MTA Moves Higher

The MTA came in at 4.2817% in May, rising about 14 basis points from April’s level, according to Federal Reserve data. In the same month a year earlier, the figure was 2.6333%.

Each month since April 2004, the MTA has increased.

The MTA is the 12-month average of the 1-year T-bill’s monthly average yield. The rate was reportedly 5.0% in May and competes for adjustable-rate mortgage applications — which currently account for less than a third of all 1003s, according to Mortgage Bankers Association data.