For only the second time in more than three years, the Monthly Treasury Average failed to establish a new record low. But the index still stands within a basis point of its all-time low.
An analysis of Federal Reserve data indicated that the MTA was 0.14750 percent in July. There was no change in the index from June.
In July 2011, the MTA clocked in at 0.24333 percent.
Prior to June, the MTA had not increased since April 2007, when it stood at 5.02917 percent.
MTA is determined by taking a daily average of the one-year Treasury yield for each of the past 12 months and averaging them. In July, the average daily yield on the one-year Treasury was 0.19 percent.
The yield on one-year Treasury note, itself, is a much more widely used index for adjustable-rate mortgages. It tumbled to 0.16 percent at the end of July from 0.21 percent as of the end of June.
The one-year Treasury yield closed at 0.16 percent on Monday.
ARM share of new activity inched down to 2.8 percent in the U.S. Mortgage Market Index report from Mortech Inc. and Mortgage Daily for the week ended Aug. 3 from 2.9 percent in the prior report.
