It’s been almost a half-dozen years since the Monthly Treasury Average was as high as it was last month, though another adjustable-rate mortgage index eased.
MTA, which is utilized to determine rate changes on some ARMs, was calculated by Mortgage Daily to be 0.41083 percent in March.
Last month’s index turned out to be the highest level for the MTA since April 2010, when it landed at 0.41250 percent based on historical data maintained by Mortgage Daily.
In February 2016, the index was
0.37667 percent, while it was 0.14583 percent as of March 2015.
MTA is determined based on the average daily yield for the one-year Treasury for each of the most-recent 12 months.
In March, the average daily one-year Treasury
yield was 0.66 percent, according to Federal Reserve data.
A much more common ARM index is the one-year Treasury yield, itself.
The one-year Treasury yield closed out March at
0.59 percent, down from 0.62 percent at the end of February, according to Treasury Department data.
On Monday, the one-year Treasury yield closed at 0.59 percent.
ARM share was
8.0 percent in the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week ended April 1.
