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

Rates Edge Up, Activity Edges Down

Mortgage Market Index 233 for week ended June 17

June 17, 2011

By staff

A bump in mortgage rates slowed down new loan inquiries. But purchase activity held up better than refinances.

At 233, the U.S. Mortgage Market Index from Mortech Inc. and for the week ended June
17 was lower than 243 the previous week. The index was also down from 257 during the same week last year.

FHA inquiries were off 3 percent, while conventional activity declined 4 percent.

A 1 percent drop was recorded for new purchase activity, and refinance volume fell 7 percent. Refinance share, meantime, narrowed to 53 percent from 54 percent seven days prior.

The share of borrowers who chose to go with an adjustable-rate mortgage declined to 10.22 percent from 10.52 percent last week. New ARM inquiries were off 8 percent from a week earlier.

As the conforming 30-year fixed-rate mortgage rose nearly 4 basis points this week, the jumbo 30-year mortgage was up just 2 BPS. The resulting jumbo-conventional spread was trimmed to 50 BPS from last week's 52 BPS.

The spread between the conforming 15-year mortgage and 30-year mortgage inched down to 82 BPS from 83 BPS a week ago.

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Full Mortgage Market Index Report

Week Ended June 17, 2011

National Average Loan Amount

Top 3 States state
$290,825 HI
$277,038 MA
$261,424 CA

Bottom 3 States state
$149,296 NE
$155,500 KY
$156,501 AR

National Average Rate-Term Refinance Amount

Top 3 States state
$278,296 MA
$277,500 HI
$271,468 CA

Bottom 3 States state
$115,000 ND
$147,713 NE
$155,355 WV

National Average Cashout Refinance Amount

Top 3 States state
$350,000 AK
$312,018 HI
$271,401 MA

Bottom 3 States state
$134,970 AR
$146,829 IA
$147,869 OK

National Average Jumbo Loan Amount

Top 3 States state
$821,450 NC
$812,215 MO
$785,828 IL

Bottom 3 States state
$432,375 NM
$441,000 OR
$478,040 VT

National Rate-Term Refinance Share

National Cashout Refinance Share

National Total Refinance Share

Product state State Average
Conv30 MA $297,714
Conv30 MO $181,265
Conv30 CA $275,129
Conv30 TX $216,776
Conv15 MA $265,810
Conv30 NJ $271,571
Conv15 MO $178,784
Conv30 PA $219,090
Conv30 IL $212,556
Conv30 NE $165,116
Conv30 KS $192,245
Conv30 FL $207,298
Conv30 VA $258,430
Conv30 AR $172,095
Conv15 TX $196,528

Average rate for each product from All investors Product
4.682% Conv30
3.860% Conv15
3.170% 5-1LiborARM
4.440% FHA30
3.730% FHA15
4.460% VA30
5.180% Jumbo30

Mortgage Market Index

National ARM Share

National FHA Share

MMI 233 for the week ended June 17

back to main Mortgage Market Index page

Refinance News | Refinance Share Statistics
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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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