For five months in a row, the Monthly Treasury Average, which determines rate changes on some adjustable-rate mortgages, has moved higher.
The
index was 0.14583 percent in March, according to a Mortgage Daily analysis of Treasury market data from the Federal Reserve Board.
Last month represented the highest level for the MTA since
August 2013, when the index came in at 0.14917 percent.
In addition, MTA has moved higher each month since October 2014, when it was a record-low 0.11333 percent.
The index was 0.13583 percent in February 2015 and 0.12333 percent in March 2014.
MTA is determined based on the average daily one-year Treasury yield for each of the most-recent 12 months. In March, the daily average was 0.25 percent.
Far more market watchers will keep an eye on the one-year Treasury yield, itself, which closed March at 0.26 percent,
climbing four basis points from the end of February.
The one-year yield closed Friday at
0.21 percent.
ARMs accounted for
8.9 percent of all activity in the U.S. Mortgage Market Index report from LoanSifter/Optimal Blue and Mortgage Daily for the week ended April 3, slightly thinner than the prior week’s 9.2 percent ARM share.
