It was the first time on record that the Monthly Treasury Average has fallen below 0.30 percent.
Data from the Federal Reserve indicate that the MTAÂ was 0.29500 percent during March. The index fell from 0.30667 percent in February.
In March 2010, the index was 0.42083 percent.
Based on an analysis of Fed data going back to 1953, the MTAÂ has never been this low.
The index is determined by first obtaining a daily average on the one-year Treasury yield for each of the past 12 months. An average of all 12 months works out to the MTA.
In March, the daily one-year Treasury yield average was 0.26 percent, lower than 0.29 percent in February.
The yield on the one-year Treasury itself closed today at 0.24 percent, lower than 0.30 percent at the end of March and 0.25 percent at the end of February.
Adjustable-rate mortgages accounted for 9.48 percent of new loan activity in the U.S. Mortgage Market Index report from Mortech Inc. and MortgageDaily.com for the week ended April 1.
