|
|||
| The Monthly Treasury Average descended for the seventh consecutive month.
At 4.6617% in November, the MTA fell almost 13 basis points from October and was about 22 BPS below the level a year earlier, Federal Reserve data indicated. This index for pricing adjustable-rate mortgages has declined every month since April. The MTA is based on the 12-month average of the 1-year Treasury yield’s monthly average, which in November was 3.50%. On Friday, the 1-year T-bill yield was 3.26%. Two other competing indices that also fell from the previous month include the 11th District Cost of Funds Index, at 4.233% in October, and the 6-month London Interbank Offered Rate, at 4.86% for the week ending Nov. 28. ARM applications comprise close to 15 percent of total mortgage applications, the Mortgage Bankers Association reported on Wednesday. |
back to current headlines
