Mortgage Daily

Published On: August 2, 2007
ARM Indexes Improve Again

July MTA 4.983%, LIBOR 5.37%

August 2, 2007

By COCO SALAZAR

photo of Coco Salazar
Along with other adjustable-rate mortgage indexes, the Monthly Treasury Average and the 6-month London Interbank Offered Rate continued descending.

At 4.983% in July, the MTA slid 2 basis points from June and was 42 BPS below the level a year earlier, according to Federal Reserve data.

The MTA’s calculation is based on the 12-month average of the 1-year Treasury bill’s monthly average, which was 4.96% in July.

The 1-year T-bill itself was at 4.82% on Wednesday, around 15 BPS better than a month earlier, the Fed said.

The 6-month LIBOR came in at 5.37% for July, off about 1 BPS from the prior month, according to Fannie Mae. A year ago, this index neared 5.55%.

The MTA and 6-month LIBOR have respectively fallen for three and two consecutive months.

Meanwhile, the 11th District Cost of Funds index decreased to 4.238% in June.

All of the above indexes compete for ARM applications, which the Mortgage Bankers Association said on Wednesday account for about 22 percent of all home loan requests.


Coco Salazar is an associate editor and staff writer for MortgageDaily.com.e-mail: [email protected]


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