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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 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
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| Week Ended Sept. 14, 2012 |
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| National Average Loan Amount |
$227,087 |
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| Rate-Term Refinance Share |
57.909% |
| Cashout Refinance Share |
14.429% |
| Total Refinance Share |
72.337% |
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| Purchase Share |
27.661% |
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| FHA Share |
10.875% |
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| ARM Share |
2.760% |
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| Jumbo Share |
8.885% |
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| Mortgage Market Index |
210.104 |
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| Conforming 30-Year Fixed-Rate Average |
3.669% |
| Conforming 15-Year Fixed-Rate Average |
2.999% |
| Jumbo 30-Year Fixed-Rate Average |
4.319% |
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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
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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.
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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.
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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.
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Jumbo Mortgage News
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Mortgage Market Index powered by
LoanSifter
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MMI home page
2013 weekly MMI
2012 weekly MMI
2011 weekly MMI
2010 weekly MMI
2009 weekly MMI
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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.
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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Refinance News
News about refinancing programs, pricing and production.
H A R P 2.0 news.
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Origination News
Originations by Lender
Origination Statistics
FHA Originations
Market Share Statistics
Mortgage Statistics
Mortgage Rate News
ARM indices
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