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


Home Purchase Activity Rises in Weekly Mortgage Market Index

DALLAS -- (Oct. 22, 2012) As signs of a housing recovery are beginning to emerge, more borrowers were out shopping for a loan to finance a home purchase this past week -- leading overall activity slightly higher. Most other categories put in a lackluster performance. Despite improved jumbo spreads this week, fewer jumbo shoppers were out.

Loan originator clients of Mortech Inc. pulled 0.5 percent more pricing inquiries than a week earlier, pushing the U.S. Mortgage Market Index for the week ended Oct. 19 to 226. But the index fell 14 percent from the same week in 2011.

The best-performing category was purchase financing, with inquiries climbing 4 percent from the week ended Oct. 12. The rise in purchase activity comes as several recent reports indicate that the U.S. housing market is beginning to show signs of life.

Still, purchase business remains 41 percent below a year earlier.

Inquiries rose less than 1 percent from the previous week for conventional mortgages -- the only other category to show a week-over-week gain. Conventional volume was down 13 percent from the week ended Oct. 21, 2011.

Refinance business slipped 1 percent for the week but was unchanged from a year earlier. Refinance share fell just below 76 percent from just above the previous week's 76 percent but widened from 65 percent in the same week during 2011. The most recent share reflected a 61.2 percent rate-term share and a 14.4 percent cashout share.

Also down 1 percent from last week were inquiries for mortgages insured by the Federal Housing Administration. Compared to one year prior, FHA inquiries were down 20 percent. FHA share, meanwhile, drifted down to 9.9 percent from 10.0 percent a week prior and 10.8 percent this week last year.

Inquiries for adjustable-rate mortgages were off 2 percent from the previous report, and ARM activity has plummeted 64 percent over the past year. ARM share narrowed to 2.4 percent from 2.5 percent the previous report and 5.8 percent a year prior.

The week's worst performer was jumbo lending, which fell 3 percent over the previous seven days. Jumbo share slipped to 8.2 percent from 8.5 percent. The poor performance came despite that the premium for a jumbo mortgage fell to 68 basis points from the previous week's 71 BPS. The jumbo-conforming spread was 64 BPS at the same time last year.

A 1-basis-point decline from a week earlier left the average, 30-year, conforming, fixed-rate mortgage at 3.500 percent. The 30 year was 4.329 percent in the year-earlier period.

The discount for a 15-year mortgage improved to 68 BPS from 66 BPS but stands below the 70-basis-point spread the same week last year.

Full Mortgage Market Index Report

Week Ended Oct. 19, 2012

National Average Loan Amount $224,486

Rate-Term Refinance Share 61.215%
Cashout Refinance Share 14.375%
Total Refinance Share 75.590%

Purchase Share 24.410%

FHA Share 9.894%

ARM Share 2.393%

Jumbo Share 8.243%

Mortgage Market Index 225.646

Conforming 30-Year Fixed-Rate Average 3.500%
Conforming 15-Year Fixed-Rate Average 2.824%
Jumbo 30-Year Fixed-Rate Average 4.177%

Mortgage Market Index 226 for week ended Oct. 12

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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Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.

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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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