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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 Jumps Coming Out of Holiday Week

DALLAS -- (Sept. 18, 2012) New mortgage activity jumped more than 20 percent coming out of the holiday week. The biggest bounce was with pricing inquiries for jumbo loans.

A 22 percent decline from a week earlier left the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended Sept. 14 at 210. The index, which reflects changes in the average pricing inquiries pulled per loan originator, was down 23 percent from a year earlier.

The biggest gainer this week was the jumbo category, with jumbo activity rising 29 percent from the week ended Sept. 7. Jumbo share was 8.9 percent, widening from 8.4 percent in the prior report.

Borrowers who inquired about jumbo pricing were quoted rates that were 65 basis points higher than conforming borrowers. In the previous report, the jumbo-conforming spread was 66 BPS.

Up 22.7 percent from the previous week, the refinance category had the next-biggest increase. But refinance activity fell short of the year-earlier level by 18 percent.

Seventy-two percent of the latest total activity was refinance, barely wider than in the previous report but clearly ahead of the 68 percent refinance share in the same week last year. The latest week's rate-term share was 57.9 percent, while cashouts accounted for 14.4 percent of total activity.

Conventional loan inquiries were 22.6 percent higher than the previous week but down by nearly a quarter from the week ended Sept. 16, 2011.

Purchase financing was up 22 percent for the week but off by more than a third from the same week in 2011.

Even inquiries for adjustable-rate mortgage picked up 21.1 percent from a week earlier. But ARM volume has plummeted 68 percent from 12 months earlier. ARM share was mostly unchanged from the prior report at 2.8 percent and stands well below 6.7 percent in the year-earlier period.

The smallest week-over-week gain -- 20.8 percent -- was with inquiries for loans insured by the Federal Housing Administration. FHA business was down 12 percent from the same week last year.

FHA share, meanwhile, slipped to 10.9 percent from 11.0 percent in the prior report but has strengthened some from 9.6 percent one year prior.

Thirty-year mortgages averaged 3.669 percent in the current report, edging up from 3.648 percent seven days earlier but lower than 4.227 percent 12 months earlier.

The discount for a 15-year mortgage rose to 67 BPS from 63 BPS the previous week but was nowhere near the 81-basis-point discount being quoted to 15-year loan prospects a year ago.

Full Mortgage Market Index Report

Week Ended Sept. 14, 2012

National Average Loan Amount $227,087

Rate-Term Refinance Share 57.909%
Cashout Refinance Share 14.429%
Total Refinance Share 72.337%

Purchase Share 27.661%

FHA Share 10.875%

ARM Share 2.760%

Jumbo Share 8.885%

Mortgage Market Index 210.104

Conforming 30-Year Fixed-Rate Average 3.669%
Conforming 15-Year Fixed-Rate Average 2.999%
Jumbo 30-Year Fixed-Rate Average 4.319%

Mortgage Market Index 210 for week ended Sept. 14

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
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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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