The record streak of months for the Monthly Treasury Average continued last month and could go on for several more.
MTA, which is used as an index to determine rate and payment changes on some adjustable-rate mortgages, has fallen to a new low every month since September 2013, when it fell to 0.14333 percent.
February was no exception, according to an analysis of Federal Reserve Board Treasury yield data that was published on Tuesday.
Last month’s index was 0.12500 percent — the lowest level on record based on Fed data back to 1953.
MTA was 0.12833 percent in January, a record low at the time, and 0.17750 percent in February 2013.
The index is determined by calculating a daily average for the one-year Treasury yield for each of the most recent 12 months, then taking an average of all 12 months.
In February, the daily average was 0.12 percent.
So far, March is holding firm, with the yield on the one-year Treasury note closing at 0.12 percent today and yesterday, according to data from the Department of the Treasury.
Unless the daily average for the one-year Treasury yield jumps to at least 0.15 percent for March, a new record low will be established this month.
ARM share rose to 13.7 percent in the U.S. Mortgage Market Index report from LoanSifter and Mortgage Daily for the week ended Feb. 28 from 13.2 percent a week earlier.
