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


New Mortgage Activity Jumps

DALLAS -- (July 16, 2012) Thanks to rates that continue to defy prior lows, mortgage activity shot up by nearly half coming out of the holiday week -- with refinances and jumbo activity leading the way.

At 251, the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended July 13 was 46 percent higher than the previous week. The index, which reflects the average number of pricing inquiries pulled by Mortech clients, was 7 percent better than the same week last year.

The volume of refinance inquiries increased 55 percent from the week ended July 6 and was up by half compared to a year earlier.

Refinance share was fatter, widening to 75 percent from the prior week's 70 percent. The share was just 54 percent during the week ended July 15, 2011.

The most recent week's share consisted of a 62 percent rate-term share and a 13 percent cashout share.

Also shooting up 55 percent were inquiries for jumbo mortgages. Jumbo share inched up to 8.8 percent of last week's activity from 8.3 percent in the previous report. The improvement in jumbo performance came despite that the premium for a jumbo loan rose to 81 basis points from 70 BPS the prior week. The spread between jumbo and conforming mortgages was only 47 BPS a year prior.

Conventional business climbed 47 percent for the week, while inquiries for mortgages insured by the Federal Housing Administration were up 41 percent. FHA activity, however, was barely changed from the same week in 2011.

FHA share, meanwhile, eased to 10.7 percent from 11.1 percent and was down from 11.7 percent 52 weeks earlier.

The number of borrowers out shopping for an adjustable-rate mortgage jumped by more than a third compared to a week earlier, though ARM activity has fallen more than two thirds from the same week last year. The week-over-week rise in ARM inquiries came despite a decline in ARM share to 2.9 percent from 3.1 percent in the previous report. ARM share was 9.9 percent in the year-earlier report.

Falling rates prompted a quarter more prospective borrowers to shop for purchase financing. Still, purchase activity lags the same week in 2011 by 42 percent.

In addition to the bounce coming out of the July fourth holiday week, falling mortgage rates helped lift loan activity -- with conforming 30-year fixed-rate mortgages averaging a record-low 3.633 percent versus 3.733 percent a week previous. A year previous the 30 year averaged 4.68 percent.

Fifteen-year mortgages were priced at a 63-basis-point discount to 30-year loans, losing some of their luster from the previous week when the discount was 65 BPS. The spread between 15- and 30-year loans was 86 BPS the same week in 2011.

Full Mortgage Market Index Report

Week Ended July 13, 2012

National Average Loan Amount $230,367

Rate-Term Refinance Share 61.863%
Cashout Refinance Share 12.764%
Total Refinance Share 74.627%

Purchase Share 25.372%

FHA Share 10.706%

ARM Share 2.875%

Jumbo Share 8.810%

Mortgage Market Index 250.603

Conforming 30-Year Fixed-Rate Average 3.633%
Conforming 15-Year Fixed-Rate Average 3.003%
Jumbo 30-Year Fixed-Rate Average 4.446%

Mortgage Market Index 251 for week ended July 13

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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