The monthly Treasury average index continued its decline despite several months of rising Treasury yields.
MTA was 3.07833% during June, according to data released today by the Federal Reserve.
The index fell from 3.29000% in May and 5.00500% in June 2007.
MTA is calculated based on a 12-month average of the average monthly 1-year Treasury. June's 1-month average was 2.42%, up from 2.05% in May and its third consecutive monthly increase. But a year ago, the 1-month Treasury average was 4.96% -- suggesting it may be several months before MTA itself rises.
MTA is utilized as an index for adjustable-rate mortgages, which accounted for 9% of applications tracked by the Mortgage Bankers Association for the week ending June 27.
The 1-year Treasury yield, which is also used as an ARM index, was 2.30% as of Thursday, climbing from 2.14% around one month earlier, according to data published by the U.S. Treasury.