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

Refis Lead Post-Holiday Resurgence

Mortgage Market Index 189 for week ended Nov. 30

Nov. 30, 2012

By Mortgage Daily staff

Rates edged higher this week, but that wasn't enough to stop new mortgage activity from increasing after the Thanksgiving holiday. Refinances led the improvement, though all categories surged.

At 189, the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended Nov 30 jumped 39 percent from seven days earlier. But compared to the same week in 2011, business dropped 18 percent.

Pricing inquiries for refinance transactions climbed 40 percent from the week ended Nov. 21 -- the biggest rise of any category. Refinances were off 2 percent from a year earlier.

Refinances accounted for 77 percent of all activity this week. Refinance share widened from 76 percent the prior week and 64 percent in the week ended Dec. 2, 2011. This week's share reflected a 62 percent rate-term share and a 15 percent cashout share.

Conventional loans were the next-best performers, with inquiries climbing 39 percent from a week ago. Conventional business was off 16 percent from a year ago.

Next were inquiries for mortgages insured by the Federal Housing Administration, which jumped 38 percent from the previous report and were up a third from the same week in 2011. FHA share slipped to 9.6 percent from last week's 9.7 percent and stands short of the 11.5 percent share one year prior.

Inquiries for purchase financing rose 35 percent from last week but remain down by nearly half from the year-earlier period.

Jumbo business was up a third for the week. Jumbo borrowers were quoted rates that averaged around 51 BPS more than conforming mortgages, improving from the 53-basis-point jumbo-conforming spread a week earlier and 66 BPS a year earlier.

The worst-performing category, adjustable-rate mortgages, saw a 26 percent rise in inquiries compared to the prior report. ARM activity has plummeted 70 percent over the past year. ARM share was 2.2 percent, down from the prior week's 2.4 percent. ARM share was 5.94 percent at the same point last year.

The 30-year, fixed-rate mortgage inched up to 3.489 percent in the latest report from 3.483 percent. Thirty-year loans averaged 4.224 percent a year previous.

Fifteen-year mortgages were priced 64 BPS lower than 30-year loans, a little more attractive than the 63-basis-point spread a week earlier but unchanged from a year earlier.

Next week's report is likely to reflect mortgage rates that are around 3 basis points better than this week's, based on an analysis of Treasury market activity.

Data from the Department of the Treasury indicate that the yield on the 10-year Treasury note averaged 1.65 percent during the week covered in this report. The 10-year yield, which is a benchmark for fixed mortgage rates, closed at 1.62 percent Friday.

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Full Mortgage Market Index Report

Week Ended Nov. 30, 2012

National Average Loan Amount $224,256

Rate-Term Refinance Share 61.671%
Cashout Refinance Share 14.844%
Total Refinance Share 76.515%

Purchase Share 23.485%

FHA Share 9.647%

ARM Share 2.196%

Jumbo Share 8.556%

Mortgage Market Index 188.619

Conforming 30-Year Fixed-Rate Average 3.489%
Conforming 15-Year Fixed-Rate Average 2.853%
Jumbo 30-Year Fixed-Rate Average 4.003%

Mortgage Market Index 189 for week ended Nov. 30

back to main Mortgage Market Index page

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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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