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| After falling to its lowest point in more than a half century, the Monthly Treasury Average fell further.
The index was 1.05083% in June, according to data released from the Federal Reserve and analyzed by MortgageDaily.com. MTA was 1.21000% in May and 3.07833% in June 2008. The last time MTA was this low was in January 1955, when it stood at 1.04667%. MTA is the 12-month average of the monthly Treasury yield. The monthly yield was 0.51% in June, higher than 0.50% in May. The one-year Treasury bill — a more widely used adjustable-rate index — saw its yield climb to 0.56% on June 30 from 0.47% on May 29. On Thursday, the one-year yielded 0.49%. The share of loan applications that were for adjustable-rate mortgages was 4.3% in the Mortgage Bankers Association’s latest weekly application survey. |
