.63 (2/21)

7.67 ( 1 0 / 3 )
6.27 ( 2 / 1 3 )

1976 - High
Low

8.95 (5/28)
7 . 9 3 (12/10)

9.10 (1/2)
7.84 (12/31)

8 . 6 6 (5/28)
7 . 9 1 (12/31)

8 . 1 7 (5/28)
7.27 (12/31)

7.29 ( 1 / 2 )
5.95 (12/16)

1977 - High
Low

8 . 3 6 (12/16)
7.90 (1/7)

8 . 4 8 (12/30)
7.95 (1/7)

8 . 2 8 (12/30)
7.88 ( 1 / 7 )

7.99 (12/30)
7.26 (1/7)

5.93 (2/4)
5.45 (11/17)

1978 - High
Low

8.93 (4/21)
8.60 (3/24)

8.91 (4/28)
8.48 (1/6)

8.61 (5/5)
8.30 (1/6)

8.38 (5/5)
8.02 (1/6)

5.98 (5/4)
5.58 (3/17)

8.88
8.88
8.93
8.92

8.82
8.84
8.84
8.91

8.53
8.56
8.57
8.59

8.31
8.33
8.35
8.36r

5.76
5.74
5.79
5.89

8.90p

8. 61p

8. 38p

5.98

1978 - Apr.

May

7
14
21
28
5

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 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 the 20 bonds used in this index falls midway between the four top groups as classified by Moody's Investors Service. Weekly Bond Buyer data.




5

Table 3

LONG-TERM CORPORATE AND
STATE AND LOCAL GOVERNMENT
SECURITY OFFERINGS AND PLACEMENTS
IN MILLIONS OF DOLLARS

GROSS PROCEEDS
STATE AND LOCAL

CORPORATE

PERIOD

1978

1977

1

1976

1977

1978
3,283
2,716
4,300e

1976

3,402
3,442
4,063

2,451
2,885
3,365

3,507
4,186
6,439

3,409
4,566
5,786

2,218
3,575
3,115

4,289
3,469
4,177

3,216
3,357
4,817

3,113
4,118
4,013

2,734
2,821
2,814

4,221
5,331
6,531

4,511
3,074
6,503

3,807
3,332
3,646

3,524
3,336
2,342

03
04

12,732
13,455
11,935
16,083

13,876
14,132
11,390
14,088.

10,907
13,761
11,244
10,785

8,701
8,908
8,369
9,202

1st Half
3 Qtrs.
Year

26,187
38,122
54,205

28,008

24,668
35,912
46,697

17,609
25,978
35,180

4,362
2,792
5,578

3,381
3,863
6,632

April
May
June

3,998
3,797
5,660

July
August
September
October
November
December

January
February
March

3,013
2,550e
3,700e

9,263e

01

02

39,398
53,488

"10,299e

NOTES:
1

Securities and Exchange Commission estimates of gross proceeds.

2

Securities Industry Association estimates of principal amounts.

3

E s t i m a t e d by F e d e r a l Reserve on 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

ON

IN MILLIONS OF DOLLARS

GROSS PROCEEDS BY TYPE OF ISSUER

GROSS PROCEEDS BY TYPE OF ISSUE
PERIOD

1976 - I

MEMO

BONDS
TOTAL

PUBLICLY
OFFERED

COMMON
MANUFACAND
ISSUES INCLUDED
PRIVATELY
TURING
PREFERRED
PLACED
FOREIGN CONVERTIBLE
STOCK

PUBLIC
UTILITY

COMMUNICATIONS

OTHER
ISSUERS

13,876
14,132
11,390
14,088

7,569
7,427
4,904
6,553

2,754
3,584
4,624
4,962

3,553
3,121
1,861
2,573

1,340
1,843
1,267
1,795

262
478
199
55

4,497
3,757
2,982
4,259

4,044
3,140
3,317
3,917

765
1,879
378
541

4,596
5,358
4,715
5,369

12,732
13,455
11,935
16,083

6,498
5,606
6,215
5,867

3,527
4,975
3,506
5,999

2,707
2,874
2,214
4,217

858
1,810
1,560
1,025

6
108
495
39

3,031
3,440
3,250
4,054

3,047
4,125
2,901
4,246

1,415
1,059
644
1,320

5,238
4,830
5,140
6,460

1977 - J a n u a r y
February
March
April
May
June
July
August
September
October
November
December

4,362
2,792
5,578
3,998
3,797
5,660
4,289
3,469
4,177
4,221
5,331
6,531

2,786
1,102
2,610
1,961
1,600
2,045
2,360
1,947
1,908
2,114
2,211
1,542

974
780
1,773
1,446
949
2,580
972
965
1,569
979
1,200
3,820

602
910
1,195
591
1,248
1,035
695
557
700
1,128
1,920
1,169

300
433
125
600
350
850
935
150
475
300
425
300

0
6
0
50
2
56
25
262
208
1
22
16

1,129
757
1,145
1,381
643
1,416
1,349
1,068
833
731
782
2,541

989
470
1,588
984
1,670
1,471
903
497
1,501
1,437
1,729
1,080

50
557
808
334
309
41b
277
45
322
8
1,013
299

2,194
1,006
2,038
1,298
1,176
2,356
1,761
1,858
1,521
2,045
1,805
2,610

1978 - J a n u a r y

3,013

1,382

998

633

325

0

273

644

519

1,578

II
I I I
IV

1977 - I
II
III
IV

NOTES:
Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other.
1
Source: Securities and Exchange Commission.




1

•

•

•

#

e

#

. #

Table 5A

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY 1
May 1 through May 5 , 1978

ISSUER

CORPORATE

Moran Bros.
C o n t i n e n t a l I l l i n o i s Corp.
1 s t American Corporation
P o r t l a n d General E l e c t r i c Co.
Tucson Gas & E l e c . Co.

TYPE

Debt.
NotBS
Com. s t k .
Com. s t k .
Com. s t k .

AMOUNT
(MILLIONS
OF
DOLLARS)

15.0

100.0

MATURITY

1998
1985

75.0
65.6
40.3

NOTES:
*
Rights offering.
1

Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings.




COUPON RATE

11.50
8.50

OFFERING
YIELD

11.63
8.55

MOODYS/S&P'S
RATINGS

B/B
Aaa/AAA

i

Table SB

INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY '
May 1 through May 5 , 1978
AMOUNT
(MILLIONS OF
DOLLARS)

MATURITY

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

78.0
94.5
8.2
9.9
17.1
15.6
7.0
10.0
12.9
6.7
31.5
60.0
70.0
9.5
5.5
19.6
20.1

1997-2005
1979-2003
1978-1998
1998-2005
1979-1998
1979-2003
1979-2003
1979-2003
1980-1998
2003
2016
1980-1994
1979-2008
1979-1999
2009
1979-1993
1981-2020

6.27
5.10

Rev.
Rev.
Rev.
G.O.

14.8
4.0
15.3
15.0

1981-2000
1998
2008
1989-1994

6.47

TYPE

ISSUER
STATE AND LOCAL

A u s t i n , Texas
Wisconsin, S t a t e of
Rhode I s l a n d H l t h . & Educ. Bldg. Corp.
Rhode I s l a n d H l t h . & Educ. Bldg. Corp.
F a i r f a x Co., Va.
Washington, S t a t e of
Washington, S t a t e of
Washington, S t a t e of
I l l i n o i s Hsg. Dev. Auth.
I l l i n o i s Hsg. Dev. Auth.
I l l i n o i s Hsg. Dev. Auth.
Chicago Sch. D i s t . , 111.
F l o r i d a S t a t e Bd. of Educ.
Arkansas Hsg. Dev. Agy.
Arkansas Hsg. Dev. Agy.
Milwaukee, Wise.
Maryland Comm. Dev. Adm.
San Luis C o a s t a l Sch. D i s t . Fac.
Corp., Cal.
Macon Co. I n d u s t . B u i l d . A u t h . , Ga.
Macon Co. I n d u s t . B u i l d . A u t h . , Ga.
Mesa U n i f i e d Sch. D i s t . #4, Arizona

NET INTEREST
COST

——

—

5.25
5.50
5.51
5.51
6.68
6.68
6.68
6.05
5.71
——

5.02

——

5.60

OFFERING
YIELD

MOODY'S/S&P'S
RATINGS

5.75-6.30
3.90-5.60
4.00-5.10
6.50-6.70
4.00-5.50
4.00-5.75
4.00-5.75
4.00-5.75
4.50-6.40
6.60
6.75
4.50-6.25
4.00-5.90
4.00-5.80
6.25
4.00-5.20
4.50-6.60

A-1/A+
Aaa/AAA
Aaa/AAA
Aaa/AAA
Aaa/AA+
Aa/AA+
Aa/AA+
Aa/AA+
A-l/AA
A-l/AA
A-l/AA
A/AAa/AA
Aa/AA
Aa/AA
Aaa/AAA

5.00-6.50
5.45
5.66
5.25-5.60

A—1/—
Aaa/AAA
Aaa/AAA
A-1/A+

NOTES:
1

Includes only state and local security offerings of $10 million and over; excludes secondary offerings.

2

For State and local government securities, G O. denotes general obligation; Rev. denotes revenue obligations.




#

#

#

#

#

#

*

#

#

•

«

9
Table 6A

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of May 5, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

General American Transp. Corp.
^ I l l i n o i s Power Co.
Southern Railway I n c .
P u b l i c S e r v i c e Co. of New Hampshire
F i r s t F e d e r a l S&L Assoc.
P a c i f i c Power & Light Co.
Wisconsin E l e c t r i c Power Co.
San Diego Gas & Elec. Co.
San Diego Gas & Elec. Co.
Documation I n c .
C o n t i n e n t a l Group I n c .
Inforex Inc.
Ohio Edison Co.
T r a i l T r a i n Co.
* Toledo Edison Co.
Kansas Power & Light Co.
Georgia Power Co.
Utah Power & Light Co.
Utah Power & Light Co.
Kansas City Power & Light Co.
> P a c i f i c Gas & Elec. Co.
Wisconsin Power & Light Co.
P u b l i c S e r v i c e Co. of Colorado
Athlone I n d u s t r i e s I n c .
R e a l t y Refund T r u s t
Systems Engineering Labs. I n c .
> Aetna Business Credit I n c .
Oak I n d u s t r i e s I n c .
Prime Computer I n c .
P o s t a l Finance Co.
^Northwest Energy Co.
^ C r y s t a l Oil Co.
i *World Airways
^ B e n e f i c i a l Corp.
^ T r a n s c o n t i n e n t a l Oil Co.
*Monsanto Co.
Public S e r v i c e of New Mexico
New J e r s e y T e l e . Co.
l American T e l . & T e l e . Co.

Equip, t r .
Com. s t k .
Equip, t r .
Com. s t k .
Mtg.-backed
Pfd. stk.
1 s t mtg.
1 s t mtg.
Com. s t k .
Debt.
Debt.
Debt.
1 s t mtg.
Equip, t r .
Com. s t k .
Com. s t k .
1st mtg.
1 s t mtg.
Com. s t k .
1 s t mtg.
Pfd. stk.
1st mtg.
1 s t mtg.
Debt.
Debt.
Debt.
Notes
Debt.
Debt.
Notes
Debt.
Debt.
Equip, t r .
Debt.
Debt.
Debt.
Com. s t k .
Debt.
Debt.

60.0
63.0
22.6
26.2
40.0
40.0
80.0
50.0
40.0
15.0
125.0
15.0
120.0
22.0
48.0
37.5
100.0
50.0
40.0
50.0
125.0
35.0
50.0
20.5
20.0
15.0
30.0
30.0
15.0
20.0
70.0
30.0
67.9
150.0
20.0
200.0
30.0
100.0
100.0

NOTES:
*

Included in table for first time.

1

Includes only corporate and other security issues of $15 million and over; excludes exchanges, options




May
MayMay
May
May
May
May
May
May
May
May
May
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
June
June

8
9
9
9
10
10
11
11
11
11
11
11
16
16
16
17
17
18
18
23
24
24
31

1
6
6

10
Table 6A Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of May 5, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

CORPORATE

P a c i f i c Gas & E l e c . Co.
Arizona P u b l i c S e r v i c e Co,
*Pennsylvania E l e c . Co.
*Arrow E l e c t r o n i c s I n c .
United I l l u m i n a t i n g Co.
I n t e r p o o l Ltd.
Texas I n t e r n a t i o n a l Co.




1 s t mtg.
Com. s t k .
1 s t mtg.
Debt.
Com. s t k .
Pfd. stk.
Pfd. stk.

200.0
60.0

60.0

17.0
21.0
26.0
15.0

June 7
June 7
June 13
June
Indef.
Indef.
Indef.

11
Table 6B

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U.S. TREASURY

1

As of May 5, 1978
TYPE

ISSUER

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

East Chicago, Ind.
Rosemount Ind. Sch. D i s t . #196,
Minn.
McAllen Ind. Sch. D i s t . , Texas
Piano, Texas
Bowling Green, Ky.
Minneapolis, Minn.
C a l i f o r n i a , S t a t e of
Baltimore Co., Md.
E v e r e t t Sch. D i s t . #2, Wash.
* M i s s i s s i p p i , S t a t e of
* J e f f e r s o n Co., Ky.
*Manatee Co., F l a .
*Orlando U t i l i t i e s Comm., F l a .
*Brea Redev. Agy., Cal.
Spokane Sch. D i s t . #81, Wash.
Ohio, S t a t e of
*Hempstead, N.Y.
L i t t l e t o n Sch. D i s t . #6, Colo.
*Kent Sch. D i s t . #415, Wash.
*Oakland Co., Mich.
*Hawaii, S t a t e of
*Dade Co., F l a .
Clark Co. Sch. D i s t . , Nev.
B i l l i n g s , Mont.
S u l l i v a n Co., Tenn.
*Muskegon Co., Mich.
*Shreveport, La.
Hillsborough Union H.S.D., Ore.
^ U n i v e r s i t y of I l l i n o i s
* H a r r i s Co., Texas
P o r t l a n d , Ore.
*Upper S t . C l a i r Tp. Sch. A u t h . ,
Pa.
*Upper S t . C l a i r Tp. Sch. A u t h . ,
Pa.
*Bensalem Tp. A u t h . , Pa.
Bessemer Medical C l i n i c Bd., Ala.
N.E. Pennsylvania Hosp. Auth.

Rev.

52.0

May

8

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

18.7
12.4
19.8
16.3
14.0
90.0
30.0
17.0
450.0
14.6
187.0
202.4
14.3
40.5
38.0
17.5
17.3
13.7
25.8
75.0
50.0
15.0
19.8
10.0
20.5
30.0
12.8
43.0
20.0
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
May
May
May
May
May
May

8
8
8
9
9
9
9
10
12
15
15
15
16
16
16
16
16
17
18
18
18
18
19
23
23
23
23
24
25
31

G.O.

10.0

May

Rev.
Rev.
Rev.
Rev.

20.0
34.5
16.1
22.0

May
May
May
May

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.




12
Table 6B Continued

FORTHCOMING INTERMEDIATE AND LONG-TERM
PUBLIC SECURITY OFFERINGS
OTHER THAN U S. TREASURY

1

As of May 5, 1978
ISSUER

TYPE

AMOUNT
(IN MILLIONS
OF DOLLARS)

APPROXIMATE
DATE OF OFFERING

STATE & LOCAL

POSTPONEMENT
San F r a n c i s c o A i r p o r t s Comm., C a l .




Rev.

90.0

May

2

•

#

#

#

#

#

#

#

•

#

Table 7

STOCK PRICES AND VOLUME
1

STOCK PRICES

DATE
NYSE INDEX

3

BJ INDUSTRIALS

AMEX

4

NASDAQ

2

TRADING VOLUME
NYSE

AMEX

NASDAQ

1974 -High
Low

53.37 ( 3 / 1 3 )
32.89 (10/3)

891.66 (3/13)
5 7 7 . 6 0 (12/6)

102.01 ( 3 / 1 4 )
58.26 ( 1 2 / 9 )

96.53 (3/15)
54.87 (10/3)

24.9 (1/3)
7.5 (7/5)

4.4 (1/3)
.9 ( 9 / 2 6 )

7.5 (1/3)
2.8 (7/5)

1975 -High
Low

51.24 ( 7 / 1 5 )
37.16 ( 1 / 8 )

881.81 (7/15)
632.04 ( 1 / 2 )

96.86 ( 7 / 1 5 )
62.20 ( 1 / 2 )

8 8 . 0 0 (7/15)
60.70 (1/2)

35.2 (2/13)
8.7 (9/15)

4.2 (2/21)
1.1 (9/15)

8.1 (2/13)
2.5 (9/15)

1976--High
Low

57.51 ( 9 / 2 1 )
48.04 (1/2)

1014.79 (9/21)
858.71 (1/2)

107.05 ( 7 / 1 2 )
84.31 ( 1 / 2 )

92.52 ( 7 / 1 5 )
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--High
Low

57.69 ( 1 / 3 )
49.78 ( 1 1 / 2 )

999.75 (1/3)
8 0 0 . 8 5 (11/2)

127.89 ( 1 2 / 3 0 ) 105.05 (12/30)
109.61 ( 1 / 1 2 )
93.66 ( 4 / 5 )

35.3 (11/11)
10.6 ( 1 0 / 1 0 )

4 . 2 (1/13)
1.4 ( 9 / 2 2 )

11.2 ( 1 1 / 1 0 )
5 . 1 (5/27)

844.33 ( 5 / 1 )
742.12 (2/28)

139.89 ( 5 / 5 ) .
119.73 ( 1 / 1 1 )

117.27 ( 5 / 5 )
99.09 ( 1 / 1 1 )

63.5 (4/17)
7.6 (1/20)

6 . 2 (4/17.)
1.3 (1/20)

15.0 ( 4 / 2 5 )
2.8 (1/20)

1978--High
Low

'1 5 4 . 3 6 ( 5 / 1 )
48.37 ( 3 / 6 )

Mar.

3
10
17
24
31

48.67
49.48
50.25
49.86
49.85

747.31
758.58
768.71
756.50
757.36

123.09
125.35
127.33
128.01
128.94

101.95
103.42
104.94
105.39
106.20

20.2
21.6
25.1
24.0
21.3

2.5
2.9
3.1
2.8
3.1

8.0
8.9
9.1
9.2
9.0

Apr.

7
14
21
28

50.41
51.94
52.64
53.90

769.58
795.13
812.80
837.32

131.81
134.69
135.43
136.36

108.23
111.29
113.32
115.18

24.0
32.0
45.5
40.6r

3.4
4.2
4.6
4.4r

10.1
11.8
13.0
13.4r

5

53.97

829.09

139.89

117.27

38.4

5.1

14.3

May

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
3

Volume figures are weekly averages of daily figures (millions of shares).
12/31/66 = 50

4

Based on average price change until September 4, 1973 thereafter, based on market value of shares listed.




14
Table 8

SECURITY CREDIT
REGULATED MARGIN CREDIT EXTENDED BY
END OF PERIOD

OUTSTANDING

BROKERS ON
MARGIN
STOCK

1

BROKERS O N 2
CONVERTIBLE
BONDS

3
BANKS

UNREGULATED NONMARGIN
STOCK CREDIT
AT BANKS

1977 - F e b r u a r y
March
April
May
June
July
August
September
October
November
December

8,480
8,690
8,880
9*070
9,230
9,460
9,560
9,590
9,560
9,610
9,740

197
199
196
196
198
204
200
196
191 ,
246—
250

844
810
807
801
873
875
885
881
882
872
873

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
February
March

9,590
9,780
9,920

246
242
250

851
877

2,565
2,544

1977 - F e b r u a r y
March
April
May
June
July
August
September
October
November
December

210
210
190
190
160
230
100
30
-30
50
130

1
2
-3
2
6
-4
-4
"55/
-55-'
4

12
-34
-3
—6
72
-2
10
-4
1
-10
1

7
-7
38
-5
206
17
19
—6
-2
25
— 36

1978 - J a n u a r y
February
March

-150
190r
140

-4
-4
8

-22
26

-21

CHANGE IN OUTSTANDING

-3

NOTES:
1

Margin account debt as reported by the New York Stock Exchange, excluding credit for subscription issues and convertible bonds.

2

New York Stock Exchange data.

3

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

Nonmargin stocks are those not listed on a national securities exchange and not included on the Board of Governors of the Federal Reserve
System's list of OTC margin stocks. At banks, loans to purchase or carry nonmargin stocks are unregulated; at brokers, such stocks have no
value.

5

Data p r i o r t o November n o t s t r i c t l y comparable due t o changes i n r e p o r t i n g .




4

•

•

e

e

e

e

#

#

•

#

Table 9

SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS
IN MILLIONS OF DOLLARS

DATE

NET
FLOW

2,165
11,070
12,670
10,647

1974
1975
1976
1977

1

ANNUAL 3
GROWTH
RATE

2.3
11.3
11.6
8.8

NET
NEW
MONEY

282
1,200
683
406
1,289

-12
-137
296
99
-131

1978-Jan.
Feb.
Mar.

628
480
1,750

-59
171
350

1977-Aug.
Sept.
Oct.
Nov.
Dec.
1978-Jan.

Feb

Mar

v

:—

1,187
1,131
1,257
515
519

n.i

723
374
487

6.5
3.4
4.4

2

-2,822
4,757
5,275
2,811

19 7 7-Aug.
Sept.
Oct.
Nov.
Dec.
.

TOTAL

SAVINGS & LOAN ASSOCIATIONS

MUTUAL SAVINGS BANKS
REGULAR DEPOSITS

SHARE CAPITAL
NET
FLOW

— MM

DEPOSITS
NET
FLOW

ANNUAL 3
GROWTH
RATE

5.6
15.8
15.9
13.5

NET
NEW
MONEY

18,171
53,839
62,839
61,610
3,144
7,161
3,079
2,135
6,831

2,619
1,529
2,566
1,615
752

2,877
2,073
2,554

3,373
2,777
8,865

2,818
2,244
2,904

2,745
2,297
7,115

2,012
2,226
2,808

ADJUSTED
18.6
18.2
12.2
11.7
10.6
6.2
6.8
8.6

——

——

6,858
6,787
5,089
4,226
3,929

16.6
16.2
12.0
9.9
9.1

2,735
2,600
3,295

6.3
5.9
7.5

2

1,846
34,033
39,644
34,783

16,006
7.1
4,668
42,769
17.6
29,276
50,169
17.6
34,369
50,963
15.2
31,972
NOT SEASONALLY ADJUSTED
2,631
2,862
1,666
5,961
2,270
2,396
1,516
1,729
883
5,542

SEASONALLY
5,671
5,656
3,832
3,711
3,410

10.5
11.6
4.7
4.7

ANNUAL 3
GROWTH
RATE

NET
NEW
MONEY

2

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.

2

New deposits net of both withdrawals and interest. Data for S&L's are for insured associations only, which represent 96 per cent of industry total resources.

3

Annual growth rate for monthly data is the annualized monthly percentage increase in deposits.

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




jjj
H.16

16

Table 10

MORTGAGE COMMITMENTS AT
SELECTED THRIFT INSTITUTIONS
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

PERIOD

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

TOTAL

NET CHANGE
ALL SAVINGS
MUTUAL
SAVINGS BKS
& LOAN
ASSOCIATIONS (N.Y. STATE)

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

1976 - J a n
Feb
Mar
Apr
May
Jim
Jul
Aug
Sep
Oct
Nov
Dec

20.6
21.3
21.8
21.8
22.4
22.9
23.2
23.6
24.5
25.7
27.1
27.9

18.6
19.4
19.6
19.6
20.1
20.7
21.0
21.3
21.9
23.1
24.3
25.0

2.0
2.0
2.2
2.2
2.3
2.2
2.3
2.3
2.6
2.6
2.7
2.8

.35
.79
.33
.12
.50
.57
.30
.40
.89
1.21
1.35
.76

.35
.84
.16
.04
.46
.59
.27
.35
.62
1.21
1.24
.70

1977 - J a n
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

28.0
28.6
29.7
30.2
30.6
31.9
32.4
34.0
35.1
37.4
38.8
39.2

25.4
25.6
26.5
27.0
27.3
28.1
28.7
30.0
31.0
32.8
34.0
34.3

2.8
3.0
3.2
3.2
3.3
3.8
3.8
3.9
4.1
4.5
4.7
4.6

.45
.43
1.07
.49
.37
1.33
.54
1.50
1.24
1.95
1.41
.24

.38
.23
.90
.49
.30
.80
.57
1.32
1.07
1.78
1.18
.34

.07
.53
- .03
.18
.17
.37
.23
- .10

1978 - J a n
Feb
Mar

38.6
37.6
36.9

34.2
33.3
32.7

4.4
4.3
4.2

- .35
-1.05
- .65

- .11
- .96
- .59

- .24
- .09
- .06

NOTES:

D a t a r e v i s e d due

to r e - e s t i m a t i o n of

seasonal

-

.25
—

- .05
.17
.08
.04
- .02
.03
.05
.27
—

.11
.06
.07
.20
.17
—

factors.

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

Table 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 ISSUES
TOTAL

FHLB

FHLMC

FNMA

FNMA& FHLB
SHORT-TERM
DISCOUNT
NOTES 1

1975 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

+236
-398
215
587
152
669

+300
-700
100
850
200
600

0
-700
0
+150
0
0

0
0
0
0
200
0

+300
0
100
700
0
600

—64
302
115
-263
-48
69

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

0
-1,100
0
0
-600
0
0
0
0
0
-300
0

0
196
-4
-7
-7
—6
-9
+190
-10
—8
-9
-7

0
300
-300
700
0
-200
300
0
200
318
12
-212

-197
-360
-547
-569
—346
99
: -349
597
5
-347
-255
364

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
-592
-354
746
297
203
553
301
-291
211
500
0

0
-200
0
-6
105
0
0
304
0
0
300
0

—189
-393
-4
0
200
3
-47
-3
9
11
200
0

-1
1
-350
752
—8
200
600
0
-300
200
0
0

-176
-270
643
-402
235
402
-22
46
486
—36
-34
1,078

1978 - Jan.
Feb.
Mar. e

399
1,712
904

-12
1,388
0

0
1,400
0

-12
-12
0

0
0
0

411
324
904

NOTES:
Based on data from Treasury Survey of Ownership.
1

Sales of FHLB discount notes began in May 1974.

Preliminary
Digitized for pFRASER


T a b l e 12

NET CHANGE IN MORTGAGE HOLDINGS
IN M I L L I O N S O F D O L L A R S

PERIOD

1970
1971
1972
1973
1974
1975
1976
1977

TOTAL
INCLUDING
FNMA-GNMA

21,930
41,406
57,587
58,372
42,739
43,497
62,783
96,814

2

FINANCIAL INSTITUTIONS
TOTAL

17,020
39,018
55,561
55,072
36,517
38,658
64,903
95,924

COMMERCIAL
BANKS

2,462
9,940
16,800
19,600
11,700
4,200
13,900
25,700

MSB's

1,956
3,938
5,377
5,642
2,172
2,236
4,074
6,474

S & L's

10,254
23,919
31,932
25,552
17,567
29,289
44,515
58,566

INSURANCE FNMA-GNMA
COMPANIES

2,348
1,221
1,452
4,278
5,078
2,933
2,414
5,184

4,910
2,388
2,026
3,300
6,222
4,839
-2,120
890

5,224
5,726
5,256
4,876
4,754
4,748

252
220
744
614
426
1,655

- 86
-163
167
- 31
96
222

3,019
3,409
4,794
S e a s o n a l l y Ad l u s t e d

406

329
497

-368
-239
- 69
- 92
93
75

Not S e a s o n a l l y Ad l u s t e d
1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

8,339
9,502
9,127
8,349
7,940
9,096

8,425
9,665
8,930
8,380
7,844
8,874

2,300
3,000
2,300
2,300
2,100
1,700

649
719
660
690
564
771

1978 - J a n .
Feb.
Mar

5,466

5,137

1,300
1,100
2,400

412
344

1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

7,726
8,869
8,762
8,533
8,822
9,192

8,094
9,108
8,831
8,625
8,729
9,117

2,263
2,892
2,142
2,265
2,284
1,951

608
669
685
675
605
647

4,855
5,291
5,289
5,162
5,437
5,262

368
256
715
523
403
1,257

1978 - J a n .
Feb.
Mar

7,497

7,109

1,688
1,509
2,329

572
575

4,305
4,041
4,789

544

388
602

NOTES: S e a s o n a l l y a d j u s t e d d a t a r e v i s e d due t o r e - e s t i m a t i o n of s e a s o n a l f a c t o r s .
1

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 8 3 per cent of the net increase estimated for all holders in 1974.

Beginning January 1972 data reflect activity in limited amount of conventional mortgages.
Digitized2 for FRASER


19

T a b l e 13

NET INCREASE IN
MORTGAGE DEBT OUTSTANDING
IN B I L L I O N S OF DOLLARS, 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

COMMERCIAL

MULTFAMILY
&
COMMERCIAL

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

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

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

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
-lei

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

QUARTER

TOTAL

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

1971 - I
II
III
IV

41.2
51.8
57.8
59.5

32.7
40.3
43.1
44.7

1972 - I
II
III
IV

67.6
74.1
77.6
88.1

1973 - I
II
III
IV

1977 - I
II
III
IV (p)

TOTAL

1- t o 4 FAMILY

MULTIFAMILY

FARM

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 nonfarm mortgage debt by type of
property, where not available, and interpolations and extrapolations, where required, estimated mainly by Federal Reserve.

2

R e s i d e n t i a l mortgage d e b t i n c l u d e s nonfarm only and i s sum of 1 - t o 4 - f a m i l y and
m u I t i f a m i l y mortgage d e b t .




Table 14

PRIVATE HOUSING PERMITS, STARTS,
COMPLETIONS, AND MOBILE HOME SHIPMENTS

N>
O

IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES

PERMITS 1
PERIOD

1—FAMILY

TOTAL

1969
1970
1971
1972
1973
1974
1975
1976
1977

COMPLETIONS

STARTS

1 —FAMILY 2-OR MORE
FAMILY

2-OR MORE
FAMILY

TOTAL

811
813
1,151
1,309
1,132
888
892
1,162
1,451

656
621
901
1,048
914
450
268
376
375

1,324
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
1,338
1,160
1,538
1,987

1977 - J u l y
Aug.
Sept.
Oct.
Nov.
Dec.

1,639
1,772
; 1,695
1 1,850
1,893
1,811

1,089
1,156
1,135
1,216
1,257
1,210

550
616
560
634
636
601

!
!
:
!
;
i

2,072
2,038
2,012
2,139
2,096
2,203

1,453
1,454
1,508
1,532
1,544
1,574

619
584
504
607
552
629

1978 - J a n .
Feb.
Mar.

'

1,496
1,511
1,715

1,027
954
1,075

469
557
640

1,548
1,574
2,074

1,156
1,100
1,439

392
474
635

I

TOTAL

MOBILE

! 1 —FAMILY \2-OR MORE
HOME
FAMILY
SHIPMENTS
I
i

|

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

!
!
:
i

1,671
1,677
1,875
1,665
1,769
1,641

1,253
1,269
1,458
1,249
1,280
1,299

419
409
417
416
489
342

251
270
300
319
318
324

I

1,759
1,677

1,296
1,218

463
459

j

322
269

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.
1

Permit data for 1969 and 1970 based on 13,000 areas with permit systems




#

e

e

#

e

e

#

e

•

•

«

Table 15

AVERAGE RATES AND YIELDS ON HOME MORTGAGES
CONVENTIONAL LOANS
PRIMARY MARKET
EXISTING HOMES
NEW HOMES
PERIOD
RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

RATE
(IN PER CENT)

SPREAD
(BASIS
POINTS)

SPREAD
BETWEEN
NEW Aaa
RETURNS ON
NEW HOMES
UTILITY
CONVENTIONAL
BOND
AND HUD(FHA)
YIELD
NEW HOME
DISCOUNT
SPREAD
YIELD
(PERCENTAGE MORTGAGES (IN PER CENT)
(BASIS
(IN PER CENT)
(BASIS
POINTS)
POINTS)
POINTS)
HUD(FHA) INSURED LOANS
SECONDARY MARKET

2 .0

65
-4

8.72
8 .05

73
22

4.7
1.7

40
4

8 .31
8 .01

8.74
8.74
8 .72
8.78
8 .78
8.91

57
73
58
50
55
N.A ,

1.9
1.9
1.7

26
26
28

8.17

9.11
N.A .
9.29

N.A
N.A
46

1976 - High
Low

9 .05
8 .90

91
5

9.10
8.95

95
10

9.06
8.25

59
8

4 .3

1977 - High
Low

9.10
8.80

99
52

9.20
8.85

98
63

9.11
8.40

1977 - J u l y
Aug .
Sept.
Oct.
Nov.
Dec .

9.00
9.00
9.00
9.00
9 .05
9.10

83
99
86
72
82
N.A

9.05
9.05
9.05
9.05
9.05
9.10

88
104
91
77
82
N:A ,

1978 - J a n .
Feb .
Mar .

9.15
9.25
9 .30

N.A
54
47

9 .20

N.A .
54
47

9.25
9.30

8 .01
8 .14
8.28

3.2

22
27
19

4.7
N.A
4.1

4
N.A
1

N.A .
8.71
8.83

2.2

2.2

8.23
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,

payment, prepaid in 15 years, for immediate delivery, are used.




H.ie

22
Table 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 (12/27) 570 (12/27) 8 . 9 8 ( 1 2 / 2 ) 383 ( 5 / 2 )

1977 - High

1977 - J u l y 11
25

ACCEPTED

278 ( 5 / 2 )

9 . 2 1 (12/27

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

50 ( 9 / 7 )

Low

AVERAGE
YIELD

71 ( 9 / 1 9 )

8 . 8 1 (1/10)

Aug.

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

Oct.

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

1978 - J a n .

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

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

Mar.

6
20

358.8
L64.9

218.5
116.4

9.36
9.3)

444.8
378.7

266.4
246.1

9.59
9.62

Apr.

3
17

)25 .5
283.8

363.7
165 .5

9.44
9.44

522.8
451.4

295 .3
282.8

9.69
9 .74

1

655.1

349.9

9.52

645.8

305.4

9.80

May

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