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Capital Market Developments % mi l\ Q ^ d> % # September 19,1977 Prepared by the C A P I T A L MARKETS SECTION in conjunction with the MORTGAGE and CONSUMER F I N A N C E SECTION DIVISION OF R E S E A R C H AND STATISTICS BOARD OF GOVERNORS F E D E R A L R E S E R V E 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 $.50 each. Address requests to Publications Services, Division of Administrative Services, and make payment remittance payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. Currency. TABLES 1 - 6 SECURITY VOLUME AND YIELDS 7, 8 STOCK MARKET AND SECURITY CREDIT 9-16 MORTGAGE MARKET SYMBOLS 6 ESTIMATE P PRELIMINARY r REVISED n.a. NOT A V A I L A B L E DATA DO NOT EXIST 3 Table 1 YIELDS, VOLUME AND RECEPTION CORPORATE B O N D M A R K E T YIELDS WEEK E N D I N G 1977 - July 1 8 15 22 29 August September NEW ISSUE 1 Aaa UTILITY — 8.14 8.14 8.12 8.17 VOLUME RECENTLY 2 OFFERED Aaa UTILITY 8.03 8.12 8.12 8.14 8.14 GROSS 3 OFFERINGS ($ MILLIONS) 262 650 822 189 659 PER CENT SOLD BY END OF WEEK 68 78 82 84 90 NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 278 192 165 148 67 5 12 19 26 8.07 8,11 8.01 8.1C 8.05 8.04 8.03 303 246 237 695 92 92 95 92 76 78 52 76 2 9 16 7.97 8.02 8.09p 8.02 8.03r 8.07p 493 168 491 90 87 65 69 96 239 — — MUNICIPAL BOND MARKET YIELDS WEEK E N D I N G 1977 - July MOODY'S NEW ISSUE Aaa VOLUME BOND BUYER 2Q-BOND INDEX 5.56 5.63 5.64 5.62 5.62 GROSS 3 OFFERINGS ($ MILLIONS) PER CENT SOLD BY END OF WEEK 1,519 202 734 658 1,265 92 75 86 88 82 259 230 191 145 269 NEW ISSUES 4 IN SYNDICATE ($ MILLIONS) 1 8 15 22 29 5.18 5.20 5.20 5.22 5.22 August 5 12 19 26 5.25 5.30 5.30 5.27 5.63 5.63 5.63 5.58 433 542 775 992 89 83 91 95 229 202 204 161 September 2 9 16 5.27 5.24 5.28 5.54 5.48 5.51 1,188 261 1,590 91 73 86 182 183 204 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 1973 - High Low 8.52 (8/10) 7.29 (1/21) 1974 - High Low 1 RECENTLY OFFERED Aaa UTILITY 2 MOODY'S SEASONED CORPORATE Aaa 3 U.S. G O V T . 2 0 - Y E A R CONSTANT MATURITY 4 B O N D BUYER 2 0 - B 0 N D INDEX 8.32 (8/10) 7.28 (1/5) 7.77 (8/24) 7.11 ( 1 / 5 ) 7.79 (8/10) 6.42 ( 1 / 5 ) 5.59 ( 8 / 3 ) 4.99 (10/11) 10.61 (10/4) 8.05 (2/15) 10.52 (10/11) 8.13 ( 1 / 4 ) 9.39 (10/11) 7.73 (1/4) 8.68 (8/30) 7.39 ( 1 / 4 ) 7.15 (12/12) 5.16 ( 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) 8.57 (2/28) 8.63 (9/19) 7.63 (2/21) 7.67 (10/3) 6.27 (2/13) 1976 - High Low 8.95 (5/28) 7.93 (12/10) 9.10 (1/2) 7.84 (12/31) 8.66 (5/28) 7.91 (12/31) 8.17 (5/28) 7.27 (12/31) 7.29 ( 1 / 2 ) 5.95 (12/16) 1977 - High Low 8.34 (5/20) 7.90 (1/7) 8.33 (5/6) 7.95 ( 1 / 7 ) 8.12 (3/11) 7.88 (1/7) 7.78 (5/13) 7.26 ( 1 / 7 ) 5.93 ( 2 / 4 ) 5.48 (9/8) 5 12 19 26 8.07 8.11 8.01 8.10 8.05 8.04 8.03 8.00 8.00 7.99 7.96 7.66 7.69 7.68 7.58 5.63 5.63 5.63 5.58 2 9 16 7.97 8.02 8. 09p 8.02 8.03r 8.07p 7.92 7.90r 7.89p 7.52 7.52r 7.58p 5.54 5.48 5.51 1977 - Aug. Sept. 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 G R O S S PROCEEDS PERIOD CORPORATE 1977 3 January February March April May June July August 1976 1975 5,367 4,528 5,378 3,419 3,142 4,135 2,451 2,885 3,365 2,361 2,387 2,135 3,639 3,350e 4,400e 3,507 4,186 6,439 4,294 5,798 5,596 3,563 4,304 5,700e 2,218 3,575 3,115 2,406 2,900 3,064 2,400e 1,900e 3,216 3,357 4,817 4,327 2,405 2,836 3,200e 4,OOOe 2,734 2,821 2,814 3,580 2,783 2,159 4,431 3,047 6,480 4,705 4,076 4,307 3,524 3,336 2,342 2,323 2,381 2,052 12,192 11,389e 13,876 14,132 11,390 13,958 15,273 15,688 9,568 13,088 10,696 13,567e 8,701 8,908 8,369 9,202 6,883 8,370 8,522 6,756 23,581e 28,008 39,398 53,356 30,961 40,529 53,617 24,263e 17,609 25,978 35,180 15,253 23,775 30,531 November December 03 04 1st Half 1977 3,381 3,863 6,632 October 01 1975 1 3,989 2,708 5,495 September 02 S T A T E A N D LOCAL 1976 1 3 Qtrs. Year NOTES: 1 Securities and Exchange Commission estimates of gross proceeds. 2 Securities Industry Association estimates of principal amounts. Estimated by Digitized 3for FRASER Federal Reserve on t h e . b a s i s of a v a i l a b l e data Table 4 NEW CORPORATE SECURITY ISSUES BY TYPE OF ISSUE AND ISSUER FN MILLIONS OF DOLLARS PERIOD 1976 I II III IV TOTAL GROSS PROCEEDS BY TYPE OF ISSUE GROSS PROCEEDS BY TYPE OF ISSUER BONDS COMMON MEMO AND MANUFACPUBLIC COMMUNIOTHER PUBLICLY PRIVATELY ISSUES INCLUDED PREFERRED TURING UTILITY CATIONS ISSUERS OFFERED PLACED FOREIGN CONVERTIBLE STOCK 13,876 14,132 11,390 13,958 7,569 7,427 4,904 6,553 2,754 3,584 4,624 4,846 3,553 3,121 1,861 2,559 1,340 1,843 1,267 1,795 262 478 199 55 4,497 3,757 2,982 4,244 4,044 3,140 3,317 3,897 765 1,879 378 541 4,569 5,358 4,715 5,276 12,192 6,504 3,071 2,617 858 6 2,774 3,019 1,415 4,986 1976 - April May June July August September October November December 3,507 4,186 6,439 3,216 3,357 4,817 4,431 3,047 6,480 2,350 1,937 3, 140 1,239 1,565 2,100 2,729 1,256 2,568 629 1,051 1,904 1,348 1,113 2,163 753 1,101 2,992 528 1,198 1,395 629 678 554 949 690 920 428 350 1,005 500 367 400 235 1,310 250 37 15 426 100 7 92 31 3 568 1,709 1,480 1,198 1,031 753 1,349 510 2,385 644 1,148 1,348 932 920 1,465 1,414 1,327 1,156 450 20 1,409 26 212 140 155 190 196 1,847 1,309 2,202 1,061 1,195 2,459 1,513 1,019 2,744 1977 - January February March April 3,989 2,708 5,495 3,639 2,786 1,102 2,610 1,961 601 786 1,690 1,087 602 820 1,195 591 300 433 125 600 0 6 0 50 906 743 1,125 1,348 986 435 1,598 774 50 557 808 334 2,048 973 1,965 1,182 1977 - I NOTES: Other issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. 1 Source: Securities and Exchange Commission. 21 Table 5A INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' September 6 through September 16, 1977 ISSUER TYPE AMOUNT (MILLIONS OF DOLLARS) Pfd. s t k . Pfd. s t k . Gvt. g t r . Gvt. g t r . Sub. deb t . Debt. SF debt. 1st mtg. Pfd. s t k . Pfd. s t k . Equip, t r . Notes 1st mtg. Debt. Equip. t r . Equip, t r . Gvt. g t r . Gvt. g t r . Gvt. g t r . 1st mtg. 50.7 30.0 8.2 34.9 32.5 60.0 15.0 60.0 50.0 30.6 36.0 25.0 50.0 225.0 16.3 24.0 5.4 7.3 22.7 50.0 1992 1987 2007 2017 1977-1992 1977-1983 1982 1987 2003 2007 Debt. 200.0 2007 MATURITY COUPON RATE OFFERING YIELD MOODY'S/S&P'S RATINGS CORPORATE Duke Power Co. Public Service Elec. & Gas Co. American Export Lines Inc. American Export Lines Inc. Western Co. of North America Data General Corp. Fremont General Corp. Public Service E l e c . & Gas Co. Alabama Power Co. Utah Power & Light Co. Atchison, Topeka & Santa Fe Railway F i r s t United Bancorporation Minnesota Power & Light Co. Mountain States Tel. & Tele. Co. Missouri P a c i f i c Railroad Atchison, Topeka & Santa Fe Railway *E1 Paso Co. &E1 Paso Co. *E1 Paso Co. Utah Power & Light Co. OTHER Ontario, Province of — —— 1994 2006 1997 2002 1992 2007 NOTES: * 1 Rights offering. Includes only corporate and other security offerings of $15 million and over; excludes options, exchanges, and secondary offerings. 7.15 7.65 8.00 8.25 8.28 8.10 7.75 7.95 10.88 8.45 9.50 8.13 9.00 8.16 7.70 8.13 8.35 8.05 6.65-7.80 6.63-7.30 7.15 7.65 8.00 8.26 A/A A/AAaa/AAA Aaa/AAA B/B Baa/BBB — /BBB Aa/AA Ba/BBBA/AA Aaa/AAA A A/A Aaa/AAA Aa/AA Aaa/AAA 8.38 8.38 Aaa/AA 8.28 8.16 7.75 7.95 10.88 8.38 9.50 8.13 9.00 8.16 7.70 8.13 8.35 8.00 7.75 — — j — A/AA X T a b l e 5B INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' September 6 through September 16, 1977 ISSUER TYPE AMOUNT ( M I L L I O N S OF DOLLARS) MATURITY NET INTEREST COST OFFERING YIELD MOODY'S/S&P'S RATINGS S T A T E AND LOCAL Kansas, State of Greenville Co., S.C. Granite School D i s t . , Utah Denver Metro. Sewage Disp. D i s t . #1, Colo. Nashville & Davidson Co. Metro. Gvt., Tenn. Moon Area Sch. D i s t . , Pa. Moon Area Sch. D i s t . , Pa. Moon Area Sch. D i s t . , Pa. Moon Area Sch. D i s t . , Pa. Moon Area Sch. D i s t . , Pa. L i t t l e Blue Val. Sewer D i s t . , Mo. Mobile, Alabama Mobile, Alabama St. Clair Co., Mich. S t . Clair Co., Mich. Cleveland Reg. Sewer D i s t . , Ohio Covington-Alleghany Indust. Dev. Auth. Va. Covington-Alleghany Indust. Dev. Auth. Va. Covington-Alleghany Indust. Dev. Auth. Va. Rev. G.O. G.O. 40.0 21.0 18.5 1978-1997 1980-1997 1979-1990 4.87 4.86 4.47 3.25-5.40 3.50-5.00 3.30-4.60 A-l/AA Aa/AA Aa/— Rev. 41.1 1980-2004 5.45 3.60-5.40 — /AAA G.O. G.O. G.O. G.O. G.O. G.O. Rev. G.O. G.O. Rev. Rev. Rev. 24.0 1.8 0.6 0.1 7.5 5.8 55.8 19.2 10.4 19.2 11.0 50.0 1978-2002 1978-1989 1995 1997 1978-1992 1997 1984-2007 1978-2000 1978-2002 1982-1997 2007 1979-2002 4.85 5.57 3.00-5.15 3.00-4.80 5.00 5.10 3.40-5.80 5.90 4.35-5.80 4.30-5.60 4.30-5.65 4.40-6.10 6.25 3.70-5.75 Aa/AA Aaa / Aaa/ Aaa/ Baa-1/ Baa-1/ A/AA A/A+ A/ A+ Baa/BBB Baa/BBB A/AA Rev. 2.9 1981-1990 6.51 4.25-5.90 Baa-l/A- Rev. 2.7 1996 6.51 6.25 Baa-l/A- Rev. 9.5 2008 6.51 6.50 Baa—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. — — — 5.66 5.38 5.44 Table 5B Continued INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY September 6 through September 16, 1977 TYPE ISSUER STATE AND LOCAL Knox Co. Health & Educ. Fac. Bd., Tenn J a c k s o n v i l l e , Fla. J a c k s o n v i l i e , Fla. Anchorage, Alaska New Bedford, Mass. Oregon, State of Oak Brook, 111. Lake Co. Forest Preserve D i s t . , 111. Hennepin Co., Minn. Henrico Co., Va. Washington Public Power Supply System Washington Public Power Supply System Manatee Co., Fla. Manatee Co., Fla. / Rev. Rev. Rev. Rev. G.O. G.O. G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. AMOUNT (MILLIONS OF DOLLARS) 17.6 42.0 14.4 43.1 10.0 30.0 10.3 15.5 16.3 28.0 20.5 109.5 16.5 1.0 MATURITY 1979-1990 1988-2002 2005 1978-1996 1978-1996 1982-2002 1979-1994 1979-1994 1979-1995 1978-1997 1989-2001 2018 " 2007 2007 NET INTEREST COST 5.59 5.59 5.85 6.07 4.96 4.70 4.70 4.62 4.62 5.96 5.96 —— OFFERING YIELD MOODY'S/S&P'S RATINGS 3.75-5.80 4.80-5.65 5.65 3.50-5.80 3.75-6.25 3.85-5.15 3.40-4.90 3.40-5.15 3.40-5.00 3.00-5.00 4.80-5.70 6.00 6.04 6.04 A-1/A+ A-l/A A-l/A Baa-1/BBB+ Baa-1/— Aaa/AA Aa/— Aa/AA Aaa/AAA Aaa/AAA A—1/A+ A-1/A+ Baa/BBB Baa/BBB 10 Table 6A FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY ' As of September 16, 1977 ISSUER CORPORATE Baltimore Gas & E l e c t r i c Co. Pennsylvania L i f e Co. Union P a c i f i c Railroad Iowa Power & Light Co. Loral Corp. Indiana Bell Telephone Co. California Federal S&L Assoc. *Bank of America Iowa Power & Light Co. Gulf States U t i l i t i e s Co. Rochester Gas & E l e c t r i c Co. Western A i r l i n e s Inc. Rochester Gas & E l e c t r i c Co. Toledo Edison Co. Central I l l i n o i s Light Co. M i s s i s s i p p i Power Co. *Empire D i s t r i c t E l e c t r i c Co. Metropolitan Edison Co. Columbus & Southern Ohio Elec. Co. Central Power & Light Co. Houston Lighting & Power Co. Household Finance Corp. Norin Corp. Philadelphia E l e c t r i c Co. Union E l e c t r i c Co. Public Service Co. of Indiana Consumers Power Co. Consumers Power Co. *Republic New York Corp. Southern California Gas Co. P a c i f i c Lighting Corp. Kansas City Power & Light Co. *Burlington Northern Railroad *Jersey Central Power & Light Co. *Jersey Central Power & Light Co. San Diego Gas & E l e c t r i c Co. *Alabama Power Co. *Alabama Power Co. ^Chesapeake & Ohio Railroad TYPE 1st mtg. Debt. Equip, t r . 1st mtg. SF debt. Debt. Mtg.-backed Mtg.-backed Com. stk. Conv. debt. Com. stk. Pfd. stk. 1st mtg. Pfd. stk. Pfd. stk. 1st mtg. 1st mtg. 1st mtg. Com. stk. 1st mtg. 1st mtg. Debt. Pfd. stk. Com. stk. Pfd. stk. 1st mtg. Pfd. s t k . 1st mtg. Pfd. stk. 1st mtg. 1st mtg. 1st mtg. Equip, t r . Pfd. stk. 1st mtg. Com. stk. 1st mtg. 1st mtg. Equip, t r . AMOUNT (IN MILLIONS OF DOLLARS) 75.0 30.0 24.0 30.0 20.0 90.0 100.0 150.0 22.0 50.0 20.0 30.0 50.0 38.5 15.0 20.0 15.0 35.0 53.5 75.0 125.0 100.0 15.0 80.0 40.0 85.0 50.0 100.0 40.0 50.0 50.0 20.0 17.8 50.0 75.0 45.0 100.0 100.0 15.0 NOTES: * Included in table for first time. 1 Includes only corporate and other security issues of $15 million and over; excludes exchanges, options APPROXIMATE DATE OF OFFERING Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. 19 20 20 20 21 21 21 21 21 21 21 22 22 27 27 27 27 27 28 28 29 4 4 5 5 5 7 11 11 12 13 17 17 18 18 18 18 11 Table 6A Continued FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of September 16, 1977 ISSUER CORPORATE *Tucson Gas & E l e c t r i c Co. *New York, State Elec. & Gas Co. *Cincinnati Gas & E l e c t r i c Co. * P a c i f i c Power & Light Co. *Long Island Lighting Co. *Texas International Co. Texas International Co. *Credithrift Financial Inc. *Oklahoma Gas & E l e c t r i c Co. *Central I l l i n o i s Public Service Texasgulf Inc. International Tel. & Tele. Corp. OTHER New Zealand European Investment Bank European Investment Bank TYPE AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERING 1st mtg. 1st mtg. Com. s t k . 1st mtg. 1st mtg. Pfd. s t k . Conv. debt. Notes 1st mtg. 1st mtg. Debt. Med.-term notes 60.0 60.0 27.0 100.0 70.0 15.0 15.0 30.0 35.0 60.0 150.0 50.0 Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Oct. Indef. Indef. 19 20 25 25 26 29 Notes Bonds Notes 75.0 100.0 75.0 Sept. Sept. Sept. 20 27 27 12 Table 6B FORTHCOMING INTERMEDIATE AND LONG-TERM PUBLIC SECURITY OFFERINGS OTHER THAN U.S. TREASURY 1 As of September 16, 1977 TYPE ISSUER STATE & LOCAL Cook Co., I l l i n o i s Louisiana, State of San Jose Redev. Agy., C a l i f . Wisconsin, S t a t e of Maine Municipal Bond Bank *Hatfield Tp. Hosp. Auth., Pa. Middlesex Co. Sewerage Auth., N.J. Lafayette Public Power Auth., La. *Houston Port Auth., Texas New York, State of Jackson Co., Miss. *Florida, State of Columbus, Ohio ^Virginia Beach, Va. *Fairfax Co. Water Auth., Va. *Alaska Housing Finance Corp. J e f f e r s o n Co., Ark. Austin, Texas Austin, Texas *Middleton, Ohio Blair Co. Hospital Auth., Pa. New Jersey Hsg. Finance Agy. Petoskey Hosp. Fin. Auth., Mich. North Miss. Medical Center, Miss. Rochester, Minn. Grand Rapids Public School D i s t . , Mich. Oregon, State of *Minneapolis, Minn. *Philadelphia, Pa. Missouri Environmental Improv. Auth. *Gulf Coast Waste Disp. Auth., Tex. Connecticut, State of * I l l i n o i s , State of *Riverside, Cal. *Guadalupe-Blanco River Auth., Tex. AMOUNT (IN MILLIONS OF DOLLARS) APPROXIMATE DATE OF OFFERII G.O. G.O. G.O. G.O. Rev. Rev. Rev. Rev. Rev. G.O. Rev. G.O. G.O. G.O. Rev. Rev. Rev. G.O. Rev. Rev. Rev. Rev. Rev. Rev. Rev. 43.0 100.0 24.8 39.0 77.0 10.4 70.0 100.0 11.0 108.6 20.0 38.2 17.8 20.0 50.0 31.0 47.0 18.0 55.0 18.3 35.4 125.0 26.2 23.0 53.0 Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Sept. Oct. Oct. G.O. G.O. G.O. Rev. 10.0 150.0 55.1 100.0 Oct. Oct. Oct. Oct. 3 4 5 7 Rev. Rev. G.O. G.O. Rev. Rev. 28.0 45.0 150.0 150.0 31.0 30.0 Oct. Oct. Oct. Oct. Oct. Oct. 10 12 12 18 18 20 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. 19 20 20 20 21 21 22 22 27 27 27 28 28 29 29 29 29 29 29 1 3 Table 7 STOCK PRICES AND VOLUME n air e 1 STOCK PRICES NYSE INDEX 3 BJ INDUSTRIALS 1 AMEX 4 | NYSE | AMEX | NASDAQ 2 6 . 0 (9/20) 9.0 (8/20) 5 . 5 (1/12) 1.4 (8/20) 11.3 (1/11) 3.5 ( 8 / 2 7 ) 96.53 (3/15) 54.87 (10/3) 24.9 ( 1 / 3 ) 7.5 ( 7 / 5 ) 4.4 (1/3) .9 (9/26) 7.5 ( 1 / 3 ) 2.8 (7/5) 96.86 (7/15) 62.20 ( 1 / 2 ) 88.00 (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) 1014.79 (9/21) 858.71 ( 1 / 2 ) 107.05 (7/12) 84.31 (1/2) 92.52 (7/15) 78.06 ( 1 / 2 ) 44.5 ( 2 / 2 0 ) 10.3 (1/2) 8 . 6 (2/20) 1.1 ( 1 / 2 ) 11.1 (2/20) 3.5 (1/2) 57.69 ( 1 / 3 ) 52.56 ( 5 / 3 1 ) 999.75 (1/3) 854.12 (8/25) 124.21 (7/19) 109.61 (1/12) 103.10 (7/22) 93.66 (4/5) 31.9 (7/19) 14.9 (9/13) 4 . 2 (1/13) 1.7 (9/13) 10.5 (1/19) 5 . 1 (5/27) 53.32 52.74 52.79 872.31 857.07 856.81 118.86 118.34 118.33 100.83 100.91 100.74 17.4 17. 6r 17.3 2.2 2.2 1.8 65.58 ( 1 / 1 1 ) 49.12 (12/13) 1051.50 (1/11) 788.31 (12/5) 1974 - High Low 53.37 ( 3 / 1 3 ) 32.89 ( 1 0 / 3 ) 891.66 (3/13) 577.60 (12/6) 102.01 (3/14) 58.26 (12/9) 1975 - High Low 51.24 ( 7 / 1 5 ) 37.16 ( 1 / 8 ) 881.81 (7/15) 632.04 ( 1 / 2 ) 1976 - High Low 57.51 (9/21) 48.04 ( 1 / 2 ) 1977 - High Low 2 9 16 5 130.47 (1/11) 136.84 (1/11) 85.26 (12/20) 89.12 (12/13) 1973 - High Low Sept. NASDAQ 2 TRADING VOLUME NOTES: Figures other than highs and lows are Fridays only. Highs and lows are for the year and are not necessarily for Fridays. 1 2 Volume figures are weekly averages of daily figures (millions of shares). 3 12/31/65 = 50 4 8/31/73=100 5 2/5/71=100 6.8 7.5r 6.7 14 Table 8 SECURITY CREDIT ( i n m i l l i o n s of d o l l a r s ) REGULATED MARGIN CREDIT EXTENDED BY END OF PERIOD BROKERS ON MARGIN STOCK 1 BROKERS ON 2 CONVERTIBLE BONDS BANKS OUTSTANDING UNREGULATED NONMARGIN STOCK CREDIT AT BANKS 7,340 7,450 7,530 7,530 7,610 7,960 172 167 174 169 178 204 875r 878r l,079r l,067r 864 845 2.200r 2,278r 2,154r 2,253r 2,312r 2,283r 8,270 8,480 8,690 8,880 9,070 9,230 9,460 9,560 196 197 199 196 196 198 204 n.a 832 844 810 807r 801 823 823 n. a. 2,312r 2,319r 2,312r 2,350r 2,345r 2,403r 2,419 n .a. 1976 - July August September October November December 260 110 80 6 -5 7 -5 9 26 -4 2r 196r -12r -204 -14r -28r 78r -124r 99r 59r -29r 1977 - January February March April May June July August 310 210 210 190 190 160 230 100 July August September October November December 1977 - January February March April May Jyne July August CHANGE IN OUTSTANDING 80 350 -8 1 2 -3 —— 2 6 n.a. -12r llr -32r -3r -3r 18r lr n.a. 29r 7r -7r ,38r -5r 58r 16r n.a. 1 1 1 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. 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. 0 m • % V % % > > 1 <>x Table 9 1 SAVINGS FLOWS AT NONBANK THRIFT INSTITUTIONS IN MILLIONS OF DOLLARS SAVINGS 4 LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS DATE 1972 1973 1974 1975 1976 1977-January February March April May June July j>/ REGULAR DEPOSITS NET FLOW 10,067 4,815 2,909 11,070 11,546 913 847 1,903 107 856 1,368 747 1 ANNUAL 3 GROWTH RATE 12.4 5.4 2.2 11.3 11.6 ' —— — — —— NET NEW MONEY 2 SHARE CAPITAL NET FLOW 5,451 -442 -2,822 4,757 5,275 32,567 20,237 16,006 42,769 50,287 645 585 623 -168 577 38 400 5,218 3,406 7,578 2,124 3,647 6,384 4,171 ANNUAL 3 GROWTH RATE 18.6 9.9 7.0 17.3 17.7 — — NET NEW MONEY TOTAL 2 DEPOSITS NET FLOW 23,884 10,507 4,668 29,276 34,369 42,634 25,052 18,915 53,839 61,833 4,944 3,186 3,604 1,924 3,419 2,048 3,918 6,131 4,253 9,481 2,231 4,503 7,752 4,918 ANNUAL 3 GROWTH RATE 16.6 8.5 5.5 15.8 16.0 — — — — — — — NET NEW MONEY 2 29,335 10,062 1,846 34,033 39,644 5,449 3,771 4,227/ 1,756 3,996 2,086 4,318 SEASONALLY ADJUSTED 1977-January February March April May June July £ / 965 589 696 527 927 681 1,463 9.5 5.7 6.7 5.1 8.9 6.5 13.9 ——- 4,285 2,932 3,608 3,397 3,947 3,738 6,187 15.2 10.3 12.5 11.7 13.4 12.6 20.6 —— — — — — — 5,250 3,521 4,304 3,924 4,874 4,419 7,650 13.7 9.1 11.0 9.9 12.2 11.0 18.9 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. in Source: National Association of Mutual Savings Banks and Federal Home Loan Bank Board. H.16 16 Table 10 MORTGAGE COMMITMENTS AT SELECTED THRIFT INSTITUTIONS BILLIONS OF DOLLARS, SEASONALLY A D J U S T E D NET CHANGE OUTSTANDING COMMITMENTS MUTUAL ALL SAVINGS SAVINGS BKS & LOAN ASSOCIATIONS ( N . Y . S T A T E ) PERIOD TOTAL TOTAL ALL SAVINGS MUTUAL & LOAN SAVINGS BKS ASSOCIATIONS (N.Y. S T A T E ) 1972 - Dec. 25 .2 20.3 4.9 .45 .43 .02 1973 - Dec. 19.9 16.4 3.5 .04 .21 -.17 1974 - Dec. 14.6 12.4 2.2 .09 -.09 1975 - Jan. Feb . Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 14.8 14.6 15 .2 16.1 16.7 17. C 17 .9 18.9 19.7 20.1 20.2 20.6 12.7 12.7 13.2 14.1 14.6 14.9 15.8 16.7 17.6 18.0 18.2 18.6 2.1 1.9 2.0 2.0 2.1 2.1 2.1 2.2 2.1 2.1 2.0 2.0 -.03 -.01 .50 1.18 .55 .25 .92 1.21 .90 .01 .35 .04 .18 .06 .41 .95 .53 .29 .84 .98 .86 .37 .22 .35 -.11 -.24 .11 .01 .04 .04 -.03 .09 -.09 .02 -.03 -.02 1976 - Jan. Feb . Mar . Apr . May June July Aug. Sept. Oct. Nov. Dec . 20.8 21.3 21.7 21.8 22.3 22.6 23.1 23.7 24.6 26.1 27.3 28.2 18.8 19.3 19.5 19.6 20.0 20.4 20.8 21.3 22.0 23.5 24.6 25.5 2.0 2.0 2.2 2.2 2.3 2.2 2.3 2.4 2.6 2.6 2.7 2.7 .06 .61 .48 .38 .48 .27 .50 .87 1.05 1.20 1.26 .92 .20 .58 .16 .10 .32 .53 .33 .50 .78 1.46 1.09 .92 .02 -.06 .19 .05 .05 -.02 .03 .12 .19 .06 .09 1977 - Jan. Feb . Mar. Apr. May June July (p) 27.9 28.4 29.6 30.2 30.3 31.4 25.1 25 .4 26.4 27.0 27.0 27.6 28.4 2.8 3.0 3 .2 3.2 3.3 3.8 -.35 .48 1.24 .56 .12 1.07 -.45 .30 1.04 .59 .02 .58 .83 .10 .18 .20 -.03 .10 .52 ' 1 < < NOTES: 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. 9 T a b l e 11 17 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 1974 Sept. Oct. Nov. Dec, 1975 1976 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1977 - Jan. Feb. Mar. Apr. May June jd/ July jj/ TOTAL INCLUDING SHORT-TERM DISCOUNT NOTES TOTAL FHLB +2,768 +1,665 -89 +507 +2,750 +1,599 +93 +961 +1,700 +1,499 -217 +470 -242 -659 +440 -5 -254 +689 +69 -1,279 +600 +300 -700 100 850 200 600 -4 -554 0 -1,568 +330 +236 -398 215 587 152 669 -197 -964 -851 124 -953 -107 -58 787 195 -37 -552 145 12 -862. 289 344 532 538 191 NOTES: Based on data from Treasury Survey of Ownership, http://fraser.stlouisfed.org/ p Reserve Preliminary Federal Bank of St. Louis INTERMEDIATE AND LONG-TERM ISSUES 0 -604 -304 693 -607 -206 291 +190 190 310 -297 -219 188 -592 -354 ' 746 297 200 600 -11 -30 -1,279 0 0 -700 0 +150 0 0 0 -1,100 0 0 -600 0 0 0 0 0 -300 0 0 -200 0 -6 105 0 0 FHLMC +300 0 -1 0 0 0 0 0 0 200 0 0 196 -4 -7 -7 -6 —9 +190 -10 —8 —9 -7 189 -393 -4 0 200 0 0 FNMA FNMA & FHLB SHORT-TERM DISCOUNT NOTES +1,050 +100 +310 +491 +18 +66 -182 -454 -1 0 +700 +100 0 +600 +300 0 100 700 0 600 -237 -405 -249 -69 -289 -270 —64 302 115 -263 -48 69 0 300 -300 700 0 -200 300 0 200 318 12 -212 -197 -360 -547 -569 -346 99 -349 597 5 -347 -255 364 -1 1 -350 752 -8 200 600 -176 -270 643 -402 235 338 -409 18 T a b l e 12 NET CHANGE IN MORTGAGE H O L D I N G S IN M I L L I O N S O F D O L L A R S PERIOD TOTAL INCLUDING FNMA-GNMA 2 FINANCIAL INSTITUTIONS TOTAL COMMERCIAL BANKS MSB's S & L's INSURANCE FNMA-GNMA COMPANIES Not Seasonally Adjusted 1971 1972 1973 1974 1975 1976 4 41,406 57,587 58,372 42,739 43,497 62,845 39,018 55,561 55,072 36,517 38,658 64,965 9,940 16,800 19,600 11,700 4,200 13,500 3,938 5,377 5,642 2,172 2,236 4,074 23,919 31,932 25,552 17,567 29,289 44,977 1,221 1,452 4,278 5,078 2,933 2,414 2,388 2,026 3,300 6,222 4,839 # -2,120 ^ 1976 - June July Aug. Sept. Oct. Nov. Dec. 6,140 6,394 6,241 6,331 5,183 5,149 6,313 6,783 6,088 5,961 6,471 5,599 5,457 6,476 1,300 1,200 1,200 1,700 1,200 1,100 1,100 517 314 384 364 398 341 690 4,804 4,512 4,239 4,081 3,895 3,531 3,913 162 62 138 326 106 485 773 -643 306 280 -140 a -416 T -308 -163 1977 - Jan. Feb. Mar. Apr. May June July 3,630 4,175 6,614 8,132 8,780 10,367 3,956 4,217 6,548 8,009 8,093 10,192 800 196 2,926 1,000 156 3,030 1,500 291 4,617 1,900 414 5,281 1,900 388 5,647 2,700 6,134 862 2,100 5,213 Seasonally Adjusted 34 31 14 Or 414 158 496 -326 - 42 66 123 687 175 1 1976 - June July Aug. Sept. Oct. Nov. Dec. 4,924 5,246 5,427 6,173 5,332 5,949 6,289 5,346 5,281 5,415 6,517 5,967 6,288 6,539 982 1,183 1,051 1,514 1,185 1,242 1,173 358 225 359 438 444 366 573 3,831 3,753 3,840 4,234 4,270 4,268 4,425 175 120 165 331 68 412 368 1977 - Jan. Feb. Mar. Apr. May June July 5,417 5,410 6,818 7,557 8,235 9,154 5,684 5,275 6,601 7,263 7,180 8,747 1,255 1,327 1,547 1,761 1,665 2,381 2,086 337 307 280 401 366 702 3,980 3,567 4,487 4,648 4,882 5,156 4,730 112 74 287 453 267 508 -422 - 35 12 -344 -635 % -339 -250 -267 135 217 294 1,055 407 NOTES: 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. 2 Beginning January 1972 data reflect activity in limited amount of conventional mortgages. a f T a b l e 13 19 NET INCREASE IN MORTGAGE DEBT OUTSTANDING IN B I L L I O N S OF D O L L A R S , 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 3 RESIDENTIAL TOTAL 1- t o 4 FAMILY MULTIFAMILY COMMERCIAL MULTIFAMILY & COMMERCIAL 24.0 29.0 37.5 39.5 15.7 19.6 26.3 29.0 9.6 13.7 16.1 19.4 6.1 5.9 10.1 9.6 7.3 8.3 9.9 9.0 13.3 14.3 20.1 18.7 0.9 1.0 1.3 1.4 1971 - I II III IV 41.6 49.2 56.0 61.0 33.2 40.0 42.0 46.1 23.5 29.5 32.9 36.3 9.7 10.4 9.0 9.8 5.9 9.0 11.5 12.0 15.6 19.4 20.5 21.8 2.5 0.3 2.5 2.9 1972 - I II III IV 70.3 72.7 74.5 90.5 51.1 53.1 56.5 66.1 39.7 40.3 45.8 49.8 11.3 12.8 10.7 16.3 15.9 15.9 14.4 20.9 27.2 28.7 25.1 37.2 3.4 3.7 3.6 3.4 1973 - I II III IV 86.8 83.6 79.2 72.6 60.3 57.4 55.2 50.1 52.2 44.5 43.1 41.7 8.1 13.0 12.1 8.4 21.0 20.6 19.0 16.5 29.1 33.5 31.1 24.9 5.5 5.6 5.0 6.0 1974 - I II III IV 72.7 68.3 55 .2 47.6 50.3 45.6 35.6 29.5 40.8 38.4 29.5 24.8 9.5 7.2 6.1 4.7 18.9 17.7 13.7 11.6 28.4 24.9 19.7 16.3 3.4 5.0 5.9 6.4 1975 - I II III IV 40.0 53.3 61.5 70.7 27.4 38.6 45.2 52.6 26.7 38.6 46.1 52.4 0.6 0.0 -0.8 0.2 7.7 9.7 12.2 14.2 8.3 9.7 11.4 14.5 5.0 5.0 4.0 3.8 1976 - I II III IV 83.7 75.0 91.3 101.5 68.9 59.5 71.3 78.4 67.7 57.8 69.9 76.8 1.2 1.6 1.4 1.6 8.7 10.4 12.3 14.9 14.8 15.5 20.0 23.1 6.1 5.2 7.7 8.2 1977 - I (p) 108.3 85.4 81.1 4.3 16.8 22.9 6.1 TOTAL 1970 - I II III IV QUARTER 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 May differ somewhat from related flow of funds series mainly because of more aggregative type of seasonal adjustment. Digitized 3for FRASER Residential mortgage debt includes nonfarm only and is sum of 1-to 4- family and multifamily mortgage debt. Table 14 K> o PRIVATE HOUSING PERMITS, S T A R T S , COMPLETIONS, AND MOBILE HOME SHIPMENTS IN THOUSANDS OF UNITS, SEASONALLY ADJUSTED ANNUAL RATES PERMITS PERIOD TOTAL 1 —FAMILY COMPLETIONS STARTS 1 2 - O R MORE FAMILY TOTAL 1 —FAMILY 2 - O R MORE FAMILY TOTAL MOBILE HOME 1 —FAMILY 12- OR MORE SHIPMENTS i FAMILY 1,074 939 1,281 626 647 906 1,033 882 644 676 895 698 705 1,018 1,186 937 431 264 386 1,407 1,434 2,052 2,357 2,045 1,388 1,160 1,538 811 813 1,151 1,309 1,132 888 892 1,162 656 621 901 1,048 914 450 268 376 1,399 1,418 1.706 1,972 2,014 1,692 1,297 1,362 808 802 1,014 1,143 1,174 932 867 1,026 592 617 692 828 840 760 430 336 413 401 497 576 567 329 216 250 1976 - July Aug. Sept. Oct. Nov. Dec. 1,229 1,308 1,481 1,481 1,583 1,532 866 876 914 987 1,055 1,049 363 432 567 494 528 483 1,413 1,530 1,768 1,715 1,706 1,889 1,129 1,172 1,254 1,269 1,236 1,324 284 358 514 446 470 565 1,307 1,401 1,387 1,326 1,399 1,435 1,038 1,094 1,017 989 1,068 1,074 269 307 370 337 331 361 221 242 248 263 247 248 Jan. Feb . Ma r . Apr. May June July 1,333 1,526 1,687 1,605 1,615 1,678 1,630 930 1,060 1,188 1,051 1,077 1,105 1,139 403 466 499 554 538 578 491 1,384 1,802 2,089 1,880 1,937 1,910 2,064 1,00.6 378 378 586 467 482 510 602 1,416 1.637 1.707 1,540 1,536 1.638 1,648 1,103 1,242 1,236 1,226 1,177 1,198 1,251 313 395 471 314 359 440 397 258 275 275 252 252 264 249p 1969 1970 1971 1972 1973 1974 1975 1976 1,324 1,352 1,925 2,219 1977 1,820. 1,424 1,503 1,413 1,455 1,400 1,462 NOTES: h o m e s h i p m e n t s are Mobile Home M a n u f a c t u r e r s Association data converted t o seasonally adjusted annual rate by Census Bureau. http://fraser.stlouisfed.org/ it data for 1 9 6 ^ g d 1970 based o n U l O O O areas with ^ g g i i t systems Federal Reserve Bank of St. Louis : is started when excavation begins. In the case of Table 15 AVERAGE RATES AND YIELDS ON HOME MORTGAGES EXISTING HOMES NEW HOMES PERIOD SPREAD BETWEEN NEW Aaa RETURNS ON NEW HOMES UTILITY CONVENTIONAL BOND AND HUD(FHA) YIELD NEW HOME DISCOUNT SPREAD (PERCENTAGE MORTGAGES (IN PER CENT) (BASIS (BASIS POINTS) POINTS) POINTS) HUD(FHA) INSURED LOANS SECONDARY MARKET CONVENTIONAL LOANS PRIMARY MARKET SPREAD (BASIS POINTS) YIELD (IN PER CENT) RATE (IN PER CENT) SPREAD (BASIS POINTS) RATE (IN PER CENT) 1975 - High Low 9.25 8.90 15 -70 9.30 8.95 20 -65 9.74 8.69 31 -91 6.2 2.4 21 -49 9.70 8.94 1976 - High Low 9.05 8.90 91 5 9.10 8.95 95 10 9.06 8.25 59 8 4.3 2.0 65 - 4 8.72 8.05 1976 - July Aug. Sept. Oct. Nov. Dec. 9.05 9.05 9.00 33 58 77 71 90 n .a. 9.10 9.10 9.05 9.00 9.00 8.95 38 63 82 71 95 n .a . 8.99 8.93 8.82 8.55 8.45 8.25 27 46 59 26 40 n.a, 3.8 3.3 2.5 4.3 3 .6 2.0 6 12 18 45 50 65 8.72 8.47 8.23 8.29 8.05 n.a. 1977 - Jan. Feb. Mar. Apr. May June July Aug. 8.80 8.80 8.85 8.90 8.95 58 52 63 59 n .a. 93 83 99 8.85 8.85 8.90 8.95 9.00 9.05 9.05 9.05 63 57 68 64 n.a. 98 88 1.04 8.40 8.50 8.58 8.57 n.a. 8.74 8.74 8.74 18 3.2 3.9 4.6 4.5 n.a. 1.9 1.9 1.9 40 30 27 33 n .a, 26 26 26 8.22 8.28 8.22 8.31 n.a. 8.07 8.17 9.00 8.95 8.90 9.00 9.00 9.00 22 36 26 n.a, 67 57 73 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. notimant nronaiH iri 15 1Ryears, x/oarc for fnrimmediate immAHiatfidelivery, delivery,are 3T6used, used, payment, prepaid in 8.01 22 T a b l e 16 FNMA AUCTION RESULTS HOME MORTGAGE COMMITMENTS CONVENTIONAL GOVERNMENT-UNDERWRITTEN AMOUNT (IN M I L L I O N S O F D O L L A R S ) DATE OF AUCTION OFFERED 634 (5/17) 321 (5/17) 9.20 ( 6 / 1 ) 171 ( 9 / 7 ) 21 (12/27) 19 (12/27) 8.39(12/27; Low AMOUNT (IN M I L L I O N S O F D O L L A R S ) ACCEPTED OFFERED 1976 - High AVERAGE YIELD I 33 (1/26) AVERAGE YIELD ACCEPTED 127 (11/15) 9.31 ( 6 / 1 , 6/28 23 (2/23) 8.90 (12/27) 1977 - Jan. 10 24 385 .7 361.7 285 .8 263.3 8.46 8.49 184.2 142 .6 132.5 105 .8 8.81 8.83 Feb. 7 24 389 .6 478.8 213.6 271.1 8.52 8.58 151.7 148.3 120.2 115.6 8.85 8.87 Mar. 7 21 702.3 434.9 324.9 287.1 8.66 8.70 206.4 167 .5 153.2 114.9 8.90 8.92 Apr . 4 18 321.5 134.6 201.9 67 .9 8.72 8.62 196.1 152.0 158.3 122.4 8.97 8.97 May 2 16 31 723.1 585.4 534.3 422.2 285.5 319.7 8.70 8.74 8.79 383.4 415 .9 365.3 255 .1 278.0 218.6 9.03 9.08 9.13 June 13 27 188.1 90.8 78.1 49.7 8.77 8.73 210.5 160.6 157.5 105.5 9.13 9.11 July 11 25 130.5 75 .9 77.3 54.1 8.72 8.71 163.9 122.9 101.6 82.8 9.08 9.06 Aug. 8 22 195.0 143.1 119.9 78.3 8.75 8.77 199.8 170.4 144.4 92.3 9.06 9.06 7 50.3 35.1 8.74 138.9 113.9 9.06 Sept. 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 4
@FedFRASER