There is no end in sight for new record lows being set by the Monthly Treasury Average — which again fell to the lowest level ever.
An analysis of Federal Reserve Board data released Monday indicate that MTA, an index used to determine rate and payment changes on adjustable-rate mortgages, was 0.12333 percent in March.
The index was lower than during any other month on record based on Fed data going back to 1953.
A month earlier, MTA was 0.12500 percent, while it was 0.17417 percent a year earlier.
MTA is calculated based on the daily average of the one-year Treasury yield for each of the past 12 months. In March, the daily average was 0.13 percent.
A far more widely used ARM index is the yield on the one-year Treasury, which the Treasury Department reported at 0.13 percent as of March 31, up from 0.12 percent as of Feb. 28.
The one-year yield closed Monday at 0.11 percent.
ARM share was 14.0 percent in the U.S. Mortgage Market Index report from LoanSifter and Mortgage Daily for the week ended April 4, up from 13.9 percent seven days prior.
