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| The Monthly Treasury Average continued to climb.
The MTA was 4.883% in November, about 6 basis points higher than October’s level, according to Federal Reserve data. A year earlier, the figure was at 3.4783%. November reportedly represented the 31st consecutive month the MTA has increased. The index reflects the 12-month average of the 1-year Treasury bill’s monthly average, which was 5.01% in November, the data showed. The 1-year Treasury yield on Thursday was 4.90%. In addition to the 1-year T-bill, other indexes the MTA competes with for adjustable-rate mortgage applications include the Cost of Funds Index, which decreased for the first time in 29 months in October to 4.346%, and the 6-month London Interbank Offered Rate, which started up again in November at 5.3495%. The ARM share of mortgage applications, at 24%, is at the lowest level since October 2003, the Mortgage Bankers Association reported on Wednesday. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: [email protected] |
