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

Business Strengthens as Rates to Plummet

Mortgage Market Index 230 for week ended July 29

July 29, 2011

By staff

Prospective borrowers ignored a slight bump in mortgage rates this week and pushed new loan activity higher. But mortgage rates could be nearly 20 basis points better in next week's report based on Treasury market activity. Interest in adjustable-rate mortgages surged, and government loan activity was stronger.

The U.S. Mortgage Market Index for the week ended July 29 from Mortech Inc. and came in at 230, up about 10 percent from last Friday. But the index has fallen considerably form 310 in the week ended July 28, 2010.

The biggest boost came from ARM inquiries, which jumped 19 percent from a week earlier. ARM share was 11.01 percent this week versus 9.89 percent seven days prior.

Also exhibiting a healthy gain were pricing inquiries for mortgages insured by the Federal Housing Administration, which jumped 12 percent. FHA share fell, however, to 11.96 percent from 12.12 percent in the previous report.

Conventional business was up 10 percent this week.

Purchase activity was also 10 percent higher, as were refinances. Refinance share was mostly unchanged from a week earlier at 52 percent. The share has softened from 59 percent a year earlier. Refinance share reflected a 37 percent rate-term share and cashout share of 15 percent.

The uptick in pricing inquiries came despite a slight rise in mortgage rates. The conventional 30-year fixed-rate mortgage rose to 4.708 percent from 4.699 percent. The 30 year was 4.485 percent at this point in 2010.

However, mortgage rates are likely to be roughly 18 BPS better by next Friday's report based on the 10-year Treasury note yield -- which plummeted to 2.82 percent today from 2.99 percent a week ago based on data released from the Department of the Treasury. However, the final outcome of Congress' deliberation over the debt ceiling leaves this measure volatile.

The jumbo-conforming spread, meanwhile, deteriorated to 43 basis points from 41 BPS last week. But the spread sits well below 94 BPS in the same week last year.

The spread between 15-year and 30-year conforming fixed-rate mortgages was unchanged from last week at 88 BPS.

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Full Mortgage Market Index Report

Week Ended July 29, 2011

National Average Loan Amount

Top 3 States state
$294,773 DC
$291,770 HI
$273,324 MA

Bottom 3 States state
$147,088 WV
$148,472 AR
$149,761 ND

National Average Rate-Term Refinance Amount

Top 3 States state
$308,161 HI
$295,737 DC
$275,463 MA

Bottom 3 States state
$153,602 AR
$154,676 NE
$165,000 ND

National Average Cashout Refinance Amount

Top 3 States state
$297,866 DC
$297,842 HI
$275,122 MA

Bottom 3 States state
$50,000 ND
$97,536 SD
$129,812 AR

National Average Jumbo Loan Amount

Top 3 States state
$1,095,659 PA
$988,614 OK
$844,456 AZ

Bottom 3 States state
$418,700 OR
$490,000 ND
$492,545 WV

National Rate-Term Refinance Share

National Cashout Refinance Share

National Total Refinance Share

Product state State Average
Conv30 MA $289,961
Conv30 MO $185,799
Conv30 CA $275,088
Conv30 TX $211,658
Conv30 NJ $269,834
Conv15 MA $265,972
Conv15 MO $162,077
Conv30 NE $172,808
Conv30 PA $213,510
Conv30 FL $200,201
Conv30 IL $220,308
Conv30 KS $179,413
Conv30 NC $228,310
Conv15 TX $211,446
Conv30 VA $238,025

Average rate for each product from All investors Product
4.708% Conv30
3.825% Conv15
3.263% 5-1LiborARM
4.467% FHA30
3.773% FHA15
4.467% VA30
5.135% Jumbo30

Mortgage Market Index

National ARM Share

National FHA Share

Mortgage Market Index 230 for week ended July 29

back to main Mortgage Market Index page

Refinance News | Refinance Share Statistics
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Mortgage Rate News | Mortgage Market Index | ARM indices | ARM 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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