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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 Better as Rates Retreat

Mortgage Market Index is 311 for the week ended Nov. 10, 2010

Nov. 10, 2010

By staff

Mortgage activity picked up this week as interest rates were lower. But jumbo mortgage prices worsened relative to conforming rates.

The conforming 30-year fixed-rate mortgage declined to 4.181 percent from 4.230 percent in the Mortech-Mortgage Daily Mortgage Market Index report for the week ended Wednesday. Meantime, the 30-year jumbo was unchanged at 5.070 percent -- inflating the jumbo-conforming spread to 89 basis points from last week's 84 BPS.

The Mortgage Market Index, itself, jumped to 311 from 288 seven days earlier. The improvement appears to be the work of rising refinances; the total refinance share moved up to 61 percent from 60 percent last week. This week's share included a 46 percent rate-term share and a 15 percent cashout share.

The average U.S. loan amount rose to $214,267 from the previous week's $212,501 -- indicating average origination fees also increased. The highest average mortgage amount was Alaska's $295,095, and the lowest was Nebraska's $151,977.

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Full Mortgage Market Index Report

Week Ended Nov. 10, 2010

National Average Loan Amount

Top 3 States state
$295,095 AK
$273,134 MA
$269,852 MD

Bottom 3 States state
$151,977 NE
$155,541 AR
$157,606 SD

National Average Rate-Term Refinance Amount

Top 3 States state
$306,460 HI
$284,815 CA
$283,524 DC

Bottom 3 States state
$134,414 ND
$153,172 NE
$160,913 AR

National Average Cashout Refinance Amount

Top 3 States state
$271,737 CA
$266,625 AK
$263,407 OR

Bottom 3 States state
$144,416 AR
$147,024 NE
$147,855 IA

National Average Jumbo Loan Amount

Top 3 States state
$897,217 OK
$886,298 FL
$871,271 OR

Bottom 3 States state
$464,222 SC
$492,545 WV
$494,889 NE

National Rate-Term Refinance Share

National Cashout Refinance Share

National Total Refinance Share

Product state State Average
Conv30 MA $294,661
Conv30 MO $200,500
Conv30 CA $285,860
Conv15 MA $267,973
Conv30 NJ $277,235
Conv30 TX $214,715
Conv30 KS $204,880
Conv15 MO $176,574
Conv30 IL $235,242
Conv30 NE $165,164
Conv30 PA $251,399
3 MA $283,840
Conv30 VA $265,063
Conv30 AR $165,305
Conv30 MD $284,134

Average rate for each product from All investors Product
4.181% Conv30
3.550% Conv15
3.080% 5-1LiborARM
4.010% FHA30
3.560% FHA15
4.070% VA30
5.070% Jumbo30

Mortgage Market Index

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Refinance News | Refinance Share Statistics
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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
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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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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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