A slight downward movement left the Monthly Treasury Average lower last month. One of the components used to determine the index had an even bigger decline.
During March, MTA was 0.17417 percent. The index is used to determine rate and payment changes on some adjustable-rate mortgages.
It was the lowest level this year for MTA. The last time it was this low was in November 2012, when the index stood at 0.17167 percent.
In February, MTA was 0.17750 percent.
But the index has increased compared to March of last year, when it was 0.15250 percent.
The MTA is calculated based on the last 12 monthly averages for the one-year Treasury yield. The monthly average was 0.15 percent in March, off from 0.16 percent a month earlier and 0.19 percent a year earlier, according to Federal Reserve data.
A more popular ARM index is the yield on the one-year Treasury note, itself. The one-year yield finished March at 0.14 percent, falling from 0.17 percent at the end of February, according to the Department of the Treasury. The one-year yield closed Monday at 0.14 percent.
ARM share of new activity was 4.7 percent in the U.S. Mortgage Market Index report from Optimal Blue and Mortgage Daily for the week ended March 29, up from the prior week’s 4.4 percent.
