The Monthly Treasury Average set another record, but the pace of decline has slowed to a trickle. A related index for adjustable-rate mortgages, meanwhile, has recently drifted higher.
An analysis of data from the Board of Governors of the Federal Reserve System indicates that the MTA was 0.15250 percent during the month of March.
As has been the case for each month since March 2009, when the index stood at 1.43833 percent, the latest index was the lowest on record based on Fed data going back to 1953.
In February, MTA was 0.15833 percent, while it stood at 0.29500 percent in March 2011.
MTA represents a 12-month average of the daily average yield on the one-year Treasury note. The daily average for March was 0.19 percent.
The one-year Treasury yield, itself, inched up to 0.19 percent as of the end of March from 0.18 percent as of the end of February, according to data released by the Department of the Treasury.
The one-year Treasury yield closed at 0.18 percent on Monday.
ARM borrowers accounted for 4.296 percent of all pricing inquiries in the U.S. Mortgage Market Index report from Mortech Inc. and Mortgage Daily for the week ended March 30.
