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| With an uninterrupted climb for the 34th consecutive month, the Monthly Treasury Average pushed past 5 percent.
The MTA was 5.014% in February, ticking up about 3 basis points from the previous month, Federal Reserve data showed. In February 2006, it stood at 3.8883%. The MTA, an index used to price adjustable-rate mortgages, represents the 12-month average of the 1-year Treasury bill’s monthly average, which in February was 5.05% and on Monday was at 4.89%. In addition to the 1-year T-bill, other indexes that compete for ARM applications include the 11th District Cost of Funds Index and the 6-month London Interbank Offered Rate — which were both down during the most recent month. RM applications continue to account for 21% of all mortgage requests, the Mortgage Bankers Association reported today. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: [email protected] |
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