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| The Monthly Treasury Average continued climbing in October.
Up 16 basis points from September, the MTA came in at 3.3258%, according to today’s Federal Reserve Statistical Release. A year ago, the figure was much lower at 1.6767%. The latest increase in the MTA, also known as the as 12-Month Moving Average Treasury index, reportedly represents the 18th consecutive monthly upturn. The MTA is the 12-month average of the 1-year T-bill’s monthly average yield, which the Fed said was 4.18% in October. For Friday, the 1-year T-bill was reported at 4.34%. The MTA competes with the 1-year T-bill itself, the cost of funds index, and the LIBOR index for adjustable rate mortgages, which currently comprise about 30% of mortgage applications. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.E-mail: [email protected] |
