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| The Monthly Treasury Average continued to improve.
The MTA was 4.7875% in October, marking the sixth consecutive monthly decline, according to Federal Reserve data. This index for adjustable-rate mortgages is down about 7 basis points from September and approximately 4 BPS below the level a year earlier. MTA reflects the 12-month average of the monthly average of the 1-year Treasury, which itself competes for ARMs and was at 4.10% in October and 3.89% on Thursday, the Fed said. ARMs accounted for 15 percent of total mortgage applications in the Mortgage Bankers Association’s most recent application survey reported on Wednesday. Other competitors include the Cost of Funds Index, reported at 4.383% for September. The 6-month London Interbank Offered Rate averaged 4.82% for the week ending Oct. 31, Bankrate.com said. |
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Coco Salazar is an associate editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com |
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