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| In line with other adjustable rate indexes, the Monthly Treasury Average rose once again.
The MTA in March came in at 4.0108%, about 12 basis points above the previous month’s level, according to the Federal Reserve Statistical Release. A year earlier, the level was much lower at 2.3467%. The MTA’s calculation is based on the 12-month average of the 1-year T-bill’s monthly average yield, which in March was 4.77%, the Fed said. As of Tuesday, the yield on the 1-year T-bill reportedly stood at 4.85%. The MTA competes with the 6-month LIBOR, the COFI and 1-year T-bill, which have all been on uninterrupted ascents, for adjustable rate mortgage applications, which the Mortgage Bankers Association said today comprise about 29% of total 1003s. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: [email protected] |
