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

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•
L.5.8

DECONTROLLED AFTER SIX MONTHS
Confidential. (F.R.)

-

LIBRAS?
DEC
^

#

%70
***&•

c.:CL$'10«D

CAPITAL
MARKET
VELOFMENTS

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




November 30, 1970

INDEX
3-5

Developments in the Corporate and Municipal Bond Markets

6-7

Capital Market Yields

8-13

Capital Market Volume

14-17

Stock Market

18-33

Mortgage Market

SYMBOLS:
e

Estimate

p

Preliminary

r

Revised

n.a;

Not available




TABLE 1: Yields, Volume and Reception

WEEK ENDING:

1970

- Oct.

Nov.

8.37
8.35
8.53
8.64
8.77

8.03
8.07

495
469
490
652
536

6
13

8.63

8.09

858

90

2,231

8.40
8.39

8.07

776

90
98
78

1,651
1,840

20
Dec.

8.20

8.05

8.02
8.01

toi

4

WEEK ENDING:

Nov.

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

2
9
16
23
30

27

1970 - Oct.

YIELDS
MOODY'S
SEASONED
NEW ISSUE
Aaa

in

70

1.178
1.179
1,237
1,617
1,326

81
89

88
93

1,120

875e
YIELDS
MOODY'S
BOND BUYER
SEASONED
SEASONED 20
Aaa
BOND INDEX

2
916
23
30

6.15
6.15
6.10
6.10
5.85

6.39
6.38
6.35
6.45
6.40

6

6.00

13
20
27

5.9.5
5.85
5.35

6.28
6.12

MUNICIPAL BOND MARKET
VOLUME 7 "
GROSS
OFFERINGS
346
450
346

PER CENT
SOLD BY END
OF WEEK

T
I

BONDS SCHEDULED
WITHIN 28 DAYS

77
71
68
59

454

88

1,516
1,148
1,138
934
865

280

72

5.87

452
660

75
88

840
850
1,091

5.44

214

84

1,364

668

Dec. 4
n.a.
49 Oe
1 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.)
2 Millions of dollars unless otherwise indicated.
Note:

See footnotes to Table 3




TABLE 2: Details on Inventories
DATE
OFFERED

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

AMOUNT
(MIL. $)
50
16
60
150

11/27
11/24
11/24
11/23

United Mer. & Mfgrs.
Jersey Central P & L
Gen. Amer. Trans.
So. Central Bel. Tel.

9.50
8.75
8.60
8.20

9.50
8.55
8.60
8.16

Baa
A
A
Aaa

10
5
10
5

yrs.
yrs.
yrs.
yrs.

ESTIMATED PROPORTION SOLD
95%
50%
98%
60%

\

DATE
OFFERED | RELEXSED

1
CORPORATE BONDS RELEASED FROM SYNDICATE DURING LATEST WEEK
ORIGINAL INCREASE RATING AND ESTIMATED PROAMOUNT
ISSUER
COUPON
IN YIELD CALL PROT. PORTION RELEASED
YIELD

NONE

INVENTORIES 1
MUNICIPALS
IN SYNDICATE
Oct.
Nov.

30
6
13
20
27

732
656
609
614
604

218
154
143
121
61

CORPORATES
IN SYNDICATE
88
105
51
15
71

N.C. - No call protection.
1

All figures in millions of dollars. Blue List is daily average for week ended Friday, except for latest week
of three days ended Wednesday. All other figures are as of Friday.


which is daily average


BONDS IN SYNDICATE
Friday figures

Millions of dollars

CORPORATE BONDS IN SYNDICATE

200
100
m l
MUNICIPAL BONDS IN SYNDICATE
300

200
100

DEC.

SEPT.

'68




MAR.

JUN.

1969

SEPT.

DEC.

MAR.

JUN.

1970

SEPT.

DEC;

TABLE 3: High Grade Bond Yields

DATE

NEW
CORPORATE
Aaa 1

MOODY'S SEASONED
CORPORATE
Aaa 2

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

BOND
BUYER'S
SEASONED
MUNICIPALS 4

1968 - High
Low

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

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

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

4.85 (1/26)
4.07 (8.8)

1969 - High
Low

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

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

6.97 (12/26)
5.96 (1/24)

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

1970 - High
Low

9.30 (6/19)
8.20 (11/29)

8.60 (7/3)
7.79 (3/6)

7.55 (5/29)
6.32 (11/27)

7.12 (5/29)
5,44 (11/26)

8.77

8.07

6.95

6.40

8.63
8.40
8.39
8.20

8.09
8.07
8.05
8.02

6.79
6.68
6.57
6.32

6.28
6,12
5.87
5.44

1970 - Oct.
Nov.

30
6
13
20
27

1

New corporate issues,• with call protection, adjusted (as described in
footnote 1 of Table 1) to a Aaa basis.
2
Weekly average of daily figures. Average term of bonds included i^
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 arc tor individual series and may be. on different dates
for different series.




HIGH GRADE BOND YIELDS

Per cent

N E W C O R P O R A T E Aaa

MOODY'S
C O R P O R A T E Aaa

U S. GOVT. 20-YR.
C O N S T A N T MATURITIES
B O N D BUYER MUNICIPAL

1966




1967

1968

1969

1970

TABLE 4: Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)
GROSS PROCEEDS
STATE AND LOCAL 2

CORPORATE 1

PERIOD
1970

1969

1968

January
February
March

2,636
1,802
3,539

2,075
2,045
2,098

1,771
1,608
1,799

April
Hay
June

3,170
3,909
3,389

2,748
2,076
2,530

July
August
September

2,648
2,277
3,600e

October November
December
1st
2nd
3rd
4th

Quarter
Quarter
Quarter Quarter

1st half
Three quarters
Year

1970

1969

1968

i
i
:

1,340
1,214
1,551

1,262
987
538

1,178
1,158
1,404

1,428
1,866
2,411

i
|
:

1,647
995
1,088

1,801
1,110
737

1,318
1,143
1,395

2,478
1,427
2,427

2,143
1,432
1,557

|
|

1,338
1,355
1,728

1,097
808
559

1,469
1,699
1,444

3,800e

1,933
2,375
2,532

2,129
1,767
2,054

l,900.e

1,280
886
816

2,230
1,021
1,115

7,977
10,468
8,525e

6,218
7,354
6,332
6840

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

4,105
3,730
4,421

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

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

18,445
26,970 e

13,572
19,904
26,744

10,882
16,015
21,965

6,435
8,899
11,881

7,956
12,008
16,574

i

7,835
12,256e

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

Quarter
Quarter
Quarter
Quarter

- -Year
1
2
3

6,170
7,037

5,107
5,427
4,785
5,654

i

20,973

Securities and Exchange Commission estimates of gross proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total gross proceeds excluding offerings of sales and consumer finance
companies.




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

1

GROSS PROCEEDS BY
TYPE OF ISSUE
COMMON
BONDS
AND
•MEMO:
PUBLICLY PRIVATELY PFD.
ISSUES INCLUDED
MFG.
PLACED
FOREIGN | CONVERTIBLE
OFFERED
STOCK

GROSS PROCEEDS BY
TYPE OF ISSUER

QUARTER
OR
MONTH

TOTAL

- II
III
IV

7,354
6,332
6,840

3,411
3,186
3,479

1,673
1,347
1,053

2,268
1,797
2,307

277
289
115

1,126
750
809

1,773
1,862
1,314

1,878
1,544
1,967

432
684
598

3,266
2,243
2,961

- I
He
IHe

7,977
10,468
8,525

4,577
6,994
5,959

1,235
1,282
946

2,147
2,190
1,619

222
135

922
710
265

2,584
2,445
2,166

2,085
2,812
2,667

766
2,162
1,178

2,543
3,048
2,514

- Sept.
Oct.
Nov.
Dec.

2,427
1,933
2,375
2,532

1,222
969
1,164
1,346

479
313
226
514

726
651
984
672

35
59
8
48

369
105
303
401

625
260
453
601

544
745
622
600

272
120
201
277

984
808
1,099
1,054

- Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.e/
Oct.

2,636
1,802
3,539
3,170
3,909
3,389
2,648
2,277
3,600
3,800

1,595
1,068
1,914
2,022
3,041
1,931
1,831
1,728
2,400
2,400

516
266
471
447
399 .
436
236
210
500
400

525
468
1,154
701
468
1,021
580
339
700
1,000

61
33
128
89
20
26
>68

387
249
286
398
230
82
107
58
100
150

811
357
1,416
689
817
939
577
689
900
1,125

639
540
906
1,109
600
1,103
842
630
1,195
1,100

234
226
306
62
1,747
353
144

952
680
911
1,310
744
994
1,085

279
755
375

679
750
1,200

11
n.a.
n. a.

\
1

PUBLIC
UTILITY

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




COMMUNICATIONS

OTHER
ISSUERS'

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

o
November 1 thru November g?* 1970

ISSUER

TYPE v

AMOUNT
(MILLIONS
OF
DOLLARS)

MATURITY

COUPON
RATI: OR
:;I,I L.TKR1 ST COST

OFFERING
Y11-1,1)

MOOHY'.
RAT IN(,

Corporates
26.0
Great American Mtg. Investors Debs;
Debs.
200.0
Gulf Oil Corp.
Florida Power Corp.
1st. Mtg.
40.0
General Tel. Co. of the N.W.
1st. Mtg.
15.0
Vermont Yankee Nuclear Pwr. Co. 1st. Mtg.
80.0
Debs.
Ford Motor Credit Co.
75.0
Ford Motor Credit Co.
Notes
125.0
20.0
Louisiana Power
1st. Mtg.
Dow Chemical Co.
S.F. debs . 150.0
Units (conv.
Penn-zoll Offshore Gas Oper.
Inc.
debs &
shares) 130.0
American Tel. & Tel.
Debs.
350.0
Consumers Pwr. Co.
Lst. Mtg.
55.0
Pillsbury Co.
Debs.
25.0
GAC Properties Credit Inc,
Debs.
50.0
Pub. Service Co. of N.H.
Lst. Mtg.
20.0
Pacific G&E Co.
1st. Ref
Mtg.
100.0
Sun Oil Co.
3.F. debs . 150.0
Sun Oil Co.
tfotes
50.0
Alabama Pwr. Co.
1st. Mtg.
60.0
Genesco Inc.
Wotes
,
50.0
Allegheny Pwr. System Inc.
]om stk.
35.2
Gen'1 Tel. & Tel. Co. Ind.
Lst. Mtg.
25.0
United Gas Pipeline Co.
Debs.
25.0
Houston Natural Gas Corp.
Debs.
20.0
Belden Corp.
]onv. Sub
debs.
16.0
Savannah Elec. & Pwr. Co.
lst. Mtg.
15.0




1990
1995
2000
2000
1998
1990
1976
2000
2000

7. 00
8.50
9. 00
9. 63
9.,63
8.,88
8.,38
9,.38
8,,90

1979
2002
2000
1995
1975
2000

2/1. 00
. 8,.70
8,.63
8,.75
12,.00
9,.00

8.70
' 8.55
8.75
12.00
9.00

2002
2000
1976
2000
1976

8,.88
8 .50
7,.75
9 .00
9 .25

8.80
8.55
7.70
9.07
9.35

Aa
Aa
Aa
A
A

2000
1990
1975

9 .00
9 .75
8 .85

9.00
9.75
8.85

A
Baa
Baa

1990
1975

8 .00
8 .50

8.00
8.38

Ba
A

,

7.00
8.55
8.83
9.63
9.45
9.00
9.00
9.20
8.90

——

Aaa
Aa
A
A
-——

A
A

\

i

Aaa
A
A

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

ISSUKR

TYPE v

.

AMOUNT
(MILLIONS
OF
DOLLARS)

.

MATURITY

°
05

November 1 thru November27,

* COUPON
HATi: OR
N1: i l-.T'KR1 ST COST

OFFERING
Y7 FU)

MOOPYV
RAT IN<.

Coroorates
Republic Steel Corp.
Public Service Elec. & Gas
Cincinnati Gas & Elec. Co.
Marco r
Citizens Utilities Co.
Citizens Utilities Co.
American Tel. & Tel.
Cleveland Elec. Ilium. Co.
Columbus & So. Ohio Elec. Co.

S.F. debs .
Debs.
1st. Mtg.
Debs.
1st. Mtg.
1st. Mtg.
Notes
1st. Mtg.
1st. Mtg-

100.0
75.0
60.0
60.0
15.0
5.0
150.0
75.0
25.0

Debs.
150.0
Com Stk.
133.5
1st. Mtg
16.0
Equips.
43.0
26.6
Com. Stk
Equip. Trst.
Certfs
60.0
Benf. Int.
20.0
First Memphis Realty Trust
50.0
United Merchants & Manuf. Inc. S.F. debs.
Cum pref
Boston Edison Co.
Stk.
40.6
58.0
Debs.
^General Pub. Utilities
South Central Bell Tel. Co.
Tenneco
Jersey Central Pwr. & Lt. Co.
Union Pacific Railroad
Duquesne Light Co.
General Am. Transp. Corp.


i


,

1995
1995
2000
1990
1990
1977
1977
2005
1976

8.90
9.00
8.63
9.25
9.13
8.38
7.75
8.75
8.00

2004

8.25

--

2000
1976
—

1991

9.50

--

A
A
Aaa
Aaa
Aa

8.16

Aaa
A
Aaa

--

—

8.60

A
A
A

. 8.55
7.20

—

8. 75
7.20

"• —

1995

8.90
8.95
8.95
9.25
9.00
8.09
7.68
8.65
7.70

--

8.60
.

--

A

--

9.55

Baa

--

—

—

--

1980

10.20

10.20

Ba

1970

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

/

/

November 1 thru November 27, 1970

ISSUER '
State and Local
Dallas-Ft. Worth Reg. Arpt.Tex
Philadelphia S/D Pa.
Massachusetts, State of
South Carolina
Pennsylvania St. Pub. Sch.
Bldg. Auth.
v
New York State Pwr. Auth.
Detroit Mich.
Detroit City S/D, Mich.
Dade Co., Fla.
Delaware
Mass. Health & Ed. Fac. Auth..
Newport News, Va.
Georgia Bldg. Auth. Hosp.
Puerto Rico Pub. Bldg. Auth.
Ohio, State of
Boston, Mass.
Alabama, State of
Florida St Bd. of Ed.
HAA
Albany Co. N.Y.
Los Angeles Dept. of Airports
Kansas City Mo., Metro Jr. Col
District
Los Angeles Comm. ReDev. Agcy.
Calif.
Port of New York Auth.
Bartholomew Sch. Bd. Corp. Ind

TYPE 2

COUPON
RATI': OR
K 1:1 I:;TER);ST COST

OFFER- MOODY'S
ING \ RAT1N(..
YIELD

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

50.0
45.4
63.0
36.7

1999
1972-•1991
1971-•1990
1971-85

7.91
7.81
5.09
4.34

• -Baa
5.40- 8.00
Baa-1
3.50- 6.00
Aaa
3.10- 4.90 ; Aaa

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

29.4
120.0
18.0
30.0
50.0
30.0
10.5
14.0
20.1

6.75
6.89
6.70
6.25
7.48
4.92
6.37
5.29
5.03

3.90-•7.00
6.00-•6.50
4.00-•7.50
4.50-•6.50
4.00-•7.50
3.20--6.00
3.40--6.70
3.30- 5.60
2.90-5.90

A
Aa

26.0
75.0
30.0
24.0
15.0
98.8'
70.0
60.0

1973-10
1986-2010
1971--85
1972-81
1971--2000
1971.90
1972--2002
1971- 90
1970-•1993
19.71--2001
1972 -91
1971 -90
1971 -90
1971 -2000
1971 -2010
1971 -90
1971 -2000

6.85
5.03
5.90
5.18&5.,26
6.43
5.84
5.40
7.31

3.50--6.75
3.25--6.00
5.84
3.20--6.00
3.20--6.50
3.00--5.92
3.00 -6.40
3.70 -7.50

Aaa
Baa
A-l
Aa
Aaa
A
Baa

G.O.

10.2

1971 -90

4.97

3.10 -6.10

Aa

10.0
50.0

1971 -85
2005

6.67
6.47

3.50 -6.00
6.44

A

12.9
70.6

1973 -90
1972 -95

5.25
6.37

3.20 -6.20
3.20 -6.40

A-l
A

G.O.
Rev.
. 1st. Mtg.
Rev.
Rev.
Tennessee St. Sch. Bond Auth.




AMOUNT \
(MILLIONS X
OF
MATURITY
DOLLARS)

Baa
Baa
Baa
-—

—

a
JL

TABLE 6: Large Long-term Public Security Issues for New Capital (continued)
(Otherthan U.S. Treasury)'
Nor 1 , thru N o v 2 7 ,

ISSUER
State and Local con't
Springfield, Illinois

TYPE

AMOUNT
>. (MILLIONS
OF
DOLLARS.)

2

Rev.

14.0

Debs.
Debs.

250.0
50.0

MATURITY

1973-98

COUPON
RATE OR
NET INTEREST COST

• 5.90

OFFERING
YIELD

MOODY'S
RATING

3.70-6.40

Aa

6.38
5.75

—

Other
FNMA
FNMA

1977
1973

6.38
5.75 .

'

**

*
1
2

3.

Rights offering.
A
Includes corporate and other security offerings of $15 million and over;
State and local security offerings of $10 million and over.
In case of State and local government securities, G.O. denotes genera 1 obligation;
Rev.-Ut., revenue obligations secured only by income from public utilities;
Rev. -Q.-Ut. , revenue bonds secured only by income from quasi-utilities ; Re.v. -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.




1970

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
30.0
Bds.
Delmarva Pwr. & Lt. Co.
87.4
Loan Ctfs.
Pan Am. World Airways Inc.
50.0
Bds.
Lykes Bros .Steamship Co.
35.0
S.F. debs.
Rockwell Mfg. Co.
40.0
1st. Mtg.
Ohio Pwr. Co.
75.0
1st. Mtg.
Maine Yankee Atomic Pwr.
25.0
Debs.
Mercantile Stores Co., Inc.
40.0
Debs.
Panhandle Eastern Pipeline
Pullman Transports Leasing
Equips
Trst.Bds.23.2
Company
150.0
1st. Mtg.
Detroit Edison Co.
20.0
1st. Mtg.
New England Pwr. Co.
90.0
Bds.
National Steel Corp.
40.0
Debs.
Santa Fe Pipeline Co.
Southern California Edison
100.0
Bds.
Company
20.0
Debs.
Equity Funding Corp. of Am.
34.0
Debs.
Median Mtg. Investors
15.0
1st. Mtg.
Mississippi Pwr. Co.
30.0
Notes
American Investment Co.
16.5
Debs.
Republic Mtg. Investors
45.0
Consolidated Natural Gas Co. Debs.
15.0
Bds. *
Iowa Elec. Lt. & Pwr. Co.
30.0
Pfd. Stk.
Penna Pwr. & Lt. Co.
300.0
Notes
Farmers Home
30.0
1st. Mtg.
Gulf States Utilities
Transcontinental Gas Pipe50.0
Bds.
line Co.
100.0
Bds.
Philadelphia;Elec. Co.
200.0
Bds.
New York Tel. Co.
15.0
Notes
Alison Mtg. Investment Tr.
45.0
Bds.
Wabash Railroad Co.
25.0
Pref.
Stk.
Long Island Lighting Co.
150.0
Debs.
Northwestern Bell Tel. Co.
50.0
Bds.
Union Electric Co.
12-15.0
Bds.
Madison Gas & Elec. Co.
Debs.
40.0
NCNB Corp.
25.0
Debs.
A^E. Staley Manuf. Co.
30.0
Debs.
^Penna Elec. Co.
35.0
Notes
Assoc. Corp. of No. Am.
25.0
Debs.
Assoc. Corp. of No. Am.
60.0
S.F.
debs.
Mead Corp.




Nov.. 30
Nov,, 30
Dec,. 1
Dec,
Dec,, 1
Dec.• 1 ,
Dec.
Dec., 1
Dec.
Dec.
Dec.
Dec.
Dec.

1
2
2
3
3

Dec;
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

3
3
3
7
7
7
8
8
8
9
9

Dec. 9
Dec. 9
Dec. 14
Dec. 14
Dec. 16
Jan. 5
Jan. 6
Jan. 11
Dec.
Dec. 14
Dec.
Dec.
Dec.
Dec.

M

TABLE 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. Treasury)!
As of December 4, 1970

TYPE

ISSUER

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

State and Local
Michigan
Newton, Mass.
Los Angeles Dept. of Wtr. & Pwr
California
Nebraska Pub. Pwr. Dist.
N. Y. St. Hsg. Fin. Agency
N. Y. State
Texas
Charlotte, N.C.
California
Detroit, Mich.
Nassau Co., N. Y.
Salt River Project, Ariz.
Penn., State of
Columbus, Ohio
San Francisco, Calif.
Lansing, Mich.
Hennepin Co., Minn.
Maryland, State of
Philadelphia, Pa.
Illinois Bldg. Auth.
Los Angeles Harbor Dept. Calif.
Richmond, Va.
Municipality of Metro Seattle,
Washington
Metro Wtr. Dist* of So. Cal.
Sacramento Municipal Utility
District, California
Oakland Co., Mich.
Other
Federal Home Loan Bank

G.O.
G.O.

60.0
15.0

Dec.
Dec.

1
1

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

39.0
168.0
90.9
94.5
25.0
16.0
75.5
" 46.0
41.2
40.0
125.0
13.9
52.9
10.0
16.2
49.5
49.7
49.9
16.0
30.0

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

2
3
3
8
7
8
8
8
9
9
10
14
14
14
15
15
15
15
16
16

G.O.
G.O.

20.0
100.0

Dec. 17
Jan. 1

Rev.
G.O.

50.0
36.5

Jan. 20
Feb. 17

Bds.

350.0

z"

Dec.

2

Included in table for first time.
Includes corporate and other issues of $15 million and over; State and local
Government issues of $10 million and over.
Includes foreign government and International Bank for Reconstruction and
Development issues and non-guaranteed issues of Federal Agencies.




TABLE 8: Stock Prices and Volume

1

STOCK-- PRICES 1
DAT K

NYSE .
I
composite |

TRADING VOLUME 2

d.J. - IND.

AMEX

4

AMEX

1968 - High
Low

61#04(12/6) 985.21(12/13)
49.16(3/8) 825.13 (3/21)

1969 - High
Low

59.04(5/16) 968.85(5/14)
32.91(1/3)
50.38(12/19) 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

52.01(1/9) 811.31(1/5)
39.60(5/29) 631.16(5/26)

27.02(1/8)
19.36(5/27)

16.7 (9/25)
7,8 (8/14)

7.1 (1/2)
1.8 (8/14)

1970 - O c t . 30

45.34

755.61

22.91

10.1

2.6

45.77
45.95
45.23
46.16

771.97
759.79
761.57
781.35

21.95
21.63
21.44
21.65

10.8
12.2
9.7
12.2

2.4
3.7
2.5
2.5

Nov.

1.

6
13
20
27

33.24(12/20) 17.1 (7/12)
21.97(3/25)
8.3 (3/29)

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

9.3 (1/19)
2.9 (3/29)

Highs and lows are

2.

1941-43 = 10.

3.

Average dollar value of shares listed.

4.

NYSE is the New York Stock Exchange; AMEX is the American Stock Exchange.
Total number of shares traded per week (millions of shares). Trading is
normally conducted for 5-1/2 hours per day and 5 days per week, or 27-1/2
hours per week. In recent years, however, abbreviated trading to the
extent, and over the time periods, shown below:

From:

Through:

August 8, 1967
January 22, 1968
June 30, 1968
January 3, 1969
July 7, 1969
January 2, 1970

August 20, 1967
March 1, 1968
December 31, 1968
July 3, 1969
December 31, 1969
May 1, 1970




Hours/
Day
4
4
5-1/2
4
4-1/2
5

Days/
Week
5
5
4
5
5
5

Hours/
Week
20
20
22
20
22-1/2
25

15

STOCK PRICES AND TRADING VOLUME
AM EX

DJ
(Ind.)

Weekly

36

' i i i i i i r i m
STOCK PRICES

NYSE
(Comp.)

| i ii i i 1280
i ii 70
i i
1200 65

A M E X PRICE LEVEL INDEX
1120 60

1040 55

960 50

NYSE
COMPOSITE

880 45

800 40
DJ INDUSTRIALS

720 35
640 30
Millions of shares

• S l i g l l i n mmm
1967

1968




1969

1970

1971

TABLE 9: Security Credit
T

END OF PERIOD

CREDIT EXTENDED TO
MARGIN CUSTOMERS BY: .
BROKERS 1 | BANKS 2 | TOTAL

CUSTOMERS1
NET DEBIT
BALANCES

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

Outstanding:
' 1969 - Sept.
Oct.
Nov.
Dec.

4,940
5,040
5,070

2,620
2,570
2,520

7,560
7,610
7,590

7,039
7,243
7,111

2,579
2,753
2,613

4,460
4,490
4,498

4,970

2,580

7,550

7,445

2,803

4,680
4,570
4,520
4,360
4,160
4,150
3,800
3,810
3,920

2,430
2,370
2,370
2,330
2,290
2,290
2,290
2,300
2,330

7,110
6,940
6,890
6,690
6,450
6,150
6,090
6,110
6,250

6,683
6,562
6,353
5,985
5,433
5,281
(4)

2,626
2,563
2,441
. 2,248
2,222
2,009
(5)2,180
2,083
2,236

4,057
4,099
3,912
3,724
3,211
3,272

; 1969 - Sept.
Oct.
Nov.
Dec.

-60
100
30
-100

-50
-50
-50
60

-110
50
-20
-40

20
204
-132
334

2
174
-140
190

18
30
8
144

: 1970 - Jan.
Feb.
Mar.
Apr.
*
>
May
. ^
June
July
Aug.
Sept.

-290
-110
-50
-160
200
-10
-350
-10
110

-150
-40

-440
-170
-50
-200
240
-300
-60
-20

-762
-121
-209
-368
-552
-152

-177
-163
-22
-193
-26
-213

-585
42
-187
-188
-513
-61

*

1970 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

(4)
(4)

.

4,642

(4)
(4)
(4)

Change in
Outstanding:

1
2
3

--

-40
-40
——
--

10
30

140

-—

,

171
97
153

.

-•
——

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




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

DATE

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

SAVINGS ,
Sc LOAN ASSOCIATIONS
SHARE CAPITAL
NET
ANNUAL
NEW
NET
GROWTH
' MONEY2
FLOW
RATE 1

TOTAL
DEPOSITS
ANNUAL
NET
GROWTH
RATE 1
FLOW

NET
NEW
MONEY 2

Not Seasonally Adiusted
1967
1968
19 69
1969 - Aug.
Sept.
Oct.
1970 - Aug.
Sept.
Oct. %)/

5,082
4,403
2,549

9.3
7.0
4.0

95
303
-138

__

176
575
260

——

—
--

2,376
1,143
-763

10,649
7,432
4,019

24
-269
-266

-8
879
-406

81
-8
115

550
1,832
1,135

9.3
6.0
3.1
— —
—
—

__

6,136
2,738
-1,003

15,371
11,635
6,568

-25
-104
-430

87
1,1.82
-544

--

511
575
1,064

726
2,407
1,395

——

9.3
6.3
3.4

—

--

--

8,512
3,881
-1,766
-1
-373
-696
59?
567
1,179

Seasonally A d j u s t e d ^
-——
1970 - M a y
5.6
5.2
315
587
902
5.3
-. -June
386
6.8
813
7.1
7.0
1,199
—
--8.8
July
15.5
2,273
13.3
497
1,776
—
--268
Aug.
6.8
4.7
785
1,053
6.1
— -»
——
Sept.
12.0
437
7.6
1,398
1,835
10.5
428
7.4
1,404
1,832
11.9
10.4
--Oct. 2J
1
Annual growth rate for monthly, data is the annualized monthly percentage increase in deposits.
2
Net New Money is new deposits net of both withdrawals and interest. Data for S&Ls are for
insured associations only, which represent 967= of industry total resources.
3
Regular deposits at mutual savings banks exclude items such as Christmas club and certain
escrow accounts, which represent a very small part of total deposits.
SOURCE: National Association of Mutual Savings Banks and Federal Home Loan Bank Board.
4 Reflects revised seasonal adjustments.




SAVINGS FLOWS (seasonally adjusted)
Monthly

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

~~

~ | 2000

1600
1200

TOTAL

800
400

400

1200
SAVINGS & LOANS

800
400

400

800
M U T U A L SAVINGS B A N K S

400

400
1966

1967




1968

1969

1970

TABLE 11: Mortgage Commitments at Selected Thrift Institutions

DATE

TOTAL

OUTSTANDING COMMITMENTS
ALL
MUTUAL
1
SAVINGS
TOTAL
SAVINGS &
BANKS
LOAN
(N.Y.
STATE)
ASSOCIATIONS

1

NET CHANGE
ALL
SAVINGS &
LOAN
ASSOCIATIONS

(Billions of Dollars, Se asonally Adjusted)

MUTUAL
SAVINGS
BANKS
(N.Y. STATE)

1/

1969 - Sept.
Oct.
Nov.
Dec.

9.2
8.9
8.6
8.4

6.4
6.1
5.9
5.8

2.8
2.7
2.7
2.6

-.31
-.33
-.24
-.25

-.18
-«23
-.18
-.12

-.13
-.09
-.06
-.13

1970 - Jan.
Feb.
Mar.
Apr.
May
June
July

8.2
7.9
7.6
7.8
8.0
8.2
8.6

5.6
5.4
5.2
5.4
5.8
6.1
6.5

2.6
2.5
2.5
2.4
2.2
2.1
2.0

-.17
-.30
-.26
.13
.24
.22
.35

-.22
-.23
-.21
.26
.38
.30
.40

.04
-.07
-.05
-.13
-.14
-.09
-.05

9.8
9.1

6.8
7.2

2.0
1.9

.18
,2.9

.27
.39

-.09
-.10

Aug.
Sept.

Based on data from Federal Home Loan Bank Board and Savings Banks Associations of
New York State. Net changes are derived directly from unrounded outstandings
levels as reported and after seasonal adjustment by Federal Reserve. Subtotals
may not add to totals because of rounding. Mutual Savings Banks and total data
include building loans beginning August 1967.




MORTGAGE COMMITMENTS OUTSTANDING (seasonally adjusted)
Monthly

Billions of dollars

TOTAL

Includes building loans beginning August 1967

I960




1962

1966

1970

TABLE 12: Net Change in Mortgage Holdings 1

TOTAL
INCLUDING
FNMA-GNMA

-

DATE

TOTAL

FINANCIAL INSTITUTIONS
MUTUAL
SAVINGS &
SAVINGS
LOAN
BANKS
ASSOC.

COMMERCIAL
BANKS

LIFE
INSURANCE
COMPANIES

FNMA-GNMA

Not Seassonallv Adjusted
18,105
20,016
23,781
24,051

15,782
18,219
21,273
19,676

4,705
4,639
6,677
5,535

2,720
3,153
2,787
2,682

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

4,596
2,907
2,459
2,052

2,323
1,797
2,508
4,375

1969 - July
Aug.
Sept.
Oct.

r 1,731
c 2,151
1,942
1,795

r 1,438
r 1,623
1,441
1,206

200
400
500
300

215
181
120
158

865
844
667
608

158
r 198
154
140

293
528
501
589

1970 - July
Aug.
Sept.
Oct.

2,089
1,967
2,213
n. a.

1,626
1,568
1,851

200
200
400
200

160
182
216
n.a.

r 1,851
1,734
1,652
1,906

r 1,340
1,166
1,069
1,292

383
244
237
347

r
r
r
r
r
r

r
887
r 1,055
r
761r
r
818
r 1,002
r 1,436
1,599
1,307

1966
1967
1968
1969

1,079
1,111
1,122
1,202

187
75
113
n.a.

x

463
399
362
n.a.

Seasonally Adjusted
1969

Sept,
Oct.
Nov.
Dec.

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

1,443
1,554
1,277
1,312
1,429
1,890
2,105
1,705
2,122
n.a.

137
124
146
235

654
627
547
576

rl66
171
139
134

511
568
583
614

r 238
r 235
r 163
r 67
r 58
56
151
110

24
143
197
205
. 160
220
128
158

400
436
276
357
588
935
1,075
985

225
241
125
189
196
225
245
54

556
499
516
494
418
454
506
398

282
143

234
n.a.

1,110
1,219

125
n.a.

371
n.a.

1,751
n.a.

.

t
ww.

- —

,

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 1969.




NET CHANGE IN MORTGAGE HOLDINGS (seasonally adjusted)
Monthly

Billions of dollars

2.5

TOTAL, INCL. F N M A - G N M A

2.0

1968




1969

1970

1971

TABLE 13: Net Increases in Mortgage Debt Outstanding
Billions of dollars, SAAR QUARTER

TOTAL

RESIDENTIAL 3

1- to 4FAMILY

MULTIFAMILY

COMMERCIAL

1

MULTI-AND
COMMERCIAL

FARM

1966 - IIIp
IVp

18.7
15.2

11.0
9.2

8.4
7.0

2.6
2.1

5.5
4.2

8.2
6.2

2.2
1.8

1967 - Ip
lip
IIIp
IVp

15.6
20.5
27.0
27.5

10.0
13.8
19.6
19.9

6.8
10.5
15.7
16.0

3.2
3.4
3.9
3.9

3.8
4.9
4.9
4.9

7.2
8.2
8.7
8.8

1.8
1.8
2.5
2.7

1968 - Ip
IIP
IIIp

27.1
25.9
26.5

18.4
18.0
18.2

15.4
14.8
14.6

3.0
3.2
3.5

6.3
5.7
6.5

9.4
8.9
10.1

2.3
2.2
1.8

1969 - Ip
Hp
IIIp
IVp

30.4
28.5
27.0
25.6

22.1
21.2
19.9
18.6

17.9
16.5
15.2
13:1

4.2
4.7
4.7
5.5

6.1
5.0
5.3
5.8

10.3
9.6
10.0
11.3

2.2
2.3
1.8
1.3

1970 - Ip
IIP

19.5
22.5

13.2
16.7

8.5
11.3

4.7
5.3

4.8
4.2

9.5
9.5

2.0
2.1

>

•

1

2
3

-

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.
May differ somewhat from related flow of funds series mainly because of more
aggregative type of seasonal adjustment.
Residential mortgage debt i n d u e s nonfarm only and is sum of 1-to 4- family
and multifamily mortgage debt combined.




NET INCREASES IN MORTGAGE DEBT OUTSTANDING
Quarterly

Billions of dollars, seasonally adjusted annual rate

TOTAL

TOTAL
RESIDENTIAL

1-4 FAMILY

COMMERCIAL

MULTIFAMILY

1966




1968

1970

TABLE 14: FNMA Weekly " A u c t i o n " Results

WEEK,
ENDED

IMPLICIT YIELD 2 (per cent)
COMMITMENTS IN $ MILLIONS
ACCEPTED
1-YEARU
901-YEAR 1
9066TOTAL
TOTAL
& OVER
MONTH & OVER . DAY
MONTH
OFFERED
DAY

June

1
15
29

224.2
249.7
156.3

113.8
127.9
98.9

31.1
34.2
30.6

71.4
86.7
56.5

11.3
7.0
11.8

9.20
9.27
9.32

9.24
9.30
9.33

9.27
9.31
9.34

July

13
27

286.2
323.8

113.3
150.4

25.0
37.0

73.0
91.1

15.3
22.3

9.20
9.10

9.21
9.12

9.22
9.12,

Aug.

10
24

441.3
575.0

180.2
215.1

41.4
48.8

91.0
124.4

47.8
41.9

9.03
9.03

9.03
9.03

9.04
9.03

Sept

8
21

384.2
207.8

200.1
195.3

45.6
40.1

117.0
121.5

37.5
33,7

9.06
9.01

9.04
9.01

9.04
9.02

Oct.

5
19

267.5
352.5

149.8
144. 7

62.2
53.2

73.1
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 3/75.8
(300.oy

62.4
79.4

18.7
15.1

8.90

8.93

8.93

8.89

8.90

8.92
L

Note: Under the FNMA auction system, approved sellers of Governmentunderwritten mortgages bid for FNMA forward purchase commitments, subject to an over-all dollar limit announced by FNMA in advance. Bids
accepted by FNMA are for delivery at the seller's option, and at any
time within the specified period. Bids on proposed homes relate to
construction not yet started on which mortgages may be delivered only
after completion and occupancy.
1

For "proposed construction" of new homes only.

2

Average secondary market yield after allowance for commitment fee and
required purchase and holding of FNMA stock, assuming prepayment of
15 years for 30-year Government-underwritten mortgages. Yields shown
are gross, before deduction of 38 basis points fee paid by investors
to servicers. Prior to August 10, 1970 the servicing fee was 50 basis points.

3

FNMA announced limit of. accepted bids for next week's auction.




FNMA "AUCTION" RESULTS
$ Millions

200

AMOUNT OF ACCEPTED BIDS
BY COMMITMENT PERIOD

150

6 MONTHS
100

1 YEAR
A N D OVER

50

12

IMPLICIT YIELD
6 - M O N T H COMMITMENTS
—

10

-

8
I

1

1

1

1

1

I-

1

1

1

1

_

'$ Millions

-

-

800

600

-

w

TOTAL BIDS RECEIVED

A

400

200
|
JUNE

|

[TOTAL BIDS ACCEPTED
AUG.

OCT.

1969




DEC.

i
FEB.

i-

i
APR.

i

i i
JUNE

1970

i
AUG.

i i

i
OCT.

i
DEC.

0

TABLE 15: Private. Housing Starts and Permits
STARTS
DATE

Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.p-.
Oct. p
1

2

SEASONALLY ADJUSTED
ANNUAL RATE
TOTAL 1-FAMILY 2 OR MORE

TOTAL

UNADJUSTED
TYPE OF FINANCING
FHA VA |
OTHER

1,481
1,390
1,280
1,402

828
766
762
776

653
624
518
626

129.3
123.4
94.6
84.1

18.3
25.1
18.8
23^2

4.8
5.0
3.9
4.2

1,059
1,306
1,392
1,224
1,242
1,393
1,603
1,412
1,504
1,550

577
725
708
697
728
835
827
838
877
866

482
581
684
527
514
558
776
587
627
684

66.4
74.3
114.7
128.4
125.0
135.2
140.8
128.7
130.3
138.0

16.5
17.5
25.2
32.4
37.1
40.7
43.4
34.1
34.3
40.4

3.4
3.9
4.8
5.4
5.2
5.1
5.3
5.7
5.3 •
5.8

BUILDING.
• PERMITS
(SEASONALLY
ADJUSTED
ANNUAL
RATE) 2

106.2
93.3
74.7
57.9

1,201
1,183
1,191
1,239

46.5
52.9
84.7
90.6
80.8
89.4
92.1
87.7
91.2
91.8

1,013
1,137
1,099
1,263
1,321
1,306
1,275
1,326
1,371
1,514

Total starts are Census estimates including farm for both permit-issuing and
noi.-issuing areas. A dwelling unit is started when excavation begins; all units
in an.apartment structure are considered started at that time. FHA and VA
starts.are units started under commitments by these agencies to insure or guarantee the mortgages. As reported by FHA and VA, a unit is started when a field
office receives the first compliance inspection report, which is made before
footings are poured in some cases but normally after the foundations have been
completed. Other starts are derived as a residual, although total and FHA and
VA starts are not strictly comparable in concept or timing; other starts include both units financed by conventional mortgages and units without mortgages.
Building permits before January 1963 are Census estimates for about 10,000 areas
identified as having a local building permit system in 1959. Estimates beginning
January 1963 are for approximately 12,000 and beginning January 1967 13,000, or
all known permit-issuing places. Unlike starts, seasonally adjusted building permits reflect direct adjustment for differences in the number of working days per
month, as well as other differences in timing and coverage.




I

PRIVATE HOUSING STARTS AND PERMITS
Monthly, annual

2.0

SEASONALLY ADJUSTED

HOUSING STARTS

1.6

1.2
BUILDING PERMITS
(in issuing areas)

*CHANGE IN SERIES

PER CENT O F UNADJUSTED TOTAL STARTS

MULTI-FAMILY
(2 or more)

40

GOVERNMENT UNDERWRITTEN

1964

1




1966

1968

1970

TABLE 16: Mortgage and Bond Yields
MORTGAGES
DATE
25-YEAR

CONVENTIONAL
MORTGAGES
3

1959-60 - High
1961-66 - Low
1966 - High
1967 - High
- Low
1968 - High
Low
1969 - High
Low

6.26
5.43
6.73

1970 - June
July
Aug.
Sept.
Oct.

5.44

6.81
6.81
6.29
7.52
6.78

8.62
7.99

6.30
5.80
6.70
6.70
6.40
7.40
6.75
8.35
7.55
8.55

9.16
9.11
9.07

8.60
8.60

8.97

8.50
8.50

9.01

SPREAD BETWEEN YIELDS
ON CONV. &
FHA MORTGAGES
.23
.25
.30

1

. NEW
Aaa CORPORATE
BONDS
'4

-.27
.40
.13

5.25
4.41
5.82
6.51
5.18
6.79
6.15
8.75
6.91

-.61
-.51
-.47
-.51
-.47

9.11
8.63
8.48
8.42
8.63

.11

-.12
.12

SPREAD BETWEEN
YIELDS ON NEW
CORPORATE BONDS
AND
FHA MORTGAGES
1.69
.77

1.16
1.28
.27

1.20

.26

1.08
-.13
-.05
.48
.59
.59
.34

Neither mortgage nor bond yields include allowance for servicing costs which are
much higher for mortgages"than for bonds. Generally, bonds pay interest semiannually; mortgages, monthly. Mortgage yields/if computed as equivalent to
a semi-annual interest investment, would be slightly higher than given in the
table.
Based on FHA-field-office opinions about average bid prices in the private
secondary market for new-home mortgages for immediate delivery. Separate
data available for 25-year and--beginning July 1961--30-year mortgages with
minimum downpayments, weighted by probable volume of transactions. Yields
computed by FHA, assuming, prepayment period of 12 years for 25-year mortgages
and 15 years for 30-year mortgages. Over the period for which they can be
compared, the movement of the two mortgage yield series has been similar.
Dashed lines indicate periods of adjustment to changes in contractual interest
Based on FHA-field-office opinion on typical interest rates (rounded) on conventional first mortgages prevailing in the market areas of insuring office
cities. Beginning with April 1960, rate relates only to new-home mortgages;
prior to that date, rate related to both new as well as existing-home mortgages. Dashed line, indicates this change in the series.
See note for Table 1.




MORTGAGE AND BOND YIELDS
Monthly

12

11

10

9

8

7

H O M E MORTGAGES:

6

CONVENTIONAL
FHA

5
Aaa C O R P O R A T E B O N D S :
NEW ISSUES

A

^

4

S P R E A D ( F H A MORTGAGE VS. NEW ISSUE Aaa CORPORATE BONDS)

30

)0
+
0

1962




1964

1966

1968

1970

TABLE 17: Conventional Mortgage Terms

DATE

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

EXISTING HOMES

LOAN/
PRICE
RATIO
(PER
CENT)

LOAN
AMT.

($000)

CON- FEES &
TRACT CHARGES EFFEC(PER
RATE
TIVE
(PER
CENT)
CENT)

LOAN/
MATU- PKlCF,
RITY RATIO
(YEARS)

LOAN
AMT.

($000) .
4

1969
Oct.
Nov.
Dec.

7.99
7.97
8.07

0.89
0.96
1.06

8.13
8.13
8.25

1.08

8.34
8.41
8.47
8.40
8.45
8.48
8.49

25.3
25.3
25.4

72.8
72.8
71.9

24.6
24.6
25.0

25.0

69.3
71.8
71.1
71.1
71.7
71.3
71.5
71.6
72.7
72.6

25.1
24.9
25.1
24.5
25.3
25.6
24.9

8.00

8.00
8.08

0.9b

0.90
0.93

8.15
8.15
8.24

22.6

22.6
22.9

70.4
70.4
76.6

19.5

20.1

20.8

1970
Jan.
Feb.
Mar.
Apr.
May
June .
July-'
left.
Oct.

.16

.23
.29
.23

.28
.31
.32

1.09

1.11

1.02
0.98
0.99

1.0]

24.2
25.0
24.8
25.3
25.1
25.1

•M tit l:liI 5 4 :!
.33

1.05

8.50

25.1

25.'!
24.8

8.13
8.23

8.26
8.20
8.18
8.19

8.21
8.25
8.27
8.19

0.94

1.02
0.98
0.90
0.94
0.98
0.95
0.89

0.88
0.88

8.29
8.41
8.43
8.35
8.34
8.36
8.37
8.41
8.42
8.34

22.4
22.4

20.5
20.4

23.0
23.1

70.3
70.2
70.4
70.4
70.3
71.5
71.5

21.5
21.7

22.8

77l.*7
71.5

20.6

22.6
22.8
22.8

20.6
20.4

21.1

21.'o

l

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

2

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

3

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

4

Derived by FRB.




CONVENTIONAL MORTGAGE TERMS
Monthly

30

MATURITY
NEW

25

EXISTING

20

15i i i i ii i
I i I i I I I IN I [ 1 i I i

80

LOAN/PRICE RATIO

NEW

75

EXISTING
70

i i M i i i i i i M i i i65I I i i i i i
Thousands of doll

LOAN AMOUNT
30

20
EXISTING

10
i i i 111 i i i i i i i i i
1964




1966

1968

1970
* CHANGE IN SERIES