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


Jumbo Lending Leads Decline in Weekly Mortgage Market Index

DALLAS -- (Sept. 10, 2012) Consumers abandoned the mortgage market for the Labor Day holiday, with jumbo borrowers leading the way despite a decline in the premium for a jumbo loan. The share of activity represented by adjustable-rate mortgages continued to diminish and has plummeted nearly three quarters over the past year.

At 172, the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended Sept. 7 was 18 percent lower than a week earlier. Compared to the same week in 2011, pricing inquiries have fallen by nearly a third.

The biggest decline was recorded with jumbo mortgages, with inquiries for jumbo loans tumbling 21 percent from the week ended Aug. 31. Jumbo share fell to 8.4 percent from 8.8 percent.

Jumbo activity was lower despite that the premium for a jumbo mortgage fell to 66 basis points over a conforming mortgage from 71 BPS in the previous report. But the jumbo-conforming spread has widened from 62 BPS in the week ended Sept. 9, 2011.

Inquiries for loans insured by the Federal Housing Administration were down 18 percent for the week and have fallen 21 percent from the same week last year. FHA share slipped to 11.0 percent from 11.1 percent the previous week but strengthened from 9.3 percent a year earlier.

Also declining 18 percent for the week were inquiries for refinances. Over the past 12 months, refinance activity has fallen by more than a quarter.

Refinance share was little changed from the prior report at 72.2 percent. But the proportion of business that is refinance has widened from 67.1 percent in the same week during 2011. The latest refinance share reflected a 57.3 percent rate-term share and a 14.9 percent cashout share.

Conventional loan inquiries fell nearly 18 percent from a week earlier and were down a third from a year earlier.

ARM inquiries were off by 17 percent for the week and have plunged 72 percent from the same week in 2011. ARM share was hardly changed for the week at 2.8 percent but has tumbled from 6.7 percent in the year-earlier report.

The least-worst performance was delivered by the purchase financing category, which was down less than 17 percent from the previous report. But purchase activity remains 43 percent lower than a year prior.

Mortgage rates eased, with the fixed-rate 30-year mortgage averaging 3.648 percent versus 3.684 percent in the prior report. A year previous, the 30 year was 4.237 percent.

Borrowers who opted for a shorter term 15-year mortgage were quoted a rate that was 63 BPS better than 30-year loans, not as good as the 65-basis-point discount in the last report. The spread between 15- and 30-year loans was 81 BPS a year prior.

Full Mortgage Market Index Report

Week Ended Sept. 7, 2012

National Average Loan Amount $224,932

Rate-Term Refinance Share 57.324%
Cashout Refinance Share 14.866%
Total Refinance Share 72.190%

Purchase Share 27.810%

FHA Share 11.022%

ARM Share 2.790%

Jumbo Share 8.424%

Mortgage Market Index 171.595

Conforming 30-Year Fixed-Rate Average 3.648%
Conforming 15-Year Fixed-Rate Average 3.014%
Jumbo 30-Year Fixed-Rate Average 4.309%

Mortgage Market Index 172 for week ended Sept. 7

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
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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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