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In line with other major adjustable rate indexes, the Monthly Treasury Average jumped again.
In June, the MTA was 4.4317%, up about 15 basis points from May and 1.70% higher than the level in the comparable month a year prior, according to Federal Reserve Statistical Release data. The MTA, which is the 12-month average of the 1-year T-bill’s monthly average yield, has been on the rise for 26 consecutive months now. The 1-year T-bill stood at 5.26% as of Monday, the Fed said. The 1-year competes with the MTA for adjustable-rate loan applications, which reportedly comprise about 29% of total 1003s. The 6-month LIBOR and the cost of funds index, which are also used as ARM indexes, are at 5-year highs. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: [email protected] |
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