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


Weekly Mortgage Market Index Lower

DALLAS -- (June 18, 2012) A week after surging by more than a third, new mortgage business dropped. Declining activity was most impacted by inquiries for adjustable-rate mortgages, jumbo loans and refinance transactions.

The average loan originator pulled 14 percent fewer pricing inquiries than the prior week, dragging the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended June 15 down to 229. Compared to the same week in 2011, the index drifted 2 percent lower.

ARM business had the biggest impact on week-over-week activity, tumbling 27 percent from the week ended Jun 8. ARM inquiries were down more than two thirds from a year earlier. ARM share, meanwhile, fell for the sixth consecutive week to 3.3 percent. A year previous, ARM share exceeded 10 percent.

Inquiries for jumbo mortgages were down by 20 percent from the previous report, and jumbo share fell to 8.2 percent from 8.9 percent. The premium for a jumbo loan has increased each of the past three weeks to 70 basis points this week from 65 BPS seven days prior.

Compared to the previous week, pricing inquiries for refinances fell 17 percent but were up a third from the week ended June 17, 2011. Refinance share slipped to 72 percent from 74 percent but was up from 53 percent the same week in 2011. The latest share consisted of a 59 percent rate-term share and a 13 percent cashout share.

Also down 17 percent from the prior report were conventional loan pricing inquiries. Conventional activity was off 3 percent from the same point a year ago.

Inquiries for mortgages insured by the Federal Housing Administration were off 9 percent for the week but 7 percent higher than the same point last year. FHA share climbed, however, to 13 percent from 10 percent in the previous report and 12 percent during the same week in 2011.

The best-performing category was purchase financing. Purchase inquiries were off just 7 percent for the week, though purchase business has fallen 41 percent over the past year.

Slower overall activity came as the average conforming 30-year rate rose to 3.84 percent from 3.80 percent. But the 30 year remains 84 BPS below the same point during 2011.

Fifteen-year mortgages were priced at a 66-basis-point discount over 30-year loans, not quite as good as 67 BPS in the previous report and much worse than 82-basis-point spread a year prior.

Full Mortgage Market Index Report

Week Ended June 15, 2012

National Average Loan Amount $222,075

Rate-Term Refinance Share 58.579%
Cashout Refinance Share 12.978%
Total Refinance Share 71.557%

Purchase Share 28.442%

FHA Share 13.087%

ARM Share 3.278%

Jumbo Share 8.209%

Mortgage Market Index 229.105

Conforming 30-Year Fixed-Rate Average 3.838%
Conforming 15-Year Fixed-Rate Average 3.175%
Jumbo 30-Year Fixed-Rate Average 4.534%

Mortgage Market Index 229 for the week ended June 15

Historical data for the U.S. Mortgage Market Index is available at:

Founded in 1998, is a leading online source of mortgage news and mortgage statistics for the mortgage industry.

Holly Himelright


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