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| The Monthly Treasury Average and the 6-month London Interbank Offered Rate increased again.
The MTA rose for the 32nd consecutive month in December to 4.9325% — about 5 basis points higher than in November, Federal Reserve data showed. In December 2005, it was at 3.6183%. The index reflects the 12-month average of the 1-year Treasury bill’s monthly average, which in December was 4.94% and on Friday was at 5.00%, according to the data. The LIBOR was 5.3651% last month, up about 2 BPS from November and about 68 BPS above the level in December 2005, Fannie Mae reported. Another competing index for adjustable-rate mortgage applications is the 11th Cost of Funds Index, which edged up from October to 4.358% in November, according to the Federal Home Loan Bank of San Francisco. Meanwhile, the 1-year Treasury was 5.00% Tuesday, 13 BPS higher than a month earlier, according to the Fed’s data. Currently, about one of out five loan requests are for ARMs — the lowest share since July 2003, the Mortgage Bankers Association reported on Wednesday. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com |
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