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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 Through the Roof

Mortgage Market Index 470 for week ended Aug. 12

Aug. 12, 2011 (FHA share, FHA MMI & Conventional MMI revised Aug. 15)

By staff

After nearly doubling last week, the number of borrowers inquiring about a refinance this week was up more than 40 percent. Spectacularly low mortgage rates were behind the burst in refinance activity.

Overall new mortgage activity climbed 31 percent, with the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended Aug. 12 rising to 470 from last week's 358. The index, which reflects pricing inquiries by loan originators, was also higher than 325 during the same week last year.

The Mortgage Market Index has not been this high since launching in December 2009.

With a 42 percent gain from last week, the Refinance MMI was 326 in today's report. Refinance share increased to 69 percent from last week's 64 percent share. The share was also stronger than 62 percent during this week in 2010.

The latest reading reflected a 56 percent rate-term share and a 13 percent cashout share.

Even purchase activity benefited from the strong market, rising 12 percent from the prior week.

But the market for adjustable-rate mortgages fell to a share of 6.33 percent from 8.66 percent last week.

Plunging mortgage rates were behind the stellar performance. The conforming 30-year fixed-rate mortgage fell to 4.27 percent as of this week from 4.44 percent in last week's report. The 30 year was 4.36 percent at this point last year.

The Treasury market rallied today, sending the yield on the 10-year Treasury 10 basis points lower than Thursday's close to 1.56 percent, according to Treasury Department data. The movement suggests that next week's Mortgage Market Index report could reflect an even lower 30-year mortgage rate.

Jumbo mortgages lost some of their allure this week, with the spread between the jumbo 30-year mortgage and the conforming 30 year widening to 53 BPS from 47 BPS in the prior report.

Also becoming less attractive versus the conforming 30 year was the 15-year mortgage, with the spread falling to 75 BPS from 82 BPS.

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Full Mortgage Market Index Report

Week Ended Aug. 12, 2011

National Average Loan Amount

Top 3 States state
$306,022 HI
$297,476 DC
$288,265 MA

Bottom 3 States state
$163,485 NE
$165,837 SD
$168,156 AR

National Average Rate-Term Refinance Amount

Top 3 States state
$314,188 HI
$297,783 DC
$293,344 MA

Bottom 3 States state
$164,621 NE
$176,933 AR
$178,289 SD

National Average Cashout Refinance Amount

Top 3 States state
$324,128 HI
$291,550 DC
$270,795 CA

Bottom 3 States state
$143,961 SD
$150,400 AK
$150,942 ND

National Average Jumbo Loan Amount

Top 3 States state
$850,401 LA
$813,308 WA
$809,139 IL

Bottom 3 States state
$491,800 WV
$552,492 DC
$562,500 VT

National Rate-Term Refinance Share

National Cashout Refinance Share

National Total Refinance Share

Product state State Average
Conv30 MA $306,922
Conv30 MO $213,339
Conv15 MA $282,327
Conv30 CA $306,583
Conv15 MO $202,593
Conv20 MA $294,144
Conv30 IL $248,790
Conv30 NE $178,165
Conv30 TX $226,548
Conv30 NJ $290,150
Conv30 PA $238,508
Conv30 NC $258,343
Conv30 KS $208,021
Conv15 NE $169,800
Conv15 TX $216,716

Average rate for each product from All investors Product
4.268% Conv30
3.522% Conv15
3.221% 5-1LiborARM
4.092% FHA30
3.523% FHA15
4.122% VA30
4.802% Jumbo30

Mortgage Market Index

National ARM Share

National FHA Share

Mortgage Market Index 470 for week ended Aug. 12

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.

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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FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

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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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