twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Mortgage Market Index
A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity.
www.openclose.com


PRESS RELEASE


Holiday Activity Tumbles


DALLAS -- (July 9, 2012) Depressed by the Fourth of July holiday, new loan activity plunged by more than a fifth last week. Adjustable-rate and government mortgages were hardest-hit. Rates reached a new low.

The average mortgage loan originator pulled 21 percent fewer pricing inquiries during the week ended July 6 than in the prior week, pulling down the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily to 172. Had there been five working days during the week, however, the index would have been about the same as the previous week. The Mortgage Market Index was 179 in the week ended July 8, 2011.

Refinance activity fell 21 percent for the week but was up 39 percent on a year-over-year basis. Refinance share slipped to 70.4 percent from 70.6 percent but stands well above 48.6 percent at the same point last year. The latest week's share reflected a 56.5 percent rate-term share and a 13.9 percent cashout share.

Inquiries for purchase financing dropped 20 percent for the week and were off 45 percent from a year previous.

As fixed rates dove deeper into record territory, fewer borrowers sought out adjustable-rate mortgages, with ARM activity down by a quarter from a week earlier and sinking 70 percent from a year earlier. ARM share inched down to 3.1 percent from the previous week's 3.3 percent and sits nowhere near the 9.8 percent level from the same week in 2011.

Federal Housing Administration business tumbled 24 percent from the last report but was only off 13 percent from the year-earlier week. FHA share slipped to 11.1 percent from 11.6 percent a week previous and was also off from a year previous, when it stood at 12.5 percent.

Conventional activity declined 20 percent from seven days prior but was just 3 percent lower than 12 months prior.

Inquiries for jumbo mortgages retreated 23 percent for the week, while jumbo share inched down to 8.3 percent from 8.6 percent. Jumbo mortgage rates were priced at a 70-basis-point premium over conforming rates, a narrower spread than 72 BPS in the previous report but much wider than 43 BPS in the report from a year ago.

Fifteen-year loan borrowers were quoted rates that were 65 BPS better than 30-year borrowers, a little wider margin than 64 BPS in the prior week but nowhere near as good as the 85-basis-point discount in the year-earlier period.

Rates on 30-year fixed-rate mortgages eased to 3.73 percent -- the lowest level since the Mortgage Market Index came into existence in 2009 -- from 3.77 percent in the previous report. The 30 year was 4.79 percent in the same week last year.

Full Mortgage Market Index Report


Week Ended July 6, 2012


National Average Loan Amount $225,376


Rate-Term Refinance Share 56.501%
Cashout Refinance Share 13.897%
Total Refinance Share 70.398%


Purchase Share 29.602%


FHA Share 11.103%


ARM Share 3.131%


Jumbo Share 8.313%


Mortgage Market Index 171.755


Conforming 30-Year Fixed-Rate Average 3.733%
Conforming 15-Year Fixed-Rate Average 3.085%
Jumbo 30-Year Fixed-Rate Average 4.434%



Mortgage Market Index 172 for week ended July 6


Historical data for the U.S. Mortgage Market Index is available at:
http://www.MortgageDaily.com/MortgageMarketIndex.asp


About MortgageDaily.com
Founded in 1998, MortgageDaily.com is a leading online source of mortgage news and mortgage statistics for the mortgage industry. Visit Mortgage Daily at www.MortgageDaily.com.

About Mortech, Inc.
Founded in 1987, Mortech provides a number of technologies designed to make loan originators more efficient and increase application to closed-loan conversation rates significantly, including all-in-one pricing, rate notification, prospect management tools, custom rate sheets, secondary marketing tools, loan product eligibility and guideline services. MarksmanLMP, Mortech’s flagship web-based software, automates the loan process and management of sales cycles - increasing loan close-ratios dramatically. Additional functionality includes an Intelligent Credit Reporting Engine, an Automated Underwriting System, connectivity to Fannie Mae's Desktop Underwriter or Freddie Mac's Loan Prospector, Bi-Directional Communication with Loan Origination Systems and a complete Document Management System. Mortech is recognized by Mortgage Technology Magazine as a 2011 Top 50 Service Provider and a Mortgage Technology Magazine 2010 Synergy Award Winner with partner, AllRegs. Mortech is a preferred technology partner for a number of online mortgage rate comparison websites and recently rolled out technology that will allow any website publisher to post sophisticated rate calculators on their pages. For more information, visit www.mortech-inc.com.

.


CONTACT:
Holly Himelright
214.521.1300
NewsAlert@MortgageDaily.com


Source: MortgageDaily.com



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.


Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.


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.


FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.



Jumbo Mortgage News

Logout forgot
password?


Mortgage Market Index powered by
OpenClose



Weekly MMI
by Year:

current

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009



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.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

sales blog

secondary marketing

social media

servicing news

subprime news

wholesale lenders

wireless mortgage news