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


ARM, Purchase Activity Up in Weekly Mortgage Market Index

DALLAS -- (July 1, 2013) Rapidly rising rates weren't enough to hold back a jump in new home purchase financing activity. But the rate increase did drive more prospective borrowers into adjustable-rate products.

Loan pricing inquiries were up 7 percent last week, pushing the U.S. Mortgage Market Index from LoanSifter and Mortgage Daily for the week ended June 28 to 293. New mortgage business was also better than the same week last year, with activity increasing 15 percent.

The week's best performance was delivered by adjustable-rate mortgage inquiries, which shot up a third from the previous week and were 27 percent better than the week ended June 29, 2012.

As mortgage rates leapt higher, more borrowers flocked to ARMs in an attempt to grab quickly diminishing low interest rates. ARM share widened to 8.1 percent from 6.5 percent and was even broader than the 7.4 percent share in the same week last year.

Inquiries for home purchase financing jumped 17 percent from the week ended June 21 and have ascended by two-thirds compared to a year earlier.

Jumbo mortgage activity got a lift, increasing 9 percent from seven days prior. Jumbo business was up nearly a third from 12 months prior.

More than 5.5 percent of weekly business was jumbo, marginally wider than in the previous report and up from the 4.8 percent jumbo share in the same report during the previous year.

Jumbo mortgage rates rose more than conforming rates, pushing the spread between jumbo and conforming loans to 35 basis points from the prior week's 28 BPS. But jumbo pricing remains more competitive than one year earlier, when it stood at 51 BPS above conforming pricing.

Conventional business improved 7 percent over the previous seven days, while the year-over-year improvement was 14 percent.

A 7 percent rise was recorded for pricing inquiries on loans insured by the Federal Housing Administration. FHA activity was up 5 percent from the same week in 2012.

FHA share slipped to 15.6 percent from 15.7 percent and was down from 17.1 percent at the same point last year.

Inquiries for refinances were up less than a percent and have fallen 7 percent on a year-over-year basis.

Refinance share was cut to 56.5 percent from 60.1 percent a week earlier and 69.8 percent a year earlier. The latest share reflected a 40.9 percent rate-term share and a 15.6 percent cashout share.

Conforming 30-year fixed rates bolted to 4.638 percent -- the highest level since the week ended July 22, 2011, when the 30 year averaged 4.699 percent.

Thirty-year mortgages averaged 4.303 percent in the previous report and 3.871 percent in the report for a year prior.

An 87-basis-point discount was awarded to 15-year borrowers in the latest report, improving from a spread of 83 BPS in last week's report. The spread between 15- and 30-year loans was just 65 BPS in the same week during 2012.

Full Mortgage Market Index Report

Week Ended June 28, 2013

National Average Loan Amount $286,251

Rate-Term Refinance Share 40.93%
Cashout Refinance Share 15.58%
Total Refinance Share 56.51%

Purchase Share 43.49%

FHA Share 15.65%

ARM Share 8.12%

Jumbo Share 5.54%

Mortgage Market Index 293.330

Conforming 30-Year Fixed-Rate Average 4.638%
Conforming 15-Year Fixed-Rate Average 3.769%
Jumbo 30-Year Fixed-Rate Average 4.986%

Mortgage Market Index 293 for week ended June 28

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 Loan Sifter Inc.
LoanSifter, Inc. provides the mortgage banking industry's most comprehensive platform for mortgage bankers, brokers, credit unions and banks to maintain compliance through the accurate pricing, marketing and management of mortgage loans. LoanSifter is also the leader in delivering production tools to lenders, including its eOriginations consumer online point-of-sale (POS) platform, email campaigns, rate alerts and automated quoting for Bankrate, LendingTree and Zillow. LoanSifter boasts nearly 1,000 clients, supports content for over 160 investors, and has the market's most comprehensive integrations with leading loan origination systems (LOS), mortgage insurance companies and hedge advisory companies. For more information about LoanSifter, please visit

Holly Himelright


Refinance News | Refinance Share Statistics
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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
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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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