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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 Slips Despite Improved Rates

DALLAS -- (July 23, 2012) New mortgage activity took a dip this week, with inquiries for jumbo mortgages leading the pack. The decline came despite a new low for mortgage rates. But one category -- adjustable-rate mortgages -- actually experienced an uptick.

The average mortgage loan originator pulled 6 percent fewer pricing inquiries during the latest seven-day period, putting the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended July 20 at 236.

The Mortgage Market Index has returned to January's level, making the index over the year largely flat despite last week's spike.

Compared to a year previous, however, new loan inquiries were 13 percent higher.

"We're still seeing some volatility in the demand lenders are responding to with our Product & Pricing Tools, but the rates they are responding with continue to trend downward," said Don Kracl, CEO of Mortech. "Unfortunately, we do not see a clear correlation between falling rates and demand, which has, despite some week-to-week volatility, been largely flat over the year thus far, according to our data."

Jumbo loan inquiries fell 8 percent from the prior week. Helping to drive down activity was the premium for a jumbo mortgage, which climbed to 85 basis points from the previous week's 81 BPS. The share of overall activity that was jumbo slipped to 8.6 percent from 8.8 percent.

Conventional loan inquiries were down 6 percent from the week ended July 13 but 15 percent higher than the week ended July 22, 2011.

Also down 6 percent on a week-over-week basis were inquiries for loans insured by the Federal Housing Administration. Compared to a year earlier, FHA business was up 1 percent. FHA share was unchanged from seven days prior at 10.7 percent, though it was down from 12.1 percent this week last year.

Even new refinance activity was off 6 percent from the last report. But refinances were 62 percent stronger than this week in 2011. Refinance share was unchanged from the prior report at three-quarters but higher than a little over half a year ago. The latest week's share was comprised of a 61 percent rate-term share and a 13 percent cashout share.

The week-over-week decline for new purchase activity was just 5 percent. But purchase business sat 40 percent lower than the same week last year.

Inquiries for the best-performing category, ARMs, were 6 percent stronger than a week previous -- though ARM activity was nearly two-thirds worse than a year earlier. ARM business picked up as ARM share moved up to 3.2 percent from 2.9 percent. ARM share was 9.9 percent at the same point in 2011.

Mortech data indicate that interest rates being offered to new borrowers are still dropping, down 10.6 percent since the beginning of the year to 3.480 percent on conventional 30-year fixed-rate loans.

The average 30-year fixed-rate mortgage slipped less than a basis point from a week earlier to 3.63 percent -- another new record low. The 30 year was 4.70 percent 12 months earlier.

The spread between 15- and 30-year mortgages widened to 65 BPS from the prior week's 63 BPS. The discount for a 15-year loan was much better the same week last year at 88 BPS.

Full Mortgage Market Index Report

Week Ended July 20, 2012

National Average Loan Amount $226,588

Rate-Term Refinance Share 61.159%
Cashout Refinance Share 13.404%
Total Refinance Share 74.563%

Purchase Share 25.437%

FHA Share 10.712%

ARM Share 3.225%

Jumbo Share 8.571%

Mortgage Market Index 236.315

Conforming 30-Year Fixed-Rate Average 3.631%
Conforming 15-Year Fixed-Rate Average 2.980%
Jumbo 30-Year Fixed-Rate Average 4.476%

Mortgage Market Index 236 for week ended July 20

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

About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, is a leading online source of mortgage news and mortgage statistics for the mortgage industry. In addition to the weekly Mortgage Market Index, Mortgage Daily also publishes the quarterly Mortgage Employment Index, Mortgage Litigation Index and Mortgage Fraud Index. The Dallas-based publication additionally provides a quarterly ranking of the biggest mortgage originators and mortgage servicers. 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 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
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.

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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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