It’s been more than two years since the Monthly Treasury Average has been as high as it was last month.
An analysis by Mortgage Daily of Federal Reserve Board data indicates that the MTA was 0.16750 during the month of May.
The last time the index was
that high was in April 2013, when it stood at 0.16917, based on historical data maintained by Mortgage Daily.
MTA, which is used to determine rate and payment changes on some adjustable-rate mortgages, was 0.15583 in April 2015 and 0.12083 percent in May 2014.
The index was calculated based on the daily average yield on the one-year Treasury for the 12 most-recent months.
Last month, the daily average one-year yield was 0.24 percent, according to the Fed.
The yield on the one-year Treasury, itself — a far more widely used
ARM index — climbed to 0.26 percent as of the end of May from 0.24 percent at the end of April, Treasury Department data indicate.
The one-year yield closed the first day of June at 0.26 percent.
Of all product-and-pricing inquiries reported for the Mortgage Market Index for the week ended May 29, ARMs accounted for 9.3 percent, up from ARM share of 9.0 percent the previous week.
