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

Refi Activity Nearly Doubles

Mortgage Market Index 358 for week ended Aug. 5

Aug. 8, 2011

By staff

Driven by a burst of new refinance activity, the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily reached its highest level since launching. Behind the rosy performance were falling interest rates -- and market activity today suggests more improvement is ahead.

The index for the week ended Aug. 5 was 358, leaping from 230 a week earlier. It was also higher than 325 during the same week in 2010.

The Mortgage Market Index has never been this high since its launch in late 2009.

Behind last week's strong performance were refinances -- which rose 91 percent from the previous week. Refinances were 14 percent better than a year earlier.

Refinance share was propelled to 64 percent from 52 percent the previous week. The latest share reflected a 51 percent rate-term share and a 13 percent cashout share.

Purchase production picked up steam, increasing 17 percent over the prior seven days.

Although the proportion of borrowers who were shopping for an adjustable-rate mortgage fell to 8.66 percent from the previous week's 11.01 percent, ARM activity was still up nearly a quarter.

It was a similar situation for loans insured by the Federal Housing Administration; FHA share fell to 9.88 percent from the prior week's 11.96 percent, but FHA inquiries rose 25 percent.

Conventional business climbed 60 percent during the most recent week.

New mortgage activity shot up as the 30-year fixed-rate mortgage fell 27 basis points to 4.44 percent. The 30 year, however, was higher than 4.36 percent in the year-prior week.

Today's Treasury market activity suggests that the 30-year could be nearly 20 BPS better by next week's report. The yield on the 10-year Treasury was 2.39 percent near midday, better than 2.58 percent at Friday's close, data from the Department of the Treasury and indicate.

The spread between the jumbo 30-year mortgage and the conforming 30 year widened to 47 BPS from 43 BPS a week prior in the Mortgage Market Index report.

The spread between conforming 15-year loans and 30-year mortgages fell to 82 BPS from 88 BPS -- making the shorter-term product less attractive.

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Full Mortgage Market Index Report

Week Ended Aug. 5, 2011

National Average Loan Amount

Top 3 States state
$293,843 DC
$286,314 HI
$285,614 MA

Bottom 3 States state
$147,248 SD
$154,386 NE
$157,286 WV

National Average Rate-Term Refinance Amount

Top 3 States state
$334,286 HI
$292,549 DC
$290,201 MA

Bottom 3 States state
$151,605 ND
$158,493 SD
$161,268 NE

National Average Cashout Refinance Amount

Top 3 States state
$306,119 DC
$301,509 HI
$273,673 MA

Bottom 3 States state
$128,874 SD
$140,062 VT
$145,839 NE

National Average Jumbo Loan Amount

Top 3 States state
$958,308 OK
$843,654 AZ
$838,885 MO

Bottom 3 States state
$501,250 WV
$529,453 NH
$535,524 WI

National Rate-Term Refinance Share

National Cashout Refinance Share

National Total Refinance Share

Product state State Average
Conv30 MA $305,233
Conv30 MO $207,039
Conv15 MA $289,475
Conv30 CA $296,343
Conv30 TX $226,546
Conv15 MO $200,509
Conv30 NJ $290,350
Conv30 IL $248,873
3 MA $295,732
Conv30 PA $228,025
Conv30 NC $250,520
Conv30 KS $195,636
Conv15 TX $211,333
Conv30 NE $169,207
Conv15 PA $230,114

Average rate for each product from All investors Product
4.440% Conv30
3.616% Conv15
3.137% 5-1LiborARM
4.229% FHA30
3.575% FHA15
4.228% VA30
4.909% Jumbo30

Mortgage Market Index

National ARM Share

National FHA Share

Mortgage Market Index 358 for week ended Aug. 5

back to main Mortgage Market Index page

Refinance News | Refinance Share Statistics
News about refinancing programs, pricing and production. Stories about the H o m e
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.

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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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