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| Along with other adjustable-rate mortgage indexes, the Monthly Treasury Average and the 6-month London Interbank Offered Rate continued descending.
At 4.983% in July, the MTA slid 2 basis points from June and was 42 BPS below the level a year earlier, according to Federal Reserve data. The MTA’s calculation is based on the 12-month average of the 1-year Treasury bill’s monthly average, which was 4.96% in July. The 1-year T-bill itself was at 4.82% on Wednesday, around 15 BPS better than a month earlier, the Fed said. The 6-month LIBOR came in at 5.37% for July, off about 1 BPS from the prior month, according to Fannie Mae. A year ago, this index neared 5.55%. The MTA and 6-month LIBOR have respectively fallen for three and two consecutive months. Meanwhile, the 11th District Cost of Funds index decreased to 4.238% in June. All of the above indexes compete for ARM applications, which the Mortgage Bankers Association said on Wednesday account for about 22 percent of all home loan requests. |
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Coco Salazar is an associate editor and staff writer for MortgageDaily.com.e-mail: [email protected] |
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