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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 Pulled Down by FHA Business

DALLAS -- (July 2, 2012) Government-insured mortgage business led an overall decline in new weekly loan inquiries. While refinance business slowed, it still stands at nearly double the level of a year ago.

The average number of pricing inquiries pulled by loan originators during the week ended June 29 was down 3 percent, putting the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily at 216. But the index was up a third compared to the week ended July 1, 2011.

The worst-performing category was Federal Housing Administration lending, with new inquiries for FHA-insured mortgages falling 15 percent from a week earlier. FHA business, however, rose 14 percent from a year earlier. FHA share dropped to 11.6 percent from the previous week's 13.2 percent share and 13.45 percent in the same week last year.

Originators pulled 4 percent fewer refinance inquiries than they did in the prior report. But refinance activity remains 96 percent higher than this week in 2011.

Refinance share barely moved lower at 71 percent, though it sits well above 48 percent level a year prior. The latest share reflected a 58 percent rate-term share and a 13 percent cashout share.

Inquiries for adjustable-rate mortgages were also off 4 percent for the week. ARM activity was down by more than half from 12 months ago. ARM share eased to 7.1 percent from the previous week's 7.4 percent. The share has diminished significantly from 9.8 percent during the same week in 2011.

New jumbo activity was 3 percent lower than in the prior report. Jumbo loans became less expensive relative to their conforming counterparts, with the jumbo-conforming spread falling to 72 percent from 73 BPS seven days earlier.

Conventional loan inquiries slipped 1 percent for the week but remained 36 percent higher than a year prior.

Purchase financing inquiries were also off 1 percent but down nearly a quarter from the same point last year.

The 30-year fixed-rate mortgage averaged 3.77 percent in the latest report, 1 basis point below a week earlier and the lowest level on record since the Mortgage Market Index debuted in 2009. The 30 year was 100 BPS better than a year ago.

There was a 64-basis-point discount for 15-year mortgages, not as good as the 66-basis-point discount the previous week. During the same week in 2011, 15-year loans were priced 84 BPS better than 30-year mortgages.

Full Mortgage Market Index Report

Week Ended June 29, 2012

National Average Loan Amount $223,511

Rate-Term Refinance Share 57.800%
Cashout Refinance Share 12.805%
Total Refinance Share 70.604%

Purchase Share 29.396%

FHA Share 11.613%

ARM Share 3.307%

Jumbo Share 8.586%

Mortgage Market Index 216.138

Conforming 30-Year Fixed-Rate Average 3.773%
Conforming 15-Year Fixed-Rate Average 3.132%
Jumbo 30-Year Fixed-Rate Average 4.490%

Mortgage Market Index end week ended June 29 at 216

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


Refinance News | Refinance Share Statistics
News about refinancing programs, pricing and production. Stories about the H o m e
Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.

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FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

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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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