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make mortgage market index your home page | advertise
origination news | mortgage rate news | ARM index table | Treasury market snapshot
U.S. Mortgage Market Index
from Mortech and MortgageDaily.com
| Last Updated |
Friday, February 03, 2012 |
07:31 PM |
Texas Time |
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Mortgage Market Index News
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Mortgage Market Index
Past Three Months
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Mortgage Activity Up Again
Falling mortgage rates motivated an increasing number of borrowers this week to inquire about a refinance, though inquiries for purchases were also higher. Rates, however, are poised to deteriorate. Refinance activity more than doubled compared to a year ago. Despite a widening spread over conforming rates, more jumbo borrowers were out shopping for a loan.
The number of prospective borrowers who inquired about a mortgage rose 4 percent from last week, leaving the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the seven days ended Feb. 3 at 270.
The index was 48 percent higher than the week ended Feb. 2, 2011.
read story
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FHA, Jumbo & Purchase Activity Drive Business Higher
Led by an increase in inquiries for purchase financing, government-insured loans and jumbo mortgages -- overall mortgage activity was higher this week. Both jumbo and 15-year loans were priced more competitively in the latest report, and overall mortgage rates are poised to come in lower in the next report.
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Low Rates Fail to Stimulate; Might Rise
Mortgage rates, which were already perched at historical lows, fell further this week. But that wasn't enough to motivate mortgage shoppers to check in with their local loan originators about financing a home purchase or refinancing an existing loan. While a look at Treasury market activity suggests rates could be higher in next week's reports, eurozone volatility could impact that outlook.
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New Mortgage Business Leaps
With the holidays out of the way, mortgage shoppers were out in droves this week inquiring about new mortgages. Rates are likely to be lower in next week's report, possibly leading the way for activity to escalate further.
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Holiday Hangover Hampers New Business
Business picked up from the Christmas week but was still anemic. Refinance and adjustable-rate loan inquiries turned in the strongest week-over-week performance, while purchase financing continues to sag compared to a year ago.
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Mortgage Market Index Tumbles to Record Low
It was the lowest level of weekly activity since the U.S. Mortgage Market Index was launched. The Christmas holiday appeared to have the greatest impact on adjustable-rate inquiries.
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Holidays Dampen Demand, Rates Bounce off Bottom
As consumers focused their shopping on holiday gifts this week, fewer were out shopping for a mortgage. Government business was most impacted, while loan inquiries for purchase financing saw the smallest decline of any category. Mortgage rates are likely to escalate in the next report but still remain ridiculously low.
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Holiday Season Slows Refis; Purchases Slump
New financing activity for home purchase transactions, which have dogged U.S. efforts at a housing market recovery, tumbled this past week despite declining mortgage rates. Refinances were also lower but were up nearly a third from the same week last year. Rates fell and have room to fall more.
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Refis Rise Again Despite Purchase Slump
Fewer homebuyers sought financing for a home purchase, and purchase demand was down more than a quarter from last year. But consumers out shopping for a refinance were more active for the second week in a row, helping to lift overall activity.
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Mortgage Business Recovers From Holiday
Mortgage shopping activity mostly recovered from the holiday week, with adjustable-rate and government programs leading the way. While refinance business grew by more than half from last year, home-purchase financing has fallen.
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Week Ended
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MMI
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Purchase MMI
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Refi MMI
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Refi Share
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ARM MMI
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ARM Share
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Conventional MMI
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FHA MMI
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FHA Share
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Jumbo Index |
Jumbo Share |
Average U.S. Loan Amount
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Conforming 30-yr Fixed Rate
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Jumbo 30-yr Fixed Rate |
Jumbo-Conforming Spread |
Conforming 15-yr Fixed Rate |
15-yr - 30-yr Spread |
| Feb. 3 |
270 |
73 |
197 |
73% |
12 |
4.31% |
240 |
30 |
11.22% |
24 |
8.90% |
$225,686 |
3.972% |
4.587% |
0.62% |
3.234% |
0.74% |
| Jan. 27 |
259 |
73 |
186 |
72% |
12 |
4.49% |
229 |
30 |
11.59% |
23 |
8.83% |
$221,764 |
4.098% |
4.695% |
0.60% |
3.380% |
0.72% |
| Jan. 20 |
237 |
64 |
173 |
73.23% |
11 |
4.81% |
210 |
27 |
11.27% |
21 |
8.67% |
$224,876 |
4.024% |
4.666% |
0.64% |
3.337% |
0.69% |
| Jan. 13 (1) |
247 |
67 |
180 |
73.00% |
11 |
4.50% |
219 |
28 |
11.31% |
22 |
8.77% |
$224,236 |
4.045% |
4.716% |
0.67% |
3.355% |
0.69% |
| Jan. 6 (*revised Jan. 16) |
183 |
51* |
132* |
72.29%* |
9 |
5.12% |
162 |
21 |
11.22% |
16 |
8.55% |
$224,267 |
4.053% |
4.801% |
0.75% |
3.386% |
0.67% |
| Dec. 30 |
131 |
44 |
87 |
66.70% |
7 |
5.06% |
116 |
15 |
11.60% |
na |
na |
$194,385 |
4.089% |
4.888% |
0.80% |
3.430% |
0.66% |
| Dec. 23 |
193 |
62 |
131 |
68.05% |
10 |
5.33% |
172 |
21 |
10.99% |
na |
na |
$199,558 |
4.055% |
4.804% |
0.75% |
3.404% |
0.65% |
| Dec. 16 |
220 |
69 |
151 |
68.8% |
12 |
5.4% |
195 |
25 |
11.2% |
na |
na |
$200,890 |
4.07% |
4.81% |
0.74% |
3.38% |
0.69% |
| Dec. 9 |
247 |
82 |
165 |
66.87% |
15 |
6.16% |
220 |
27 |
11.02% |
na |
na |
$218,486 |
4.133% |
4.826% |
0.69% |
3.457% |
0.68% |
| Dec. 2 |
231 |
84 |
147 |
63.71% |
14 |
5.94% |
204 |
27 |
11.54% |
na |
na |
$213,609 |
4.224% |
4.881% |
0.66% |
3.587% |
0.64% |
| Nov. 25 |
161 |
59 |
102 |
63.25% |
9 |
5.50% |
143 |
18 |
11.41% |
na |
na |
$212,837 |
4.214% |
4.897% |
0.68% |
3.600% |
0.61% |
| Nov. 18 |
242 |
86 |
156 |
64.52% |
14 |
5.86% |
216 |
26 |
10.81% |
na |
na |
$214,272 |
4.229% |
4.825% |
0.60% |
3.577% |
0.65% |
| Nov. 11 |
242 |
83 |
159 |
65.67% |
14 |
5.78% |
216 |
26 |
10.850% |
na |
na |
$217,512 |
4.200% |
4.799% |
0.60% |
3.564% |
0.64% |
| Nov. 4 |
293 |
96 |
197 |
67.17% |
17 |
5.83% |
264 |
29 |
10.01% |
na |
na |
$220,524 |
4.176% |
4.783% |
0.61% |
3.540% |
0.64% |
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Refinance News
Stories about refinancing programs, pricing and production.
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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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U.S. Mortgage Market Index
Weekly report on mortgage market metrics including new loan activity, interest rates and jumbo spread. Share of activity for refinances, FHA loans and ARMs.
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MMI home page
2012 weekly MMI
2011 weekly MMI
2010 weekly MMI
2009 weekly MMI
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About the Mortgage Market Index
The U.S. Mortgage Market Index launched on Dec. 17, 2009.
The index itself reflects the average number of pricing inquiries pulled each week per Mortech Inc. originator-user. Users pull the inquiries to find the lowest available rate. The index is based on hundreds-of-thousands of monthly inquiries and is a good reflection of upcoming applications and production.
A byproduct of the Mortgage Market Index is a full report each week that includes the latest mortgage rates, refinancing trends and other important mortgage data.
On Jan. 16, 2012, data for jumbo share and a jumbo index was added.
(1) On Jan. 13, 2012, an adjustment was made to the calculation for the share of refinances versus purchases. This had the effect of increasing the weekly refinance share from 66.3% to 70.0% and reducing the purchase share by the difference.
On Feb. 11, 2011, the end of the week for the Mortgage Market Index was moved from Wednesday until Friday.
ARM-share data was added as of Feb. 11, 2011.
On June 9, 2010, a programming glitch was identified that caused the Mortgage Market Index itself to reflect data that was one week old. The glitch impacted reports issued from April 14, 2010, to June 2, 2010. The reports have been revised to reflect the correct index.
As of March 24, 2010, the Mortgage Market Index converted from utilizing an inquiries-per-user metric to an actual index value. The modification, which was made as part of ongoing efforts to improve the index, was applied to previously issued reports. This change did not impact, however, the level of weekly changes.
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P r i c i n g Engine
Search for lowest mortgage rates by location and program using same data as is used for Mortgage Market Index.
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Origination News
Originations by Lender
Origination Statistics
FHA Originations
Market Share Statistics
Mortgage Statistics
Mortgage Rate News
ARM indices
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