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Mortgage Market Index
A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity.
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Another Good Week for Mortgage Market

Mortgage Market Index 223 for the week ended Jan. 12, 2011

Jan. 12, 2011

By MortgageDaily.com staff


It was the second good week in a row for the mortgage market. Rates eased, refinances rose and new activity picked up. In addition, the jumbo-conforming spread saw a big improvement.

A measure of upcoming mortgage originations, the Mortech-Mortgage Daily Mortgage Market Index, was up for the week ended Wednesday to 223 from 184 in the previous week that included the New Years holiday.

During the same week last year, the index was higher at 256.

Behind improvement in weekly activity was a rise in refinances; the refinance share of this week's activity climbed to 53 percent from 51 percent last week. The latest rate-term share was 38 percent, while the cashout share was 16 percent.

Pushing refinance business higher was improved interest rates.

The conforming 30-year fixed-rate mortgage was 1 basis point lower than last week at 4.859 percent. The jumbo 30-year, however, was more aggressive in its decline -- falling 13 BPS to 5.60 percent. The bigger jumbo movement slashed the spread between the conforming and jumbo 30-year rates to 74 BPS from last week's 86 BPS.

In the report for the week ended Jan. 13, 2010, the jumbo-conforming spread was much wider at 113 BPS.

The average U.S. mortgage amount rose to $206,602 from $203,918. The average was $207,109 at this point in 2010.

Hawaii's $298,224 average this week was the highest of all states, and South Dakota's $147,985 was lowest.

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Full Mortgage Market Index Report



Week Ended Jan. 12, 2011



National Average Loan Amount
$206,602



Top 3 States state
$298,224 HI
$285,222 DC
$264,447 MA



Bottom 3 States state
$147,985 SD
$148,071 IA
$152,617 NE



National Average Rate-Term Refinance Amount
$218,247



Top 3 States state
$341,115 HI
$300,000 ND
$290,241 DC



Bottom 3 States state
$145,448 SD
$153,948 NE
$155,605 IA



National Average Cashout Refinance Amount
$208,520



Top 3 States state
$288,000 ND
$267,106 DC
$257,109 CA



Bottom 3 States state
$125,000 AK
$137,178 IA
$143,656 NV



National Average Jumbo Loan Amount
$628,171



Top 3 States state
$900,000 KY
$876,969 AZ
$840,930 TN



Bottom 3 States state
$499,600 WV
$515,709 NH
$522,333 ID



National Rate-Term Refinance Share
37.64%



National Cashout Refinance Share
15.57%



National Cashout Refinance Share
53.21%



HOT PRODUCTS
Product state State Average
Conv30 MA $279,024
Conv30 MO $178,446
Conv30 CA $279,130
Conv30 TX $213,775
Conv30 PA $225,989
Conv30 NJ $263,453
Conv30 KS $184,925
Conv30 IL $226,922
Conv15 MA $277,673
Conv30 VA $243,167
FHA30 MO $153,115
Conv30 NE $164,451
Conv15 MO $174,653
Conv30 AR $178,005
Conv30 NY $275,448
Average rate for each product from All investors Product
4.859% Conv30
4.160% Conv15
3.530% 5-1LiborARM
4.580% FHA30
4.030% FHA15
4.660% VA30
5.600% Jumbo30



Mortgage Market Index
223




Mortgage Market Index graph


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Refinance News | Refinance Share Statistics
News about refinancing programs, pricing and production. Stories about the H o m e
Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.


Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.


Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

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About the Mortgage Market Index
The U.S. Mortgage Market Index launched on Dec. 17, 2009.

The index itself reflects the average number of rate locks each week per OpenClose originator-user. The index is an excellent indicator of upcoming mortgage production.

A byproduct of the Mortgage Market Index is a full report each week that includes the latest mortgage rates, refinancing trends and other important mortgage data.



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