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| The Monthly Treasury Average continued to ascend in February.
Rising 14 BPS from the January, the MTA was 3.8883%, the Federal Reserve Board reported. The latest month was way higher than 2.1708% in February 2005. The MTA reflects the 12-month average of the 1-year T-bill’s monthly average yield, which in February was 4.68%, according to the report. On Wednesday, the 1-year T-bill was 4.74, the Fed said. The MTA competes as the index for adjustable rate mortgages with the 6-month LIBOR, the COFI and 1-year T-bill — which have all been relentlessly rising. ARM share is under one-third of total 1003s, the Mortgage Bankers Association said Wednesday. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: [email protected] |
