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| The Monthly Treasury Average increased for the 20th consecutive month in November.
The MTA rose to 3.4783% last month from 3.3258% in October, according to Monday’s Federal Reserve Statistical Release. In November 2004, the figure stood at 1.7733%. The MTA, which is also known as the 12-month Moving Treasury Average index, is reportedly at its highest level since December 2001. The index reflects the 12-month average of the 1-year T-bill’s monthly average yield, which in November was 4.33%. On Friday, the 1-year T-bill was 4.34%, the Fed reported. The 1-year T-bill, the cost of funds index and LIBOR index all compete with MTA for adjustable rate mortgages, which comprise one-third of mortgage applications. |
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Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com |
