Chart 6. The title is "Maturities for Pass-Through MBS Increased, while Average Lives of Other MBS Exposures Shortened".

Median share of securities with a next repricing interval, maturity, or average life exceeding three years is compared in the years 1994, 1997, 2000, and 2003 for pass-through mortgage-backed securities (MBS), other MBS, all other debt securities, and total debt securities. Investment maturities lengthened significantly for pass-through MBS) between 1997 and 2003, while average lives of other MBS securities shortened. The median share of pass-through MBSs next repricing or maturing in over three years increased from 57% in 1997 to 93% in 2003. The median share of other MBS with an expected average life of over three years decreased from 55% to 30% over the same period. The median share of all other debt securities next repricing or maturing in over three years increased from 44% to 57%. The median share of total debt securities with a next repricing, maturity, or average life exceeding three years increased from 42% in 1997 to 59% in 2003.