It was the summer of 2010 when the Monthly Treasury Average was last as high as it was last month. Another index also moved higher.
As of February, the MTA — which is utilized to determine rate changes on some adjustable-rate mortgages — was
0.37667 percent.
The index was calculated based on an analysis by Mortgage Daily of Treasury market data reported by the Federal Reserve Board.
The last time the MTA was this high was in June 2010, when it was 0.38583 percent — a record low at the time.
The index was 0.35000 percent in January 2016 and 0.13583 percent in February 2015.
MTA is based on the daily average of the one-year Treasury note yield for each of the 12 most-recent months.
In February, the daily average for the one-year Treasury yield was 0.54 percent.
A more common ARM index is the yield on the one-year Treasury note, itself.
The one-year Treasury yield finished February at 0.62 percent, surging from just 0.47 percent at the end of January, according to Treasury Department data.
The one-year Treasury yield closed Monday at
0.67 percent.
ARMs accounted for 6.7 percent of all rate locks tracked in the U.S. Mortgage Market Index report from OpenClose
and Mortgage Daily for the week ended March 4.
