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


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:

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

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


Holly Himelright


Refinance News | Refinance Share Statistics
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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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