Another decline in the Monthly Treasury Average has it standing lower than at any other time during at least the past six decades.
June’s MTA was 0.11750 percent, according to an analysis of Treasury data reported by the Federal Reserve Board.
Last month’s index represented the lowest MTA on record based on historical data from the Fed going all the way back to 1953.
In May, MTA was 0.12083 percent, while it stood at 0.15917 percent in June 2013.
The index is calculated based on the daily average of the one-year Treasury note yield for each of the most recent 12 months.
In June, the daily average for the one-year Treasury yield was 0.10 percent.
Unless the daily average jumps to 0.13 percent in July, the index will not rise this month and could even establish a new record.
The MTA is used as an index on some adjustable-rate mortgages. But a much more widely used ARM index is the one-year Treasury yield, itself, which rose to 0.11 percent as of the end of June from 0.10 percent at the end of May.
The one-year Treasury yield closed Monday at 0.12 percent.
ARMs accounted for 10.6 percent of all pricing inquiries in the U.S. Mortgage Market Index report from LoanSifter/Optimal Blue and Mortgage Daily for the week ended July 4.
