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| More adjustable-rate mortgage indexes headed higher last month.
The Monthly Treasury Average was 3.7508% in January, up 13 basis points from the previous month and 173 BPS above the level a year earlier, according to the Federal Reserve. The MTA reflects the 12-month average of the 1-year T-bill’s monthly average yield, which was 4.45% in January. On Wednesday, the 1-year T-bill was 4.60%, the Fed said. Last month, the 6-month London Interbank Offered Rate climbed to 4.8126% from 4.6901% in December 2005, Fannie Mae reported. In January 2005, the rate was 2.9582%. The LIBOR is reportedly at its highest level since February 2001, when it was 4.955%. The 11th District Cost of Funds Index was up 11 BPS in December from the previous month, according to the Federal Home Loan Bank of San Francisco. The MTA, LIBOR, COFI and 1-year T-bill compete for ARMs, which comprise 31% of all applications, the Mortgage Bankers Association said this week. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com |
