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Mortgage Market Index
A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity.
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Mortgage Activity Slips and Likely to Fall Further

Mortgage Market Index 256 for week ended Oct. 28

Oct. 28, 2011

By MortgageDaily.com staff


Mortgage rates increased this week and might rise again by next week's report. Meanwhile, new loan inquiries were lower and jumbo pricing was better this week. Financing activity for home purchases has been persistently falling and is down more than a fifth from the same week last year.

New loan inquiries were down 3 percent from last week in the U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com for the week ended Oct. 28. The index itself came in at 256.

Compared to a year earlier, business was down 14 percent.

Refinance activity retreated 4 percent for the week and 9 percent compared to the same week last year. The refinance share, meanwhile, was 64 percent, off from 65 percent last week but bigger than 60 percent during the same week last year. This week's share reflected a 49 percent rate-term share and a 15 percent cashout share.

The purchase index was unchanged from last week but 22 percent worse than a year ago.

Also unchanged from last week were adjustable-rate inquiries and inquiries for loans insured by the Federal Housing Administration. But FHA share crept up to 11.09 percent from 10.81 percent seven days ago, while adjustable-rate share moved up to 5.92 percent from 5.79 percent.

Conventional mortgage activity declined 3 percent this week.

Behind this weak performance during the past seven days were rising rates. The average 30-year, fixed-rate, conforming mortgage was 4.345 percent, creeping up from 4.329 percent last week. The 30 year was lower at 4.187 percent 12 months prior.

Borrowers paid a premium of 60 basis points this week for a jumbo mortgage, better than the 64-basis-point spread last week and a year ago.

Conforming borrowers who opted for a 15-year mortgage got a 68-basis-point discount this week, not as good as the 70 BPS spread a week ago.

It looks like this week's uptick in mortgage rates could be even worse next week based on Treasury market activity.

The yield on the 10-year Treasury note closed at 2.34 percent today, climbing from 2.23 percent seven days prior. The 11-basis-point rise versus in the Treasury yield versus the 2-basis-point weekly increase in mortgage rates suggests that the weekly average has more room to climb by next Friday as long as no major events rock the financial markets.

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Full Mortgage Market Index Report



Week Ended Oct. 28, 2011



National Average Loan Amount
$211,462



Top 3 States state
$296,639 DC
$281,748 HI
$275,722 MA



Bottom 3 States state
$138,618 SD
$143,591 WV
$151,279 NE



National Average Rate-Term Refinance Amount
$224,119



Top 3 States state
$306,492 DC
$286,067 HI
$278,234 MA



Bottom 3 States state
$139,458 WV
$150,203 NE
$156,500 MS



National Average Cashout Refinance Amount
$209,252



Top 3 States state
$282,984 HI
$267,911 MA
$267,890 NY



Bottom 3 States state
$112,057 ID
$113,396 WV
$113,500 WY



National Average Jumbo Loan Amount
$628,045



Top 3 States state
$892,594 NE
$873,796 MI
$825,362 IL



Bottom 3 States state
$475,571 AK
$491,800 WV
$512,333 KY



National Rate-Term Refinance Share
48.960%



National Cashout Refinance Share
14.800%



National Total Refinance Share
63.760%



HOT PRODUCTS
Product state State Average
Conv30 MA $302,882
Conv30 MO $186,262
Conv30 CA $280,596
Conv30 TX $210,122
Conv15 MA $273,184
Conv30 IL $236,186
Conv15 MO $171,877
Conv30 PA $218,643
Conv30 NJ $272,558
Conv30 KS $191,426
Conv30 NE $166,917
Conv15 TX $214,933
Conv30 AR $182,927
Conv20 MA $278,505
Conv30 NC $237,410



Average rate for each product from All investors Product
4.345% Conv30
3.662% Conv15
3.188% 5-1LiborARM
4.004% FHA30
3.613% FHA15
4.004% VA30
4.945% Jumbo30



Mortgage Market Index
256



National ARM Share
5.920%



National FHA Share
11.090%




Mortgage Market Index 256 for week ended Oct. 28


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.


Jumbo Mortgage News

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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