Full text of H.16 Capital Market Developments : November 9, 1971

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AFTER S U MOHTffS

1 v

* L** &

MARKET
DEVELOPMENTS

Coital
Swtien, OMeien •< « • • • * * «(4
B e e ^ ef Gevemeee •# the F e M R e , * * *
Weshi«sl«i. D. C




November 9 * 1 9 7 1

INDEX
3-5

D e v e l o p m e n t s in t h e C o r p o r a t e and M u n i c i p a l Bond M a r k e t s

6-7

C a p i t a l Market Y i e l d s

8-13

C a p i t a l Market V o l u m e

14-17

S t o c k Market

18-33

Mortgage Market

SYMBOLS:

e

Estimate

p

Preliminary

r
n.a.

Revised
Not a v a i l a b l e




TABLE 1: Yields, Volume and Reception

YIELDS
MOODY'S
SEASONED
1
NEW ISSUE
Aaa
7.21
7.42
7.56
7.44
7.60
7.44

WEEK ENDING:
.1971 - S e p t .

10
17
24

Oct.

1
8
15
22
29

Nov.

5
12

WEEK ENDING:
1971 - S e p t . 10
17
24
Oct.

1
8
15
22
29

^

7.53
7.30
7.22
7.17
7.11
7.05

"

CORPORATE BOND MARKET
VOLUME 2
PER CENT
GROSS
SOLD BY END
BONDS SCHEDULED
OFFERINGS
OF WEEK
WITHIN 28 DAYS
n.a.
285
77
673
93
832
90

7.46
7.44
7.42
7.37
7.31

123
371 471
536
521

82
77
74
94
48

7.25

552
525e

80

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

n.a.

MUNICIPAL BOND MARKET
VOLUME2
/
YIELDS
MOODY'S
PER CENT
BOND BUYER .
GROSS
SOLD BY END
BONDS SCHEDULED
SEASONED 20
SEASONED
OF WEEK
Aaa
OFFERINGS
WITHIN 28 DAYS
BOND INDEX
5.00
5.36
371
848
34
5.10
5.38
350
910
77
5.15
235
67
1,397
5.48
4.90
4.80
4 . 65
4.65
4 . 90

5.24
5.17.
4.99
4.97
5.11

991
368
327
455
547

73
75
68
57
68

955
833
1,180
1,290
1,337

383
66
1,584
5 ^
4.75
4.99
n.a.
660e
12
Til Derived by a d j u s t i n g t o a Aaa b a s i s , new i s s u e s of p u b l i c l y - o f f e r e d c o r p o r a t e bonds
J w i t h c a l l p r o t e c t i o n , r a t e d A, Aa, or Aaa by Moody's I n v e s t o r s S e r v i c e : ( e x c e p t s e r i a l
and c o n v e r t i b l e i s s u e s , o f f e r i n g s of n a t u r a l gas p i p e l i n e and f o r e i g n companies, and
i bonds g u a r a n t e e d by t h e F e d e r a l Government.)
Nov.

j 2 M i l l i o n s of d o l l a r s u n l e s s o t h e r w i s e i n d i c a t e d .
i

Note:

See f o o t n o t e s t o T a b l e 3




TABLE 2: Details on Inventories

DATE
OFFERED

AMOUNT
(MIL. $_)

.11/4
11/4
11/4
11/4
11/4
11/4
/11/4
11/3
11/3
10/26
10/14

OFFERED

18.0

ISSUER
Gen T e l of Mich
I n t ' l P a p e r Co
Ford Motor C r e d i t
B e n e f i c i a l Corp
B e n e f i c i a l Corp
Central Tel.
D e t r o i t Ed.
Met. Ed.
Dallas P & L
Mo. S t a t e s
M a n u f a c t Hanover T r .

60.0
100.0
50.0
75.0
15.0
60.0
15.0
30.0
75.0
100.0

LATEST WEEK
ORIGINAL RATING AND
COUPON
YIELD CALL PROTECTION

'

7 1/2
4 1/4
4 1/2
6 3/4
7 1/2
7 3/4
7 3/8
7 7/8
7 3/8
6.50
6.50

7.50
4.25
4.50
6.75
7.50
7.80
7,375
7.72
7.23
6.40
6.50

A
Baa
NR
NR
NR
A
A
A
Aa
Aaa
NR

J ESTIMATED PRO|
PORTION SOLD

5 yrs

30%
98%
85%
98%
98%
80%
50%
30%
3.0%
50%
65%

- -

10 y r s
- -

\
•

10 y r s
5 yrs
5 yrs
5 yrs
5 yrs
5 yrs

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

DATE
RELE\SED

AMOUNT

NONE

INVENTORIES 1
MUNICIPALS
BLUE LIST
IN SYNDICATE
872
242
816
169
897
261
946
310
917
218

1971 - O c t .

Nov.
N.C

'

15
22
29
5

CORPORATES
IN SYNDICATE
55
144
127
332
158

- No c a l l p r o t e c t i o n .

s s r r z r s , s v z & s




r t T & s r

- T

™k

TABLE 3: High Grade Bond Y i e l d s

MOODY'S SEASONED
CORPORATE
Aaa 2
7.84 (12/26)
6.55 (1/12)

U.S. GOVERNMENT
20-YEAR
CONSTANT
MATURITIES 3
6.97 (12/26)
5.96 (1/24)

BOND
BUYER'S
SEASONED
MUNICIPALS 4
6.90 (12/18)
4.82 (1/28)

1969 - High
Low

NEW
CORPORATE
Aaa 1
8 ; 85 ( 1 2 / 2 6 )
6.90 (2/21)

1970 - High
Low

9.30 (6/19)
7.68 (12/18)

8.60 (7/3)
7.48 (12/31)

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

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

1971 - High
Low

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)

DATE

1971 - O c t .

15
22.
29

7.22
7.17
7.11

7.42
7.37
7,31

5.90
5.93
5.81r

4.99
4.97
5.11

Nov.

5

7.05

7.25

5.79

4.99

1

New c o r p o r a t e i s s u e s , w i t h c a l l p r o t e c t i o n , a d j u s t e d ( a s d e s c r i b e d i n
f o o t n o t e 1 of T a b l e 1) t o a Aaa b a s i s .
2
Weekly a v e r a g e of d a i l y f i g u r e s . Average t e r m of bonds i n c l u d e d i s
22-24 y e a r s .
3
Weekly a v e r a g e of d a i l y f i g u r e s .
4
T h u r s d a y f i g u r e s . The a v e r a g e r a t i n g of t h e 20 bonds used i n t h i s i n d e x
' f ^ l I s midway between t h e f o u r t o p g r o u p s a s c l a s s i f i e d by Moody's I n vestors Service.
\
N o t e - - H i g h s and lows a r e f o r i n d i v i d u a l s e r i e s and may b e on d i f f e r e n t d a t e s
for d i f f e r e n t series.




TABLE 4: Long-term Corporate and State and Local Government
Security Offerings and P l a c e m e n t s
(In millions of dollars)

GROSS PROCEEDS
STATE AND LOCAL 2

1

CORPORATE

PERIOD
1971

1970

1969

January
February
March

3 >115
3,000
6,075

2,636
1,802
3,539

2,075
2,045
2,098

April
May
June

4,007
3,271
4,375

3,170
3,909
3,389

2,748
2,076
2,530

July
- August
September

4,064
2,421
4,120e

2,768
2,274
2,518

October
November
December

3,010e

1st
2nd
3rd
4th

Quarter
Quarter
Quarter
Quarter

1st half
Three q u a r t e r s
Year

1971

1970

1969

1
i

2 ,706
1 ,839
2 ,156

1 ,340
1 ,214
1 ,555

1,262
987
538

i

i . 2 ,035

1 ,920
2 ,140

1 ,647
996
1 ,085

1,801
1,110
737

2,478
1,427
2,427

1:, 9 6 4
1:,892
2;,061

1 ,348
1 ,359
=
1:,758

1,097
808
559

2,777
4,182
3,980

1,933
2,375
2,532

1.,700e

1 ,924
1,,748
2, ,190

1,280
886
816

12,190
11,654
10,605

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

6,218
7,354
6,332
6,840

6,,701
6, ,095
5 , ,917

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

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

23,844
34,449

18,445
27,005
38,944

13,572
19,904
26,744

1 2 , 796
1 8 , 713

7 , 837
1 2 , 302
1 8 , 164

6,435
8,899
11,881

|

1

S e c u r i t i e s and Exchange Commission e s t i m a t e s of g r o s s p r o c e e d s .
I n v e s t m e n t Bankers A s s o c i a t i o n of America e s t i m a t e s of p r i n c i p a l a m o u n t s .




TABLE 5: New Corporate Security I s s u e s , Type of I s s u e and Issuer
(In millions of dollars)

QUARTER
OR
MONTH

PUBLICLY
OFFERED

GROSS PROCEEDS BY
TYPE OF ISSUE
COMMON
AND
PRIVATELY PFD.
ISSUES INCLUDED .
MFG.
PLACED
STOCK FOREIGN CONVERTIBLE

868
1,346
1,606
896
2,369

2,663
4,020
3,594
4,753
3,815

388
184
165

1,006
1,107
1,056

1,101

1,350
955

371
693
282

1,300
1,033
1,687

43
3
38.

99
168
557

716
661
2,417

676
1,069
1,452

391
683
532

1,332
587
1,675

1,419
633
1,332

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

2,000

53 7\
307'
750

2,196
675
1,370

64
22
n.a.

197
160
275

529
461
825

721
849
1,035

1,622
357
390

1,192
753
1,870

1,950

500

560

n.a.

210

500

800

410

1,300

10,605

83
226
84
215
n.a.

1970 - O c t .
Nov.
Dec.

3,777
4,181
3,979

2,390
3,001
2,436

304
283
834

1,083
898
709

56
11
159

1971 - J a n .
Feb.
. Mar.

3,115
3,000
6,075

2,033

594
275
647

489
524
1,293

Apr.
May
June

4,042
3,271
4,375

2,116

507
491
760

July
Aug.
e / Sept.

4,064
2,421
4,120

1,331
1,439

e / Oct.

3,010

1

2,201

4,135

2,148
2,282

•

Other i s s u e r s a r e e x t r a c t i v e , r a i l r o a d and o t h e r t r a n s p o r t a t i o n , r e a l e s t a t e
and f i n a n c e , and commercial and o t h e r .
Source: S e c u r i t i e s and Exchange Commission. Q u a r t e r l y supplements a r e a v a i l able.




OTHER

2,714
3,406
3,197
2,910
2,605

1,659
2,690
2,306
3,384
4,241

11,688

COMMUNICATIONS

2,314
3,169
3,794
3,130
1,815

914
1,421
1,516
1,758
1,594

8,560
11,938
12,190

PUBLIC
UTILITY

287
737
724
1,351
632

5,937
7,827
8,369
6,546
4,770

1970 - I I I
IV
1971 - I
II
Hie

GROSS PROCEEDS BY
TYPE OF ISSUER

T A B L E 6: Large Long-term Public Security I s s u e s for New Capital
(Other than U.S. T r e a s u r y ) 1

\^ov. 1 t h r o u g h Nov. 5 , 1971

ISSUER

TYPE 2

AMOUNT
(MILLIONS
OF
DOLLARS)

COUPON
RATE-OR
NET INTEREST COST

MATURITY

MOODY'S
RATING

OFFERING
YIELD

Coroorates
I n d i a n a p o l i s Fwr & L i g h t Co
M e t r o p o l i t a n E d i s o n Co
C a p i t a l Mtge I n v e s t m e n t
I n t e r n a t i o n a l P a p e r Co
Penna Pwr & L i g h t Co
B e n e f i c i a l Corp
B e n e f i c i a l Corp
F o r d Motor C r e d i t Corp
F o r d Motor C r e d i t Corp
D e t r o i t E d i s o n Co
D e t r o i t E d i s o n Co
G e n ' l T e l e p h o n e Co of M i c h i g a n
C e n t r a l T e l e p h o n e Co
D a l l a s Pwr & L i g h t Co




Com s t k
1 s t mtg
Conv sub
Conv sub
Com s t k
Debs
Debs
Debs
Bonds
Gen'l & r$f
mtge
Com s t k
Bonds
S.F. debs
1 s t mtg

15.7
15.0
25.0
53.3
38.4
75.0
50.0
100.0
100.0
90.0
60.0
18*0
15.0
30.0

--

--

7.88
6.50
4.25

- -

1991
1996

7.72
6.50
4.25

«

m+m

'

XA

' --

—

—

- -

1996
1977
1996
1991

7.50
6.75
4.50
7.50

7.50
6.75
4.50
7.50

2001

7.38

7.38

Aa

7.50
7.75
7.38

7.50
7.80
7.31

A
A
Aaa

2001
1996
2001

'

1

——
- -

—- ——

T A B L E 6: Large Long-term Public Security I s s u e s for New Capital (continued)
(Other than U.S. T r e a s u r y ) 1

Nov. 1 t h r o u g h Nov. 5 , 1971
ISSUER

TYPE '

AMOUNT
(MILLIONS
OF
DOLLARS)

• COUPON
RATE OR
MATURITY NET INTEREST COST

|
j
!
j

OFFERIKC.
YIELD

MOODY'S
RATING

S t a t e and L o c a l
Los Angeles DWAPS
Los Angeles DWAPS
O h i o , S t a t e of
Washington Sub. S a n i t , D i s t . , Md.
Los Angeles Co, Flood C o n t r
Dist, Calif
Los Angeles Co, F l o o d C o n t r
D i s t r i c t , Calif
New York S t a t e Mtge Agency
New York S t a t e Mtge Agency

Rev
Rev
G.O.
G.O.

24.8
25.2
100.0
23.0

2011
1977-1996
1973-1992
1974-1995

4.86
4.86
4.28
4.59

G.O.

9.0

1972-2001

4.59

2,, 7 5 - 5 . 1 0

Aa

G.O.
Rev
Rev

10.0
33.1
16.6

1974-1995
1996
1972-1981

4.59

3,, 1 0 - 4 . 8 5
5,.74
3,. 1 0 - 4 . 5 0

Aa
A
A .

——

- -

5,,00
3., 5 0 - 4 . 8 0
2., 8 5 - 5 . 1 5
3,, 1 0 - 4 . 8 5

/ •
Rights o f f e r i n g .
I n c l u d e s c o r p o r a t e and o t h e r s e c u r i t y o f f e r i n g s of $15 m i l l i o n and o v e r ;
S t a t e and l o c a l s e c u r i t y o f f e r i n g s of $10 m i l l i o n and o v e r .
I n c a s e of S t a t e and l o c a l government s e c u r i t i e s , G.O. d e n o t e s g e n e r a 1 o b l i g a t i o n ;
R e v . - U t . , r e v e n u e o b l i g a t i o n s s e c u r e d o n l y by income from p u b l i c u t i l i t i e s ;
R e v . - Q . - U t . , r e v e n u e bonds s e c u r e d o n l y by income from q u a s i - u t i l i t i e s ; R e v . - S . T . ,
r e v e n u e bonds s e c u r e d by r e v e n u e from s p e c i f i c t a x e s o n l y ; R e v . - R e n t . , revenue
bonds s e c u r e d s o l e l y by l e a s e p a y m e n t s .
I n c l u d e s f o r e i g n government and I n t e r n a t i o n a l Bank f o r • R e c o n s t r u c t i o n and
Development i s s u e s and n o n - q u a r a n t e e d i s s u e s by F e d e r a l Agencies'.




.. & &

. Aa
Aaa
Aa

I
10
T A B L E 7: Forthcoming Large Long-term Public Security Offerings for New Capital
(Other than U.S. T r e a s u r y ) 1

(continued)

ISSUER

TYPE

As of November 5 , 1971

AMOUNT
(MILLIONS
OF
DOLLARS)

APPROXIMATE DATE
OF OFFERING

Corporate
Consumers Pwr Co
R e a l t y Income T r u s t
Certco I n s t r u m e n t Corp
T e l e x Corp
Baxter Laboratories Inc
Gulf S t a t e s U t i l Co.
Honeywell F i n a n c e I n c .
J e r s e y C e n t r a l Pwr & L i g h t Co
B e n e f i c i a l S t a n d a r d Mtg I n v
C i n c i n n a t i Gas & E l e c Co
N . J . B. Prime I n v e s t o r s
New York S t a t e E l e c & Gas Corp
F r a n k l i n New York Corp S o u t h C e n t r a l B e l l T e l Co
SoutiT C e n t r a l B e l l T e l Co
W. R„ G r a c e & Co
P u b l i c S e r v i c e E l e c & Gas Co
C o n t i n e n t a l T e l Co of C a l f .
o j i a l F i n a n c i a l Corp
G e n ' l T e l Co^of t h e S.W.
G e o r g i a Pwr Co
A l i s o n Mtg. & I n v T r u s t
Duquesne L i g h t Co
Iowa Pwr & L i g h t Co
Delmarva Pwr & L i g h t Co
Houston L i g h t i n g & Pwr Co
Alcoa
ITT RAYONIER
H a r t f o r d E l e c L i g h t Co
G e n e r a l T e l of C a l i f
New York T e l Co
Penna E l e c Co
P a c i f i c L i g h t i n g S e r v i c e Co
G e n ' l T e l Co of I n d i a n a
P h i l a d e l p h i a E l e c Co
C o n n e c t i c u t L i g h t & Pwr Co
Alabama Pwr Co
Long I s l a n d L i g h t i n g Co
Michigan Wisconsin P i p e l i n e




1 s t mtg
Debs
Debs
Debs
Debs
1 s t mtg
Debs
Bonds
Conv debs
1 s t mtg
Debs
1 s t mtg
Notes
Notes
Debs
Debs
1 s t mtg
Debs
Debs
1 s t mtg
Bonds
Debs
Bonds
1 s t mtg
1 s t mtg
1 s t mtg
S . F . debs
Debs
1 s t mtg
Bonds
Bonds
Bonds
Debs
Bonds
1 s t mtg
1 s t mtg
1 s t mtg
1 s t mtg
Bonds

60.0
. 25.0
30.0
25.0
55.0
35.0
50.0
25.0
15.0
60.0
15.0
50.0
35.0
75.0
100.0
100.0
80.0
25.0
20.0
25.0
95.0
25.0
35.0
15.0
35.0
50.0
150.0
50.0
30.0
50.0
200.0
30.0
30.0
18.0
80.0
30.0
25.5
40-50
40.0

'

November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
December
December
December
December
December
December
December
December
December
December
December

8
8
8
9
9
9
9
10
10
10
10
11
14
15
15
16
17
17
18
18
22
23
23
29
30
30
1
2
8
8
9
13
13
14
15
16
16

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

(continued)
.
ISSUER

TYPE

m

AMOUNT
(MILLIONS
OF
DOLLARS)

of November 5 , 1971
APPROXIMATE DATE
OF OFFERING

S t a t e and L o c a l
T r i b o r o u g h Brdg & T u n n e l A u t h , Ref Imp
New Y o r k
Rev
A k r o n , Ohio
G.O. & Rev
Chicago Park D i s t r i c t
G.O.
Broward C o . , F l a .
Rev.
• G u i l f o r d C o . , N.C.
G.O.
Lawton, Okla
G.O.
C a l i f o r n i a , S t a t e of
G.O.
L o u i s v i l l e R i v e r f r o n t Corp
Mtg Rev
P o r t of P o r t l a n d , O r e
Rev.
C h i c a g o C i t y Sch D i s t
G.O.
New J e r s e y H o u s i n g F i n a n c e Agcj G.O.
G e o r g i a Highway A u t h
G.O.
T a u n t o n , Mass
G.O.
G.O.
: E s s e x Co, N.Jo
Wayne T . P . S/D N . J .
G.O.
Rev.
^-Oklahoma T u r n p i k e A u t h
" ' D a l l a s - F t W o r t h Reg A r p t , Tex R e v .
- C l a r k s t o w n , N. Y.
G.O.
D e t r o i t , Mich
G.Oo
I l l i n o i s , S t a t e of
G.O.
G.O.
V i r g i n i a , S t a t e of
B o s t o n , Mass
G.O.
G.O.
P h i l a d e l p h i a , Pa
Rev.
Alabama Highway A u t h
- New Y o r k S t a t e H o u s i n g F i n Age] G.O.
G.O.
Anne A r u n d e l Co, Md.
Rev.
Maryland Dept of T r a n s p
Rev.
Los A n g e l e s Comm
Massachusetts, State of.
G.O.
G r e a t e r Chicago Metro S a n i t a r y
G.O.
D i s t , 111.
G.O.
L o u i s i a n a , S t a t e of
G.O.
Milwaukee, Wise.
G.O.
C o n n e c t i c u t , S t a t e of
Rev.
C h i c a g o P u b l i c B l d g Com
G.O.
O r e g o n , S t a t e of
*
1
2

55.2
10.3
20.0
32.0
10.0
13.0
150.0
10.0
25.0
45.0
43.0
14.0
10.8
26.0
10.4
74; 0
17.0
11.7
14.2
150.0
23.5
52.2
33.1
25.0
175.0
15.0
28.4
10.0
188.6

November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November
November

8
8
9
9
9
9
9
10
10
10
10
10
10
11
11
12
15
16
16
16
16
16
17
17
17
17
17
17
18

25.0
55.0
17.0
12.5
55.0
60.0

November
November
November
December
December
December

22
23
30
2
7
14

Included in t a b l e f o r f i r s t time.
I n c l u d e s c o r p o r a t e and o t h e r i s s u e s of 515 m i l l i o n and o v e r ; S t a t e and l o c a l
Government i s s u e s of $10 m i l l i o n and o v e r .
I n c l u d e s f o r e i g n g o v e r n m e n t and I n t e r n a t i o n a l Bank f o r R e c o n s t r u c t i o n and
Development i s s u e s and n o n - g u a r a n t e e d i s s u e s of F e d e r a l A g e n c i e s .




11

12
Table 8

STOCK PRICES AND VOLUME
STOCK PRICES 1 -

TRADING VOLUME 2 '

DATE
NYSE INDEX 3 "

AMEX 4 -

D J . INDUSTRIALS

NYSE

AMEX

1969 - High
Low

50.32 (5/14)
49.31 (7/29)

968.85 (5/14) 32.91 (1/13)
7 6 9 . 9 3 (12/17) 2 5 . 0 2 ( 7 / 2 9 )

16.5 (3/29)
8.6 (8/29)

8.0 (1/31)
3 . 6 (11/21)

1970 - High
Low

52.36 ( 1 / 5 )
37.69 (5/26)

8 4 2 . 0 0 (12/29) 2 7 . 0 2 ( 1 / 8 )
6 3 1 . 1 6 ( 5 / 2 6 ) 19.36 ( 5 / 2 7 )

18.5 (12/4)
7.8 (8/14)

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

1971 - High
Low

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

950.82 (4/28) 26.68 (4/28)
830.57 (1/4) 22.72 (1/4)

22.1 (2/12)
11.0 (8/13)

6.7 (2/12)
2.7 (8/13)

893.98
893.91
874.85
852.37
839.00

25.54
25.71
25.37
24.95
24.61

11.4
14.8
12.3
13.9
12.3

3.1
4.1
3.8
3.5
3.1

840.39

24.54

13.1

3.3

1.

2.

Oct.

1
8
15
22
29

54.66
54.94
54.06
52.82
52.07

Nov.

5

52.16

\.

Figures other than highs and lows are Fridays only.
Highs and lows are for the year and are not necessarily for Fridays.
NYSE is the New York Stock Exchange; AMEX is the American Stock Exchange.
Volume figures are daily averaged for the entire week,
(millions of shares).
-Trading is normally conducted for 5-1/2 hours per day and 5 days per week, or
In recent years, however abbreviated trading to the extent, and over the time
Hours/
Days/
From
Through:
Day
Week
January 3, 19*9
July 7, 1969
January 2, 1970

July 3, 1969
December 31, 1969
Hay 1, 1970

3.

12/31/65 - 5 0

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

13
T A B L E 9: Security Credit

END OF PERIOD

CREDIT EXTENDED TO
MARGIN CUSTOMERS BY:
BROKERS1 I BANKS 2 I TOTAL

CUSTOMERS1
NET DEBIT
BALANCES

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

Outstanding:
Sept.
Oct.
Nov.
Dec.

3,920
4,010
4,010
4,030

2,330
2,270
2,320
2,330

6,250
6,280
6,330
6,360

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

2,236
2,163
2,197
2,286

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

1971 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

4,000
4,090
4,300
4,530
4,620
4,720
4,790
4,850
4,930

2,300
2,330
2,360
2,340
2,340
2,390
2,420
2,430
2,430

6,300
6,420
6,660
6,870
6,960
7,110
7,210
7,280
7,360

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

2,452

2,743
2,798
2,660
2,550
2,440
2,210

(4)
(4)
(4)
(4)
44)

$

2,100

30

140
30
50
30

153
-73
34
89

-60
120
240
210
90
150
100
70
80

291
291
55
-138
-110
110
230

1970

1

2,200

Change i n
Outstanding
1970 S e p t
Oct.
Nov.
Dec.

110
90

1971 - J a n
Feb.
Mar.
Apr.
May
June .
July
Aug
Sept.

-30
90
210
230
90
100
.70
60
80

20

-60

50
10
-30
30
30
-20

50
30
10

-10

100

X

Margin d e b t , a s r e p o r t e d by t h e New York Stock Exchange. Although margin d e b t
u n t i l March 1968 i n c l u d e d l o a n s s e c u r e d by U.S. governments, t h e amount of such
l o a n s i n c l u d e d i s t h o u g h t t o have been s m a l l .
"Bank l o a n s t o o t h e r s t h a n b r o k e r s and d e a l e r s f o r p u r c h a s i n g or c a r r y i n g s e c u r i t i e s o t h e r than U.S. governments."
%he d i f f e r e n c e between c u s t o m e r s ' n e t d e b i t b a l a n c e s and c u s t o m e r s ' n e t f r e e c r e d i t b a l a n c e s , t h i s f i g u r e r e p r e s e n t s t h e n e t c r e d i t extended by b r o k e r s and
dealers to the nonfinancial public.
NOTE: With t h e e x c e p t i o n of bank loan d a t a , f i g u r e s a r e s u p p l i e d by t h e New York
Stock Exchange and a r e end of month d a t a . Bank l o a n s a r e f o r weekly r e p o r t i n g
l a r g e commercial b a n k s . Broker d a t a i n c l u d e s l o a n s f o r r e g u l a t e d s e c u r i t i e s ; bank
d a t a i n c l u d e s l o a n s f o r t h e purpose 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 , whether
%s(xmt&ued.

Changes i n s e r i e s .



•

TABLE 10: Savings Flows at Nonbank Depositary Intermediaries

£

($ m i l l i o n s )

DATE

V '

..

.

1968
1969
1970

4,203
2,549
£,466

7.0
4.0
6.7

1970 - J u l y
August
September

/

- -

1971 - J u l y
August
S e p t e m b e r &/

TOTAL
DEPOSITS
ANNUAL
NET
GROWTH
RATE 1
FLOW

SAVINGS & LOAN ASSOCIATIONS
MUTUAL SAVINGS BANKS
NET
NET
REGULAR DEPOSITS 3
SHARE CAPITAL
NEW
NEW
ANNUAL
ANNUAL
2
MONEY
MONEY 2
GROWTH
GROWTH
NET
NET
1
RATE
1
FLOW
RATE
FLOW

297
176
575
416
300
93

1,143
-763
936

- —

- -

—

Not S e a s o n a l l y A d j u s t e d
2,738
6.0
7,432
-1,003
3.2
4,200
5,295
11,173
8.2

174
81
-8

543
550
1,827

276
195
105

1,554
1,106
2,610

485
511
575

-—
•

.—

• —-

1,463
1,050
1,100

11,635
6,749
15,639
,

NET
1
NEW
MONEY 2

3,881
-1,766
6,231

6.3
3.4
7.7

840
726
2,402

-—

1,970
1,406
3,403

-—

4,172
2,791
2,970
3,167
1,707
2,742

21.8
14.3
15.1
15.9
8.4
13.5

—
—

.

—

659
592
567
1,714
1,245
1,205

Seasonally Adjusted
1971 - A p r i l
May
June
July
August
September

1
2
3

1,176
795
818
566
425
43

19.0
12.7
12.9
8.8
6.6
9.9

'
——

2,996
1,996
2,152
2,601
1,282
2,099

,
'

23.1
15.1
16.1
19.2
9.3
15.1

-—

—
- - - -

Annual growth r a t e f o r m o n t h l y d a t a i s t h e a n n u a l i z e d m o n t h l y p e r c e n t a g e i n c r e a s e i n d e p o s i t s .
Net New Mopey i s new d e p o s i t s n e t of b o t h w i t h d r a w a l s and i n t e r e s t .
Data f o r S&Ls a r e f o r
i n s u r e d a s s o c i a t i o n s o n l y , which r e p r e s e n t 96% of i n d u s t r y t o t a l r e s o u r c e s .
R e g u l a r d e p o s i t s a t m u t u a l s a v i n g s b a n k s e x c l u d e i t e m s s u c h a s C h r i s t m a s c l u b and c e r t a i n
escrow a c c o u n t s , which r e p r e s e n t a v e r y s m a l l p a r t of t o t a l d e p o s i t s .
SOURCE: N a t i o n a l A s s o c i a t i o n of Mutual S a v i n g s BanJ&s and F e d e r a l Home Loan Bank Boar d.




—
- -

—
—
—

TABLE 11: Mortgage Commitments at Selected Thrift Institutions

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

TOTAL

1

NET CHANGE
ALL
SAVINGS &
LOAN
ASSOCIATIONS

MUTUAL "
SAVINGS
BANKS
(N.Y. STATE)

( B i l l i o n s of D o l l a r s , Se£ s e r i a l l y A d j u s t e d ) ! /
9.8
8.9
9.3
9.6

10.1
10.4

11.2
12.6
13.8
15.3

16.1
16.3
16.4

6.8
7.1
7.5
7.8

8.1
8.3
8.9

10.1
11.1
12.2
13.0
13.2
13.3

2.0
1.8
1.8
1.8
2.0

2.1
2.3
2.5

2.8
3.1
3.1
3.1
3.1

.21
.25
.30
.35
.51

.29
.36
.37
.34

.28

.25

.20

1.36
1.30
1.56
.77
.24
.13

1.16
1.01

.80

.60

.«11

.07

.01
.23

.05

.20
.20

1,21

.29
.34
.05

.08

.05

.72
.28 r /

Based on d a t a from F e d e r a l Home Loan Bank Board and S a v i n g s Banks A s s o c i a t i o n s of
New York S t a t e . Net changes a r e d e r i v e d d i r e c t l y from unrounded o u t s t a n d i n g s
l e v e l s a s r e p o r t e d and a f t e r s e a s o n a l a d j u s t m e n t by F e d e r a l R e s e r v e . S u b t o t a l s
may n o t add t o t o t a l s b e c a u s e of r o u n d i n g . Mutual S a v i n g s Banks and t o t a l d a t a
i n c l u d e b u i l d i n g l o a n s b e g i n n i n g August 1967.




.08

.02

TABLE 12: Net Change in Mortgage Holdings

DATE

TOTAL
INCLUDING
FNMA-GNMA

TOTAL

1

FINANCIAL INSTITUTIONS .
LIFE
MUTUAL SAVINGS &
INSURANCE
SAVINGS
COMMERCIAL
LOAN
COMPANIES
BANKS
BANKS
ASSOC.

Not S e a s o n a l l y A d i u s t e d
1967
1968
1969
1970 £ /

20,016
23,781
24,189
21,822

1970 - J u l y
Aug.
Sept.
1971 - J u n e
July
Aug.
Sept.

2,063r
2,072
2,314
4,544
4,264
4,556
n.a.

1970 - Aug.
Sept.
Oct.
Nov.
Dec.
1971 - J a n .
Feb.
Mar.
Apr.
May
June
July
Aug
Sept

l,919r
2,192
2,128
2,049
2,604
1,860
2,097
2,988
2,939
3,280
4,177
4,259
4,404r
n.a.

1

18,219
21,273
19,814
16,913
,

1,600
1,673
1,952
4,411
3,948
3,930
n.a.
l,511r
1,828
1,808
1,820
2,504
1,893
2,184
2,996
2,018
3,273
3,972
3,898
3,770r
n.a.

FNMA-GNMA

:

3,153
2,787
2,682
1,845

7,520
9,350
9,676
10,288

200
160
182
300
500
216
1,300
435
1,000
389
1,000
415
1,100
Seasonally Adiusted

1,079
1,114
1,123
2,693
2,511
2,391
2,088

161r
77r
113
-17
48
124

463
399
362
133
316
626

983
1,104
1,175
1,289
1,710
1,311
1,425
1,774
2,044
2,095
2,339
2,484
2,258t
2,069

85
151
200
131
232
24
97
154
38
25
23
72
130
n.a.

408
364
320
229
100
-33
-87
-8
-79
7
205
361
634

4,639
6,677
5,404
2,462

268
329
295
224
312
383
445
688
653
840
1,197
969
972
922

»

175
245
138
176
250
175
217
380
283
313
413
373
410
n.a.

2,907
2,459
2,052
2,318
>

—
1,797
2,508
4,375
4,909

Monthly d a t a f o r commercial banks based on F e d e r a l R e s e r v e e s t i m a t e s benchmarked >
t o C a l l Report d a t a on r e a l e s t a t e l o a n s o u t s t a n d i n g a s a v a i l a b l e . O t h e r d a t a
d e r i v e d from mortgage d e b t o u t s t a n d i n g a s r e p o r t e d s e p a r a t e l y by N a t i o n a l Assn.
of Mutual S a v i n g s Banks, F e d e r a l Home Loan Bank B o a r d , I n s t i t u t e of L i f e I n s u r a n c e :
a n d , t h r o u g h August 1968, t h e F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n , and t h e r e a f t e r by FNMA and t h e Government N a t i o n a l Mortgage A s s o c i a t i o n . Data f o r m u t u a l
s a v i n g s banks and f o r L i f e I n s u r a n c e companies may d i f f e r somewhat from t h o s e
d e r i v e d from r e g u l a r q u a r t e r l y s e r i e s b e c a u s e of minor c o n c e p t u a l d i f f e r e n c e s f o r
which a d j u s t m e n t s a r e n o t made i n t h e monthly s e r i e s . A l t o g e t h e r , t h e s e groups
a c c o u n t e d f o r 84 p e r c e n t of t h e n e t i n c r e a s e e s t i m a t e d f o r a l l h o l d e r s i n 1970.




17

TABLE 13: Net Increases in Mortgage Debt Outstanding

1

B i l l i o n s of d o l l a r s , SAAR QUARTER

TOTAL

RESIDENTIAL3

1- to 4FAMILY

MULTIFAMILY

COMMERCIAL

MULTI-AND
COMMERCIAL

FARM

1966 - I I
IV

18.6
15.1

10.9
9.1

8.3
7.0

2.6
2.1

5.5
4.1

8.1
6.2

2.2
1.8

1967 - I
II
III
IV

15.9
20.7
26. 6
27.3

10.3
13.9
19.2
19.8

7.0
10.5
15.3
16.0

3.3
3.4
3.9
3.8

3.9
5.0
4.9
4.8

7.2
8.3
8.8
8.6

1.8
1.8
2.5
2.8

1968 - I
II
III
IV

27.7
26.2
26.0
29.6

19.0
18.2
17.7
20.2

15.8
15.0
14.1
16.4

3.1
3.2
3.4
3.8

6.4
3.9
6.5
7.5

9.6
9.0
10.1
11.3

2.3
2.2
1.8
1.8

1969 - I
II
III
IV

31.3
28.9
26.5
25.1

25.0
21.5
19.3
18.3

18.6
16.9
14.6
13.0

4.4
4.7
4.7
5.3

6.2
5.2
5.3
5.4

10.6
9.9
10.1
10.7

2.2
2.2
1.8
1.4

1970 - I
II
III
IV

20.2
22.8
29.5
31.6

13.8
16.9
22.1
22.5

8.8
11.5
15.8
16.1

5.0
5.4
6.3
6.4

4.9
4.3
5.2
6.9

9.9
9.7
11.5
13.4

1.5
1.5
2.1
2.1

1971 - I p
up

36.3
47.6

25.9
36.4

17.7
26.2

8-2
10.2

8.1
8.9

16.3
19.1

2.2
2.3

1

2
3

D e r i v e d f r o m d a t a on m o r t g a g e d e b t o u t s t a n d i n g from F e d e r a l D e p o s i t I n s u r a n c e
C o r p o r a t i o n , F e d e r a l Home Loan Bank B o a r d , I n s t i t u t e of L i f e I n s u r a n c e , N a - .
t i o n a l A s s o c i a t i o n of Mutual S a v i n g s B a n k s , D e p a r t m e n t s of Commerce and A g r i c u l t u r e , F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n , F e d e r a l Housing A d m i n i s t r a t i o n ,
V e t e r a n s A d m i n i s t r a t i o n and C o m p t r o l l e r of t h e C u r r e n c y . S e p a r a t i o n of nonf a r m m o r t g a g e d e b t by t y p e of p r o p e r t y , where n o t a v a i l a b l e , and i n t e r p o l a t i o n s
and e x t r a p o l a t i o n s , where r e q u i r e d , e s t i m a t e d m a i n l y by F e d e r a l R e s e r v e .
May d i f f e r somewhat from r e l a t e d f l o w of f u n d s s e r i e s m a i n l y b e c a u s e o f more
a g g r e g a t i v e t y p e of s e a s o n a l a d j u s t m e n t .
R e s i d e n t i a l m o r t g a g e d e b t i n c l u d e s n o n f a r m o n l y and i s sum of 1 - t o 4 - f a m i l y
and m u l t i f a m i l y m o r t g a g e d e b t combined.




K

T A B L E 14: FNMA Weekly " A u c t i o n " Results

WEEK
ENDED

" | IMPLICIT YIELD 2 (per c e n t )
COMMITMENTS IN $ MILLIONS
ACCEPTED
1-YEAR 1
1-YEARN
906906TOTAL
TOTAL
& OVER
MONTH
DAY
MONTH & OVER
DAY
OFFERED

1
14
28

322.4
664.4
539.3

146.6
191.2
262.2

77.1
133.7
191.8

57.8
47.3
60.3

11.6
10.2
10.4

8.05
7.91
7.92

8.18
8.15
8.22

8.16
8.22
8.28

July

12
26

606.0
686.2

241.1
183.4

161.8
183.4

58.2

21.1

7.98
8.07

8.23

8.31

Aug.

25

634.6

153.5

153.5

7.97

Sept.

7
20

445.2
437.5

188.6
193.0

188.6
193.0

7.88
7.86

Oct.

4
18

365.1
219,8

194.8
103.6

194.8
3/
.103.6^

1971 - J u n e

\

N o t e : Under t h e FNMA a u c t i o n s y s t e m , a p p r o v e d s e l l e r s of Governmentu n d e r w r i t t e n m o r t g a g e s b i d f o r FNMA f o r w a r d p u r c h a s e commitments. B i d s
a c c e p t e d by FNMA a r e f o r d e l i v e r y a t t h e s e l l e r ' s o p t i o n , and a t any
time w i t h i n the s p e c i f i e d p e r i o d .
B i d s on p r o p o s e d homes r e l a t e t o
c o n s t r u c t i o n n o t y e t s t a r t e d on w h i c h m o r t g a g e s may b e d e l i v e r e d o n l y
a f t e r c o m p l e t i o n and occupancy.
|
For " p r o p o s e d c o n s t r u c t i o n " of new homes o n l y .
A v e r a g e s e c o n d a r y m a r k e t y i e l d a f t e r a l l o w a n c e f o r commitment f e e and
r e q u i r e d p u r c h a s e and h o l d i n g of FNMA s t o c k , a s s u m i n g prepayment of
15 y e a r s f o r 3 0 - y e a r Government-underwritten m o r t g a g e s . Y i e l d s shown
a r e g r o s s , b e f o r e d e d u c t i o n of 38 b a s i s p o i n t s f e e p a i d by i n v e s t o r s
to servicers.
4-month commitment b a s i s .




19
TABLE 15: Private Housing Starts and Permits

STARTS
DATE

SEASONALLY ADJUSTED .
ANNUAL RATE
TOTAL |I-FAMILY 2 OR MORE

TOTAL

1970 - S e p t ,
Oct.
Nov.
Dec.

1,509
1,583
1,693
2,054

881
890
934
1,240

627
693
759
814

130.9
140.9
126.9
121.4

34.3
40.4
33.7
63.2

5.3
5.8
5.5
5.7

91.3
94.7
87.2
52.5

1971 - J a n .
Feb.
Mar.
Apr.
May.
June
July r/
Aug. r /
Sept. £ /

1,725
1,754
1,959
1,912
1,975
2,000
2,229
2,235
1,958

946
985
1,048
1,098
1,124
1,177
1,187
1,208
1,182

779
769
911
814
851
823
1,042
1,027
776

110.6
102.2
167.9
201.1
198.5
193.8
194.3
202.2
170.4

32.2
27.3
33.4
44.6
40.7
46.1
42 . 9
45.8
—

4.6
4.7
6.9
8.5
8.4
9.3
9.2
9.4
8.7

72.8
68.4
127.6
148.Q
149.4
137.8
142.2
147.0

1

2

BUILDING PERMITS
(SEASONALLY
ADJUSTED
ANNUAL
RATE) 2

UNADJUSTED
TYPE OF FINANCING
FHA VA
OTHER

,

1,388
1,523
1,487
1,768
1,635
1,563
1,627
1,638
1,927
1,849
2,052
2,006
1,967

T o t a l s t a r t s a r e Census e s t i m a t e s i n c l u d i n g farm f o r b o t h p e r m i t - i s s u i n g and
n o u - i s s u i n g a r e a s . A d w e l l i n g u n i t i s s t a r t e d when e x c a v a t i o n b e g i n s ; a l l u n i t s
i n an a p a r t m e n t s t r u c t u r e a r e c o n s i d e r e d s t a r t e d a t t h a t t i m e . FHA and VA
« t a r t s a r e u n i t s s t a r t e d u n d e r commitments by t h e s e a g e n c i e s t o i n s u r e o r g u a r a n t e e t h e m o r t g a g e s . As r e p o r t e d by FHA and VA, a u n i t i s s t a r t e d when a f i e l d
o f f i c e r e c e i v e s t h e f i r s t c o m p l i a n c e i n s p e c t i o n r e p o r t , which i s made b e f o r e
f o o t i n g s a r e p o u r e d i n some c a s e s b u t n o r m a l l y a f t e r t h e f o u n d a t i o n s have been
c o m p l e t e d . O t h e r s t a r t s a r e d e r i v e d a s a r e s i d u a l , a l t h o u g h t o t a l and FHA and
VA s t a r t s a r e n o t s t r i c t l y comparable i n c o n c e p t or t i m i n g ; o t h e r s t a r t s i n c l u d e b o t h u n i t s f i n a n c e d by c o n v e n t i o n a l m o r t g a g e s and u n i t s w i t h o u t m o r t g a g e s .
B u i l d i n g p e r m i t s a r e f o r 1 3 , 0 0 0 , o r a l l known p e r m i t - i s s u i n g p l a c e s .
Unlike
s t a r t s , seasonally adjusted building permits r e f l e c t d i r e c t adjustment f o r
d i f f e r e n c e s i n t h e number of w o r k i n g d a y s p e r month, a s w e l l a s o t h e r
d i f f e r e n c e s i n t i m i n g and c o v e r a g e .




20
TABLE 16: Mortgage and Bond Yields

FHA
MORTGAGES
DATE
30-year

2

CONVENTIONAL
MORTGAGES
3

SPREAD BETWEEN YIELDS
ON CONV. &
FHA MORTGAGES 5

1969 - High
Low

8.62
7.99

8.35
7.55

-.13
-.40

1970 - High
Low

9.29
8.40

8.60
8.30

-.10
-.74

1971 - High
Low

7.97
7.32

7.95
7.55

1971 - A p r .
May
June

7.37
7.75
7.89
7.97
7.92
7.84

July
Aug.
Sept.
1

2

3
4
5
6

1

NEW
Aaa CORPORATE
BONDS
4

SPREAD BETWEEN
YIELDS ON NEW
CORPORATE BONDS
AND *
FHA MORTGAGES 6

8.75
6.91

1.08
-.13

9.11
7.80

.99
.01

.28
-.19

8.01
7.24

.40
-.36

7.55
7.65
7.70

.18
-.10
-.19

7.57
8.01
7.90

-.20
-.26

7.80
7.85
7.85

-.17
-.07
.01

7.96
7.65
7.44

!

- •

0 1

*

.01
.27
.40

N e i t h e r m o r t g a g e n o r bond y i e l d s i n c l u d e a l l o w a n c e f o r s e r v i c i n g c o s t s w h i c h a r e
much h i g h e r f o r m o r t g a g e s t h a n f o r b o n d s . G e n e r a l l y , bonds pay i n t e r e s t s e m i a n n u a l l y ; m o r t g a g e s , m o n t h l y . M o r t g a g e y i e l d s , i f computed a s e q u i v a l e n t t o
a s e m i - a n n u a l i n t e r e s t i n v e s t m e n t , would b e s l i g h t l y h i g h e r t h a n g i v e n i n t h e
table.
Based on F H A - f i e I 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 b i d p r i c e s i n t h e p r i v a t e
s e c o n d a r y m a r k e t f o r new-home m o r t g a g e s f o r i m m e d i a t e d e l i v e r y .
D a t a shown
a r e f o r 3 0 - y e z r m o r t g a g e s w i t h minimum d o w n p a y m e n t s , ajad w e i g h t e d by p r o b a b l e
volume o f t r a n s a c t i o n s . Y i e l d s computed by FHA, a s s u m i n g p r e p a y m e n t p e r i o d
6
of 15 y e a r s f o r 3 0 - y e a r m o r t g a g e s .
Based on F H A - f i e l d - o f f i c e o p i n i o n on t y p i c a l i n t e r e s t r a t e s ( 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 mortgages p r e v a i l i n g i n the market a r e a s of i n s u r i n g
office cities.
S e e n o t e f o r T a b l e 1.
^
Y i e l d s p r e a d 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 l e s s FHA 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 s p r e a d e q u a l s FHA s e c o n d a r y m a r k e t y i e l d l e s s new Aaa c o r p o r a t e bond
yield.




I

'

:

T A B L E 17: Conventional Mortgage Terms

: 1

1

DATE

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

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

1

EXISTING HOMES
CON- FEES &
LOAN /
CHARGES
EFFEC- MATU- P R I C E
TRACT
(PER
RATE
TIVE
RITY RATIO
(PER
CENT) RATE (YEARS) (PER
CENT)
CENT)
2
3

LOAN
AMT.

($000)
4

|19Z0
I
'Sept.
Oct.
Nov.
Dec.

8 .31
8 .33
8 .26
?8 . 2 0

1.03
1.05
0.99
1.07

8.48
8.51
8.43
8.38

25 2
25.. 1
25..3
25,.8

72 .7
72 . 4
72 . 1
73 .8

25.3
24.8
25.2
25.8

8.27
8.20
8.18
8.12

0.88
0.88
0.85
0.85

8.42
8.35
8.32
8.26

22.8
22.8
22.7
23.3

71.7
71.5
71.5
71.9

21.0
20.5
21.1
21.7

8,.03
7,.74
7..52
7..37
7.,36
7. 38
7. 51
7. 60
7. 66

0.92
1.00
0.83
0.73
0.71
0.74
0.90
0.84
0.97

8.18
7.91
7.66
7.49
7.47
7.50
7.66
7.74
7.82

25.,8
26.,2
25. 9
26. 3
26. 1
26.3
26.3
26. 2
25. 9

73..3
73..9
73..7
73.,6
74.,0
73. 7
.74. 5
%73. 9
75. 1

26.4
26.2
26.0
26.2
26.7
27.2
27.1
26.5
26.1

0.82
7.94
7.67
0.79
7 . 4 7 • — 0. 77
7.34
0.75
7.33
0.71
0.74
7.38
0.75
7.50
0.76
7.58
7.63
0.78

8.08
7.80
7.60
7.47
7.45
7.50
7. 63
7.71
7.76

23.5
24.0
24.1
24.2
24.0
24.3
24.2
24.5
24.2

• 72.5
73.1
73.5
73.6
73.2
73.9
74.5
74.2
74.5

22.0
22.5
23.0
23.1
23.3
28.3
23.2
23.5
22.6

1971
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

Compiled by F e d e r a l Home Loan Bank Board i n c o o p e r a t i o n with F e d e r a l Deposit I n s u r a n c e
C o r p o r a t i o n . Data a r e weighted a v e r a g e s based on p r o b a b i l i t y sample survey of c h a r a c t e r i s t i c s of c o n v e n t i o n a l f i r s t mortgages o r i g i n a t e d by major i n s t i t u t i o n a l l e n d e r
groups ( i n c l u d i n g mortgage companies) f o r purchase of s i n g l e f a m i l y homes. JPata exc l u d e l o a n s f o r r e f i n a n c i n g , r e c o n d i t i o n i n g or m o d e r n i z a t i o n ; c o n s t r u c t i o n loans to
h o m e - b u i l d e r s ; and permanent l o a n s which a r e coupled with c o n s t r u c t i o n loans t o ownerb u i l d e r s . R e l a t e d s e r i e s on c o n v e n t i o n a l mortgage r a t e s o n l y , based on unweighted
o p i n i o n s of f i e l d - o f f i c e d i r e c t o r s of t h e Federal-Housing A d m i n i s t r a t i o n , a r e a v a i l a b l e
somewhat sooner than t h e r e s u l t s of t h e FHLBB-FDIC s u r v e y , and a r e i n c l u d e d - i n the case
of new home mortgage r a t e s — i n Table 16.
Fees and c h a r g e s - - e x p r e s s e d as a p e r c e n t a g e of t h e p r i n c i p a l mortgage a m o u n t - - i n c l u d e
loan commissions, f e e s , d i s c o u n t s , and o t h e r charges which p r o v i d e added income t o t h e
l e n d e r and a r e p a i d by t h e borrower. They exclude any c l o s i n g c o s t s r e l a t e d s o l e l y t o
t r a n s f e r of p r o p e r t y ownership.
I n c l u d e s f e e s & c h a r g e s amortized over a 10 y e a r p e r i o d i n a d d i t i o n t o t h e c o n t r a c t
interest rate.
Derived by FRB.