An increase in the Monthly Treasury Average last month had the index ascending to the highest level since the summer of 2013.
MTA, which is used to determine rate and payment changes on a small share of adjustable-rate mortgages, was 0.15583 percent in April.
Mortgage Daily analyzed Federal Reserve Board data on average daily Treasury note yields for each month back to 1953 to determine the index.
MTA was 0.14583 percent in
March 2015 and has increased each month since October 2014, when it worked out to 0.11333 percent.
The index was last this high in June 2013, when it was calculated at 0.15917 percent.
MTA is calculated based on the average daily one-year Treasury yield for the most-recent 12 months. The one-year yield averaged 0.23 percent in April.
Far more popular as an ARM index than the MTA is the yield on the one-year Treasury note, itself — which rose to 0.24 percent as of the end of April from 0.26 percent ant the end of March, according to Treasury Department data.
The one-year yield closed Monday at 0.25 percent.
ARMs accounted for
8.7 percent of all product-and-pricing inquiries tracked in the U.S. Mortgage Market Index report for the week ended May 1, down from the previous week’s 9.7 percent.
