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Mortgage Market Index
A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity.
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Cashout, FHA Share Expand in Weekly Mortgage Market Index

DALLAS -- (Aug. 6, 2012) The share of prospective mortgage borrowers who were extracting home equity through a refinance transaction was stronger in the latest week, as was the case for government-insured activity. Overall business remains elevated from a month ago.

We saw a drop in the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily this week, falling from 242 last week to 228.

refinances saw a slight increase as did FHA loans, which could be an indicator that cash-strapped borrowers and those without savings for a conventional loan down payment have the confidence to re-enter the market. Some additional evidence for this may be found in this week's employment numbers, which provided a nice surprise.

Overall, though, the drop in the index was not enough to erode gains we saw earlier this year. Even down 6 percent week over week, the index is still higher now than it was in July. The index was at a high point for the year back in February, when it hit 267.

"I'm not concerned with this slight week over week drop in the index," said Mortech Inc. President Don Kracl. "I am, however, pleased to see increases in some parts of the business that have languished for some time."

Mr. Kracl added, "Interest in FHA loans ticked up this week, but it's still down from its June level, where these requests accounted for 13.20 percent of all borrower requests for loan information through the system. Many have argued that FHA is taking on too much market share, so the slight drop in demand may actually be welcome."

Full Mortgage Market Index Report

Week Ended Aug. 3, 2012

National Average Loan Amount $227,787

Rate-Term Refinance Share 60.979%
Cashout Refinance Share 13.710%
Total Refinance Share 74.689%

Purchase Share 25.311%

FHA Share 10.514%

ARM Share 2.837%

Jumbo Share 8.550%

Mortgage Market Index 227.787

Conforming 30-Year Fixed-Rate Average 3.627%
Conforming 15-Year Fixed-Rate Average 3.004%
Jumbo 30-Year Fixed-Rate Average 4.411%

Mortgage Market Index 228 for week ended Aug. 3

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.

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

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About the Mortgage Market Index
The U.S. Mortgage Market Index launched on Dec. 17, 2009.

The index itself reflects the average number of rate locks each week per Optimal Blue originator-user. The index is an excellent indicator of upcoming mortgage production.

A byproduct of the Mortgage Market Index is a full report each week that includes the latest mortgage rates, refinancing trends and other important mortgage data.

A potential error in data for the weeks from Nov. 22, 2013, through Dec. 13, 2013, could have share data off.
On April 12, 2013, LoanSifter began supplying the underlying data for the Mortgage Market Index. As a result, the basis for index activity was changed to average pricing inquiries per LoanSifter user. Read white paper about LoanSifter data.
On Dec. 14, 2012, Optimal Blue replaced Mortech Inc. as the data provider for the Mortgage Market Index. As a result, rate locks replaced pricing inquiries as the basis for activity.
On Jan. 16, 2012, data for jumbo share and a jumbo index was added.
On Jan. 13, 2012, an adjustment was made to the calculation for the share of refinances versus purchases. This had the effect of increasing the weekly refinance share from 66.3% to 70.0% and reducing the purchase share by the difference.
On Feb. 11, 2011, the end of the week for the Mortgage Market Index was moved from Wednesday until Friday.
ARM-share data was added as of Feb. 11, 2011.
On June 9, 2010, a programming glitch was identified that caused the Mortgage Market Index itself to reflect data that was one week old. The glitch impacted reports issued from April 14, 2010, to June 2, 2010. The reports have been revised to reflect the correct index.

As of March 24, 2010, the Mortgage Market Index converted from utilizing an inquiries-per-user metric to an actual index value. The modification, which was made as part of ongoing efforts to improve the index, was applied to previously issued reports. This change did not impact, however, the level of weekly changes.
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H A R P 2.0 news.
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