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

Mortgage Market Metrics Continue Deterioration

Mortgage Market Index 250 for the week ended Nov. 24, 2010

Nov. 24, 2010

By staff

The share of borrowers who were refinancing moved lower for the second week in a row, as did the average loan amount and overall new activity. A rise in interest rates drove the deterioration.

Mortgage originators priced 14 percent fewer loans based on the Mortech-Mortgage Daily Mortgage Market Index for the week ended Wednesday. The index fell for the second consecutive week to 250 from the previous week's 291.

Also lower for the second week was the average U.S. loan amount, which fell to $208,274 from last week's $209,960. The largest average was $268,784 in Washington, D.C., and Nebraska's $140,723 was the lowest.

The refinance share additionally fell for the second consecutive week to 54 percent from 57 percent. This week's proportion reflected a 39 percent rate-term share and a 15 percent cashout share.

Driving the market deterioration was an increase in mortgage rates.

The conventional 30-year moved to 4.478 percent from 4.412 percent, while the jumbo 30-year climbed to 5.320 percent from 5.280 percent -- cutting the jumbo-conventional spread to 84 BPS from 87 BPS in the process. The fifteen-year climbed to 3.820 percent from 3.750 percent.

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Full Mortgage Market Index Report

Week Ended Nov. 24, 2010

National Average Loan Amount

Top 3 States state
$268,784 DC
$267,641 MA
$261,708 AK

Bottom 3 States state
$140,723 NE
$148,556 SD
$150,438 IA

National Average Rate-Term Refinance Amount

Top 3 States state
$317,150 HI
$313,195 DC
$281,452 AK

Bottom 3 States state
$97,000 ND
$139,542 NE
$153,297 SD

National Average Cashout Refinance Amount

Top 3 States state
$285,714 AK
$271,030 CA
$263,062 MA

Bottom 3 States state
$124,544 NE
$136,332 OK
$141,945 ID

National Average Jumbo Loan Amount

Top 3 States state
$974,500 MT
$965,250 MI
$950,000 SC

Bottom 3 States state
$476,143 IA
$503,863 NH
$512,242 AK

National Rate-Term Refinance Share

National Cashout Refinance Share

National Total Refinance Share

Product state State Average
Conv30 MA $291,094
Conv30 MO $191,982
Conv30 CA $282,771
Conv30 NJ $271,249
Conv30 TX $211,408
Conv30 KS $191,615
Conv15 MA $254,295
Conv15 MO $176,556
Conv30 IL $221,157
Conv30 NE $157,180
Conv30 PA $233,081
Conv30 VA $241,483
Conv30 AR $176,256
Conv15 NE $134,616
Conv15 TX $191,308

Average rate for each product from All investors Product
4.478% Conv30
3.820% Conv15
3.250% 5-1LiborARM
4.250% FHA30
3.620% FHA15
4.350% VA30
5.320% Jumbo30

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Refinance News | Refinance Share Statistics
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Origination News | Lender Ranking | Fundings by Lender | 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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