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

Purchases Pick Up

Mortgage Market Index 213 for the week ended Jan. 26, 2011

Jan. 26, 2011

By staff

Purchase transactions pushed new mortgage activity higher this week. The improvement came even as interest rates and refinance share took a turn for the worse.

It was an up week for the Mortech-Mortgage Daily Mortgage Market Index, which crept to 213 for the week ended Wednesday from 209 seven days prior. The index reflects pricing inquiries by loan originators at mortgage bankers and mortgage brokers.

But the Mortgage Market Index was lower than the 255 during the same week last year.

Driving the week-over-week increase was a 6 percent rise in purchase activity, though purchases were down 16 percent from the same seven-day period during 2010.

Refinances, however, fell 2 percent from last week's report and were 17 percent worse than a year earlier.

Total refinance share eased to 49 percent from last week's 51 percent and was just below the 50 percent level a year ago. Rate-term transactions had a share of 34 percent this week, and the cashout refinance share was 15 percent.

The overall increase in weekly activity also overcame a deterioration in mortgage rates.

The conforming 30-year rose to 4.924 percent from last week's 4.828 percent, and the jumbo 30-year climbed 10 BPS to 5.650 percent. The resulting jumbo-conforming spread widened a notch to 73 BPS from the prior week's 72 BPS.

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Full Mortgage Market Index Report

Week Ended Jan. 26, 2011

National Average Loan Amount

Top 3 States state
$269,365 DC
$265,695 MA
$259,909 HI

Bottom 3 States state
$135,614 SD
$145,689 MS
$146,870 NE

National Average Rate-Term Refinance Amount

Top 3 States state
$267,140 CA
$264,644 MA
$260,624 CT

Bottom 3 States state
$134,996 SD
$144,598 WV
$154,173 NE

National Average Cashout Refinance Amount

Top 3 States state
$270,670 MA
$264,501 CA
$252,727 VT

Bottom 3 States state
$118,321 MS
$124,844 NE
$134,303 ID

National Average Jumbo Loan Amount

Top 3 States state
$1,441,794 NV
$888,182 IN
$878,750 KY

Bottom 3 States state
$441,000 AK
$450,000 MI
$472,334 IA

National Rate-Term Refinance Share

National Cashout Refinance Share

National Total Refinance Share

Product state State Average
Conv30 MA $290,180
Conv30 MO $187,245
Conv30 CA $275,116
Conv30 TX $203,520
Conv30 PA $210,095
Conv30 NJ $265,284
Conv30 KS $189,433
Conv30 VA $241,523
Conv30 IL $221,955
Conv30 NE $167,143
Conv15 MO $164,157
Conv30 AR $166,220
Conv15 MA $254,896
Conv30 NY $264,977
FHA30 MO $158,486

Average rate for each product from All investors
4.924% Conforming 30-year Fixed Rate
4.180% Conforming 15-year Fixed Rate
3.500% 5-1LiborARM
4.620% FHA30
4.050% FHA15
4.690% VA30
5.650% Jumbo 30-year Fixed Rate

Mortgage Market Index

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Refinance News | Refinance Share Statistics
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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 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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