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

Another Good Week for Mortgage Market

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

Jan. 12, 2011

By 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

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

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

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

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

National Cashout Refinance Share

National Cashout Refinance Share

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

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About the Mortgage Market Index
The U.S. Mortgage Market Index was first launched in December 2009 at 197.

The index, itself, reflects the average number of per-user rate locks by clients of OpenClose for the seven days ended each Thursday at midnight. OpenClose has been the data provider since June 2015.

The MMI is an excellent indicator of upcoming mortgage originations.

A byproduct of the Mortgage Market Index is a full report each week that includes the latest share by loan type, the jumbo-conforming spread and details about refinance and government activity -- as well as other important mortgage data.

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