Adjustable-rate borrowers whose loans adjust with the Monthly Treasury Average had a pleasant surprise last month.
The index came at 0.40167 percent for May, according to an analysis of data from the Federal Reserve.
MTA was 0.41250 percent in April and 1.21000 percent in May 2009.
MTA — which is determined by averaging the daily one-year Treasury yield average for each of the last 12 months — is at its lowest level based on Fed data back to 1953. The daily average for May was 0.37 percent.
The yield on the one-year Treasury bill closed at 0.35 percent today, based on data from the U.S. Department of the Treasury. The one-year finished May at 0.34 percent and April at 0.41 percent.
