April average 2.504%
By MortgageDaily.com staff
5/16/2005

The monthly treasury average index climbed for the 13th consecutive month to its highest level in almost three years.

The MTA index rose to 2.504% in April from 2.347% the previous month and stands near the level reported in June 2002, according to the latest Federal Reserve Statistical Release. A year ago, the figure was much lower at 1.238%.

The MTA index represents the average of the previous 12 monthly values of the average yield on a constant-maturity 1-year Treasury bill -- which the Fed said was 3.32% in April.

Adjustable rate mortgages currently account for 35% of all applications. The MTA index competes for ARM applications with the 1-year Treasury index, the cost of funds index and LIBOR index.

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