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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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PRESS RELEASE


Weekly Mortgage Market Index Falls as Family Focus Shifts to School


DALLAS -- (Aug. 13, 2012) The U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily fell again this week, indicating a dropping demand on the part of consumers for home financing and mortgage refinance.

The index for the week ended Aug. 10 fell to 212 from the previous week's 228, a drop of over 7 percent.

So far this year, the index is down from its high of near 250.

"The index continues to fall, but we caution originators from jumping to the conclusion that the market overall is falling," said Don Kracl, president of Mortech. "There are seasonal factors at work here. Lenders who do a good job of cultivating solid leads and then following through to close those loans will not be adversely impacted by a market described by a 212 MMI."

Analysts at Mortech contribute the drop, in part, to the end of the summer moving season, when families are more focused on returning their children to school than moving to a new home.

That wouldn't be a likely impact for refinances, the company said. The majority of the new business originators booked this week was refinance loans.

A slight rise in interest rates may have been the primary factor there.

Full Mortgage Market Index Report


Week Ended Aug. 10, 2012


National Average Loan Amount $220,433


Rate-Term Refinance Share 57.997%
Cashout Refinance Share 14.265%
Total Refinance Share 72.262%


Purchase Share 27.738%


FHA Share 11.531%


ARM Share 2.770%


Jumbo Share 7.912%


Mortgage Market Index 211.918


Conforming 30-Year Fixed-Rate Average 3.703%
Conforming 15-Year Fixed-Rate Average 3.039%
Jumbo 30-Year Fixed-Rate Average 4.427%



Mortgage Market Index 212 for week ended Aug. 10


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


About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, MortgageDaily.com 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 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 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.



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Mortgage Market Index powered by
OpenClose



Weekly MMI
by Year:

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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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