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The Monthly Treasury Average moved up again.
In August, the MTA was 4.6642%, about 10 basis points above the prior month’s level and 65 BPS higher than a year earlier, according to Federal Reserve data.
The MTA reflects the 12-month average of the 1-year Treasury bill’s monthly average yield, which the Fed said was 5.08% in August.
The average has reportedly climbed without interruption for 28 months.
The 1-year Treasury yield itself was 5.03 percent on Monday, 9 BPS lower than one month earlier.
The MTA competes for adjustable-rate mortgage applications, which comprise about 26% of total applications and are the lowest level since October 2003, the Mortgage Bankers Association said today.
Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com