It has been more than seven years since the obscure Monthly Treasury Average has ascended to the level that it reached as of last month.
An analysis of Federal Reserve Board data by Mortgage Daily indicates that the MTA worked out to
0.57167 percent in October 2016.
The last time that the index came in as high as it did last month was in September 2009, when it was calculated to be 0.63167 percent.
The index is calculated based on the daily average one-year Treasury note yield for the most-recent 12 months. The Fed reported that the daily average for October 2016 was 0.62 percent.
A far more utilized ARM index is the yield on the one-year Treasury note, itself. The Department of the Treasury reported that the one-year yield rose to 0.66 percent at the end of October from
0.59 percent at the end of September.
On Monday, the one-year Treasury yield closed at
ARM share in the U.S. Mortgage Market Index report from OpenClose and Mortgage Daily for the week ended Nov. 4 was 6.9 percent.