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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 Lower Despite Uptick in FHA, Purchase Activity

DALLAS -- (Oct. 29, 2012) Led by a decline in new jumbo business, overall mortgage activity slumped last week. But inquiries for purchase financing, government-insured loans and adjustable-rate mortgages strengthened.

At 223, the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended Oct. 26 slipped 1 percent from the prior week. The index was down 13 percent from the same week in 2011.

The week's biggest loser was the jumbo category, with jumbo pricing inquiries falling 6 percent from the week ended Oct. 19. Jumbo share was 7.8 percent, lower than the previous week's 8.2 percent.

The decline in jumbo business came despite that the premium for a jumbo loan was trimmed to 67 basis points from the prior week's jumbo-conforming spread of 68 BPS. The spread was just 60 BPS a year earlier.

Refinances saw the next-biggest decline, falling 3 percent from the prior report but 2 percent better than the week ended Oct. 28, 2011.

Three-quarters of the latest week's activity was refinance, off slightly from 76 percent in the previous report. Refinance share was just 64 percent a year previous. The most-recent share consisted of a 60 percent rate-term share and a 14 percent cashout share.

Conventional lending was the only other category to see a decline, falling 2 percent for the week and down 12 percent over the prior 12 months.

Inquiries for mortgages to finance home purchases climbed 3 percent, though purchase activity has tumbled 39 percent from the same week last year.

Also up 3 percent from seven days earlier was adjustable-rate business. ARM activity stands at 63 percent below a year earlier. ARM share edged up to 2.5 percent from 2.4 percent but was less than half the 5.9 percent ARM share in the year-earlier period.

The best performance was put in by loans insured by the Federal Housing Administration, with FHA inquiries up a little more than 3 percent. But FHA business was off 18 percent from a year prior.

FHA share rose to 10.3 percent from the prior week's 9.9 percent. During the same week last year, FHA share was 11 percent.

Behind last week's slowdown were rising mortgage rates. Fixed-rate, 30-year, conforming mortgages averaged 3.572 percent, higher than 3.500 percent in the previous report. The 30 year was 4.345 percent a year prior.

The spread between 15- and 30-year mortgages was 70 BPS, making 15-year loans more attractive than a week earlier and a year earlier, when the spread was 68 BPS.

Full Mortgage Market Index Report

Week Ended Oct. 26, 2012

National Average Loan Amount $222,008

Rate-Term Refinance Share 60.396%
Cashout Refinance Share 14.227%
Total Refinance Share 74.623%

Purchase Share 25.377%

FHA Share 10.332%

ARM Share 2.495%

Jumbo Share 7.849%

Mortgage Market Index 222.639

Conforming 30-Year Fixed-Rate Average 3.572%
Conforming 15-Year Fixed-Rate Average 2.874%
Jumbo 30-Year Fixed-Rate Average 4.240%

Mortgage Market Index 223 for week ended Oct. 26

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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