Activity Eases as Fixed Rates Fall
More downward movement in mortgage rates -- which were already at record lows -- wasn't enough to lift the Mortech-Mortgage Daily Mortgage Market Index higher.
For the week ended Wednesday, the index was 348, easing from 355 last week. The index reflects the inquiries per user of Mortech Inc.'s pricing system.
The decline in activity came despite that the conventional 30-year rate edged down to 4.317 percent from 4.320 percent last week and the conventional 15-year moved 6 basis points lower to 3.79 percent.
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4 Weeks of Rising Mortgage Activity
It was a small increase but an increase all the same. It was also the fourth consecutive week that the Mortech-MortgageDaily.com Mortgage Market Index was higher. Purchase activity was up and rates were down.
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2nd Weekly Decline for Mortgage Activity
New loan activity declined for the second consecutive week based on the Mortech-MortgageDaily.com Mortgage Market Index. The lower activity was accompanied by a falling share of refinances. Fixed rates were mostly unmoved, though the jumbo spread improved.
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Rates Fall, Activity Eases
Falling mortgages rates weren't enough to push the Mortech-MortgageDaily.com Mortgage Market Index, higher. Meanwhile, the jumbo-conventional spread declined.
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Mortgage Activity Jumps
The see-saw activity continued for the Mortech-MortgageDaily.com Mortgage Market Index, which jumped 17 percent this week after tumbling last week and soaring the week before.
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Mortgage See Saw
As quickly as it rose last week, the Mortech-MortgageDaily.com Mortgage Market Index retreated in the report for the week ended July 7. Also lower was the share of activity represented by refinances. But fixed rates managed an improvement.
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Mortgage Activity Soars
The Mortech-MortgageDaily.com Mortgage Market Index shot up nearly 30 percent in the report for the week ended June 30. It was highest level ever for the index.
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| September 2010 |
Sep. 1 |
| Mortgage Market Index Value |
348 |
| Average U.S. Loan Amount |
$214,263 |
| No. 1 State |
DC $321,119 |
| No. 2 State |
MA $276,177 |
| No. 3 State |
MD $270,778 |
| Bottom State |
MS $155,351 |
| Average Rate-Term Refi Loan Amount |
$227,670 |
| Average Cashout Refi Loan Amount |
$211,830 |
| Average U.S. Jumbo Loan Amount |
$642,035 |
| U.S. Rate-Term Refinance Share |
49.49% |
| U.S. Cashout Refinance Share |
14.65% |
| U.S. Total Refinance Share |
64.14% |
| 30-year Conventional Rate |
4.294% |
| 15-year Conventional Rate |
3.740% |
| 30-year Jumbo Rate |
5.200% |
| August 2010 |
Aug 25 |
Aug 18 |
Aug 11 |
Aug 4 |
| Mortgage Market Index Value |
355 |
350 |
325 |
313 |
| Average U.S. Loan Amount |
$214,838 |
$215,694 |
$216,618 |
$216,033 |
| No. 1 State |
DC $290,953 |
DC $289,201 |
DC $282,230 |
DC $286,888 |
| No. 2 State |
VT $281,500 |
MA $275,051 |
DE $277,165 |
MA $276,325 |
| No. 3 State |
MA $274,269 |
MD $264,916 |
MA $276,567 |
AK $265,627 |
| Bottom State |
SD $151,741 |
SD $149,909 |
SD $147,209 |
SD $146,065 |
| Average Rate-Term Refi Loan Amount |
$228,106 |
$229,023 |
$231,990 |
$231,335 |
| Average Cashout Refi Loan Amount |
$212,800 |
$212,332 |
$211,339 |
$213,268 |
| Average U.S. Jumbo Loan Amount |
$636,945 |
$641,411 |
$643,913 |
$631,968 |
| U.S. Rate-Term Refinance Share |
48.76% |
49.31% |
47.55% |
45.07% |
| U.S. Cashout Refinance Share |
15.15% |
14.90% |
14.44% |
14.58% |
| U.S. Total Refinance Share |
63.91% |
64.21% |
61.99% |
59.65% |
| 30-year Conventional Rate |
4.317% |
4.320% |
4.355% |
4.414% |
| 15-year Conventional Rate |
3.790% |
3.850% |
3.860% |
3.890% |
| 30-year Jumbo Rate |
5.200% |
5.200% |
5.260% |
5.320% |
| JULY 2010 |
July 28 |
July 21 |
July 14 |
July 7 |
| Mortgage Market Index Value |
310 |
333 |
334 |
286 |
| Average U.S. Loan Amount |
$214,257 |
$216,013 |
$215,606 |
$217,645 |
| No. 1 State |
DC $291,229 |
HI $285,418 |
HI $316,286 |
MA $282,087 |
| No. 2 State |
HI $290,117 |
DC $279,212 |
DC $287,861 |
HI $278,907 |
| No. 3 State |
MA $274,709 |
MA $274,845 |
MA $274,533 |
DC $276,858 |
| Bottom State |
SD $135,825 |
SD $150,931 |
SD $155,562 |
SD $152,091 |
| Average Rate-Term Refi Loan Amount |
$228,878 |
$228,506 |
$227,443 |
$231,763 |
| Average Cashout Refi Loan Amount |
$212,790 |
$212,595 |
$217,006 |
$218,535 |
| Average U.S. Jumbo Loan Amount |
$633,146 |
$647,279 |
$648,084 |
$656,192 |
| U.S. Rate-Term Refinance Share |
44.22% |
46.19% |
45.35% |
45.52% |
| U.S. Cashout Refinance Share |
14.55% |
14.47% |
15.86% |
13.80% |
| U.S. Total Refinance Share |
58.77% |
60.66% |
61.21% |
59.32% |
| 30-year Conventional Rate |
4.485% |
4.485% |
4.555% |
4.519% |
| 15-year Conventional Rate |
3.920% |
3.910% |
3.980% |
3.960% |
| 30-year Jumbo Rate |
5.420% |
5.470% |
5.550% |
5.500% |
| JUNE 2010 |
June 30 |
June 23 |
June 16 |
June 9 |
June 2 |
| Mortgage Market Index Value |
355 |
274 |
257 |
274 |
225 |
| Average U.S. Loan Amount |
$222,272 |
$215,847 |
$211,982 |
$215,771 |
$212,806 |
| No. 1 State |
DC $292,580 |
DC $306,728 |
DC $300,066 |
DC $318,812 |
DC $326,702 |
| No. 2 State |
MA $285,049 |
MA $281,668 |
AK $281,099 |
HI $295,839 |
HI $293,137 |
| No. 3 State |
AK $267,111 |
HI $261,417 |
MA $275,626 |
MA $280,413 |
AK $278,995 |
| Bottom State |
WV $157,350 |
NE $155,125 |
ND $151,279 |
NE $156,741 |
WV $135,038 |
| Average Rate-Term Refi Loan Amount |
$237,851 |
$233,114 |
$229,216 |
$234,597 |
$229,804 |
| Average Cashout Refi Loan Amount |
$222,734 |
$217,045 |
$213,858 |
$214,480 |
$213,219 |
| Average U.S. Jumbo Loan Amount |
$643,450 |
$635,963 |
$654,990 |
$675,344 |
$653,128 |
| U.S. Rate-Term Refinance Share |
46.78% |
37.95% |
35.380% |
36.130% |
34.55% |
| U.S. Cashout Refinance Share |
14.23% |
13.44% |
13.660% |
13.840% |
13.01% |
| U.S. Total Refinance Share |
61.01% |
51.39% |
49.040% |
49.970% |
47.56% |
| 30-year Conventional Rate |
4.546% |
4.652% |
4.763% |
4.780% |
4.836% |
| 15-year Conventional Rate |
3.970% |
4.060% |
4.140% |
4.180% |
4.220% |
| 30-year Jumbo Rate |
5.490% |
5.590% |
5.680% |
5.670% |
5.650% |
| MAY 2010 |
May 26 |
May 19 |
May 12 |
May 5 |
| Mortgage Market Index Value |
324 |
270 |
252 |
239 |
| Average U.S. Loan Amount |
$220,893 |
$215,751 |
$214,339 |
$206,815 |
| No. 1 State |
DC $314,057 |
DC $294,557 |
ND $334,427 |
AK $298,263 |
| No. 2 State |
HI $303,786 |
MA $280,972 |
DC $318,570 |
ME $278,693 |
| No. 3 State |
MA $283,115 |
NJ $263,250 |
MA $279,410 |
DC $273,013 |
| Bottom State |
OH $162,653 |
NE $154,515 |
MS $149,256 |
AR $148,628 |
| Average Rate-Term Refi Loan Amount |
$239,363 |
$236,857 |
$232,587 |
$224,814 |
| Average Cashout Refi Loan Amount |
$221,549 |
$213,650 |
$221,321 |
$209,590 |
| Average U.S. Jumbo Loan Amount |
$653,874 |
$660,238 |
$639,718 |
$656,850 |
| U.S. Rate-Term Refinance Share |
39.370% |
32.030% |
26.510% |
20.920% |
| U.S. Cashout Refinance Share |
12.910% |
12.420% |
12.710% |
10.870% |
| U.S. Total Refinance Share |
52.280% |
44.450% |
39.220% |
31.790% |
| 30-year Conventional Rate |
4.747% |
4.875% |
4.980% |
5.065% |
| 15-year Conventional Rate |
4.140% |
4.210% |
4.320% |
4.370% |
| 30-year Jumbo Rate |
5.600% |
5.670% |
5.760% |
5.780% |
| April 2010 |
April 28 |
April 21 |
April 14 |
April 7 |
| Mortgage Market Index Value |
242 |
228 |
224 |
226 |
| Average U.S. Loan Amount |
$204,583 |
$204,431 |
$205,074 |
$203,241 |
| No. 1 State |
DC $302,757 |
DC $301,116 |
DC $328,750 |
DC $333,506 |
| No. 2 State |
MA $271,581 |
MA $275,533 |
AK $287,108 |
HI $302,732 |
| No. 3 State |
HI $262,565 |
DE $259,709 |
MA $269,324 |
AK $292,589 |
| Bottom State |
SD $147,013 |
WV $136,762 |
NE $145,843 |
NE $150,516 |
| Average Rate-Term Refi Loan Amount |
$219,644 |
$220,436 |
$220,573 |
$218,158 |
| Average Cashout Refi Loan Amount |
$208,289 |
$208,089 |
$209,279 |
$207,248 |
| Average U.S. Jumbo Loan Amount |
$642,899 |
$658,615 |
$655,875 |
$669,433 |
| U.S. Rate-Term Refinance Share |
20.63% |
21.26% |
21.49% |
21.07% |
| U.S. Cashout Refinance Share |
10.73% |
11.89% |
12.21% |
11.47% |
| U.S. Total Refinance Share |
31.36% |
33.15% |
33.70% |
32.54% |
| 30-year Conventional Rate |
5.109% |
5.113% |
5.142% |
5.243% |
| 15-year Conventional Rate |
4.410% |
4.350% |
4.400% |
4.470% |
| 30-year Jumbo Rate |
5.840% |
5.790% |
5.850% |
5.980% |
| March 2010 for week ended: |
March 31 |
March 24 |
March 17 |
March 10 |
March 3 |
| Mortgage Market Index Value |
237 |
229 |
224 |
238 |
245 |
| Average U.S. Loan Amount |
$206,249 |
$206,882 |
$206,364 |
$208,132 |
$209,038 |
| No. 1 State |
DC $320,262 |
DC $341,786 |
AK $285,354 |
HI $289,626 |
DC $298,261 |
| No. 2 State |
HI $299,221 |
HI $323,559 |
MA $265,660 |
MA $273,405 |
HI $294,380 |
| No. 3 State |
AK 274,117$ |
MA $267,550 |
NJ $256,861 |
DC $270,944 |
MA $274,858 |
| Bottom State |
ND $133,893 |
WV $142,035 |
WV $144,502 |
NE $148,487 |
ND $140,272 |
| Average Rate-Term Refi Loan Amount |
$223,237 |
$224,032 |
$223,311 |
$226,484 |
$225,717 |
| Average Cashout Refi Loan Amount |
$212,830 |
$217,499 |
$211,860 |
$213,055 |
$216,738 |
| Average U.S. Jumbo Loan Amount |
$650,164 |
$645,304 |
$657,766 |
$647,120 |
$642,825 |
| U.S. Rate-Term Refinance Share |
23.99% |
26.66% |
28.70% |
29.13% |
30.28% |
| U.S. Cashout Refinance Share |
13.21% |
13.07% |
13.35% |
13.79% |
14.34% |
| U.S. Total Refinance Share |
37.20% |
39.73% |
42.05% |
42.92% |
44.62% |
| 30-year Conventional Rate |
4.875% |
4.875% |
4.875% |
4.875% |
4.875% |
| 15-year Conventional Rate |
4.250% |
4.250% |
4.250% |
4.250% |
4.250% |
| 30-year Jumbo Rate |
5.625% |
5.625% |
5.625% |
5.750% |
5.750% |
| February 2010 for week ended: |
Feb. 24 |
Feb. 17 |
Feb. 10 |
Feb. 3 |
| Mortgage Market Index Value |
238 |
217 |
245 |
224 |
| Average U.S. Loan Amount |
$205,271 |
$207,754 |
$210,624 |
$207,116 |
| No. 1 State |
DC $283,856 |
DC $299,465 |
DC $309,953 |
HI $311,557 |
| No. 2 State |
AK $283,205 |
MA $274,789 |
HI $290,740 |
AK $299,458 |
| No. 3 State |
HI $275,277 |
NJ $260,986 |
AK $275,756 |
DC $284,764 |
| Bottom State |
WV $151,910 |
WV $144,974 |
WV $142,411 |
WV $132,993 |
| Average Rate-Term Refi Loan Amount |
$219,794 |
$224,506 |
$226,570 |
$220,097 |
| Average Cashout Refi Loan Amount |
$211,251 |
$213,046 |
$219,547 |
$214,582 |
| Average U.S. Jumbo Loan Amount |
$640,311 |
$643,379 |
$637,678 |
$657,7001 |
| U.S. Rate-Term Refinance Share |
29.25% |
30.52% |
33.25% |
32.39% |
| U.S. Cashout Refinance Share |
14.31% |
14.04% |
15.10% |
15.14% |
| U.S. Total Refinance Share |
43.56% |
44.56% |
48.35% |
47.53% |
| 30-year Conventional Rate |
4.875% |
4.875% |
4.875% |
4.875% |
| 15-year Conventional Rate |
4.250% |
4.250% |
4.250% |
4.250% |
| 30-year Jumbo Rate |
6.000% |
6.000% |
5.750% |
6.000% |
| January 2010 for week ended: |
Jan. 27 |
Jan. 20 |
Jan. 13 |
Jan. 6 |
| Mortgage Market Index Value |
255 |
272 |
256 |
182 |
| Average U.S. Loan Amount |
$207,792 |
$207,927 |
$207,109 |
$203,953 |
| No. 1 State |
HI $318,252 |
DC $324,894 |
DC $287,837 |
DC $276,239 |
| No. 2 State |
DC $316,394 |
MA $266,706 |
HI $271,777 |
MA $270,000 |
| No. 3 State |
MA $269,264 |
DE $263,784 |
MA $268,657 |
AK $256,958 |
| Bottom State |
ND $129,839 |
ND $136,751 |
ND $131,075 |
WV $126,832 |
| Average Rate-Term Refi Loan Amount |
$222,872 |
$222,177 |
$221,632 |
$219,581 |
| Average Cashout Refi Loan Amount |
$214,717 |
$212,069 |
$207,277 |
$206,257 |
| Average U.S. Jumbo Loan Amount |
$659,791 |
$659,348 |
$676,182 |
$659,853 |
| U.S. Rate-Term Refinance Share |
33.94% |
32.42% |
31.99% |
29.06% |
| U.S. Cashout Refinance Share |
15.68% |
15.99% |
15.45% |
14.20% |
| U.S. Total Refinance Share |
49.62% |
48.41% |
47.44% |
43.26% |
| Hottest Product |
MA Conv30 |
MA Conv30 |
MA Conv30 |
MA Conv30 |
| 30-year Conventional Rate |
4.875% |
4.875% |
4.875% |
5.250% |
| 15-year Conventional Rate |
4.250% |
4.250% |
4.250% |
4.375% |
| 30-year Jumbo Rate |
6.000% |
5.750% |
6.000% |
6.125% |
| December 2009 for week ended: |
Dec. 30 |
Dec. 23 |
Dec. 16 |
| Mortgage Market Index Value |
166 |
191 |
197 |
| Average U.S. Loan Amount |
$202,746 |
$209,354 |
$207,385 |
| No. 1 State |
HI $267,417 |
DC $290,603 |
DC $299,851 |
| No. 2 State |
MA $264,662 |
HI $273,977 |
HI $288,958 |
| No. 3 State |
DC $259,394 |
MA $271,210 |
MA $268,676 |
| Bottom State |
NE $138,642 |
NE $143,587 |
NE $142,657 |
| Average Rate-Term Refi Loan Amount |
$217,797 |
$227,235 |
$223,329 |
| Average Cashout Refi Loan Amount |
$201,602 |
$213,189 |
$210,678 |
| Average U.S. Jumbo Loan Amount |
$650,342 |
$654,668 |
$999,521 |
| U.S. Rate-Term Refinance Share |
26.87% |
35.20% |
36.53% |
| U.S. Cashout Refinance Share |
12.27% |
14.65% |
15.42% |
| U.S. Total Refinance Share |
39.14% |
49.85% |
51.95% |
| Hottest Product |
MA Conv 30 |
MA Conv 30 |
MA Conv 30 |
| 30-year Conventional Rate |
5.250% |
4.875% |
4.875% |
| 15-year Conventional Rate |
4.375% |
4.250% |
4.250% |
| 30-year Jumbo Rate |
6.125% |
6.000% |
6.000% |
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