The daily average yield last month for the one-year Treasury note turned higher, though it wasn’t enough to stop the Monthly Treasury Average from reaching a new low.
Data reported by the Federal Reserve indicated that the daily yield on the one-year Treasury averaged 0.19 percent during July, higher than 0.18 percent in June.
The MTA is determined by averaging the past 12 months’ daily yields, and the movement in July wasn’t enough to offset the other 11 months — leaving the MTA at 0.24333 percent last month, its lowest recorded level based on Fed data back to 1953.
The index was 0.25167 percent in June and 0.37000 percent during July 2010.
The one-year Treasury yield, itself, which is far more widely used than MTA as an index on adjustable-rate mortgages, finished July at 0.20 percent, inching up from 0.19 percent at the end of June.
The one-year yield was 0.29 percent at the end of July 2010.
ARM share of mortgage inquiries moved higher to 11.01 percent from 9.89 percent a week earlier in the U.S. Mortgage Market Index report for the week ended July 29 from Mortech Inc. and MortgageDaily.com.
