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

Purchase & FHA Activity Tumbles

Mortgage Market Index 198 for the week ended April 22, 2011

April 22, 2011

By staff

Mortgage rates improved ahead of Easter Sunday. But purchase and government business dragged overall new activity lower despite an uptick in adjustable-rate inquiries and an improvement in refinance activity.

At 198, the U.S. Mortgage Market Index from Mortech Inc. and for the week ended April 22 was lower than 214 last week and 228 one year earlier.

Pulling down business was new activity on loans insured by the Federal Housing Administration. The FHA MMI was down 20 percent this week.

Purchases were also slower, with the Purchase MMI down 13 percent for the week.

But borrowers out shopping for an adjustable-rate mortgage were busier, with the ARM MMI up 5 percent from the prior week. The ARM share of activity jumped to 10.42 percent from last week's 9.55 percent.

In addition, refinance activity rose 1 percent, and the refinance share increased to 44 percent from the prior week's 41 percent.

The 30-year fixed-rate mortgage was 8 basis points better this week, while the jumbo 30-year improved 10 BPS -- cutting the spread between the two products to 57 BPS from 59 BPS last week.

Like the jumbo mortgage, the 15-year mortgage also became more attractive this week. The spread between the 15-year and the 30-year grew to 79 BPS from 78 BPS seven days ago.

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Full Mortgage Market Index Report

Week Ended April 22, 2011

National Average Loan Amount

Top 3 States state
$296,217 HI
$294,279 DC
$270,212 MA

Bottom 3 States state
$149,620 NE
$153,924 AR
$155,500 KY

National Average Rate-Term Refinance Amount

Top 3 States state
$310,771 DC
$289,176 HI
$267,890 RI

Bottom 3 States state
$135,000 ND
$139,015 SD
$143,726 IA

National Average Cashout Refinance Amount

Top 3 States state
$285,735 DC
$268,292 MD
$258,237 CA

Bottom 3 States state
$125,266 WV
$128,406 NE
$131,575 AR

National Average Jumbo Loan Amount

Top 3 States state
$1,649,406 WI
$864,512 NV
$854,750 DE

Bottom 3 States state
$475,701 SC
$475,876 IA
$479,875 WV

National Rate-Term Refinance Share

National Cashout Refinance Share

National Total Refinance Share

Product state State Average
Conv30 MA $291,593
Conv30 MO $190,616
Conv30 CA $271,824
Conv30 TX $210,776
Conv30 NJ $257,080
Conv30 IL $223,796
Conv30 KS $186,686
Conv30 NE $159,851
Conv30 PA $238,856
Conv30 FL $181,434
FHA30 MO $151,051
Conv30 AR $185,675
Conv15 MA $254,804
Conv30 NC $233,800
Conv15 MO $177,365

Average rate for each product from All investors Product
4.990% Conv30
4.200% Conv15
3.470% 5-1LiborARM
4.700% FHA30
4.060% FHA15
4.720% VA30
5.560% Jumbo30

Mortgage Market Index

National ARM Share

National FHA Share

Mortgage Market Index 198 for the week ended April 22, 2011

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Refinance News | Refinance Share Statistics
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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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