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| The Monthly Treasury Average continued climbing.
In April, the MTA came in at 4.1425%, up 13 BPS from the previous month, according to data from the Federal Reserve Statistical Release. A year ago, the level was at 2.5042%. The MTA has been on the rise since April 2004, when it was 1.2383%. The MTA reflects the 12-month average of the 1-year T-bill’s monthly average yield, which in April was reportedly 4.9% and closed Thursday at 5.00%. The 6-month LIBOR, COFI and 1-year T-bill, which have all been rising relentlessly as well, compete with the MTA for adjustable rate mortgage applications, which the Mortgage Bankers Association says make up 28% of total mortgage applications. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com |
