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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 Rises as Rates Fall

DALLAS -- (Nov. 12, 2012) Rates improved and pushed weekly mortgage activity higher. Refinances were a big beneficiary of falling interest rates, but it was jumbo activity that had the best improvement.

The average number of pricing inquiries pulled by mortgage originator clients of Mortech Inc. climbed 14 percent from a week earlier, leaving the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended Nov. 9 at 227. The index was off 6 percent compared to the same week in 2011.

Putting in the best performance were pricing inquiries for jumbo mortgages, which increased 24 percent from the week ended Nov. 2. The share of jumbo activity widened to 8.1 percent from the prior week's 7.5 percent. Behind the strength in jumbo business was improved pricing; jumbo mortgages were priced 58 basis points more than their conforming counterparts this week versus the 63-basis-point jumbo-conforming spread in the previous report.

Another strong performer was the refinance category, with refinance pricing inquiries rising 17 percent for the week. Refinance business was 9 percent better than the week ended Nov. 11, 2011.

Refinance share widened to 76.2 percent from 74.6 percent a week earlier and 65.7 percent a year earlier. The most recent refinance share reflected a rate-term share of 61.8 percent and a cashout share of 14.3 percent.

Conventional pricing inquiries increased 16 percent from the prior report but were off 5 percent from the same week in the prior year.

Even inquiries for adjustable-rate mortgages were higher, increasing 15 percent from a week earlier but sinking 63 percent from a year earlier. At 2.3 percent, ARM share was mostly unchanged from the previous week.

Purchase activity was 7 percent busier than the prior week but off more than a third from the same week last year.

The worst-performing category, inquiries for mortgages insured by the Federal Housing Administration, saw a 3 percent gain for the week and a 19 percent loss from a year previous. FHA share slipped to 9.3 percent from 10.3 percent seven days prior.

The spread between 15- and 30-year mortgages narrowed to 67 BPS from 69 BPS in the previous report. But the spread was better than 64 BPS the same week during 2011.

The 30-year fixed-rate mortgage averaged 3.515 percent, falling from 3.550 percent in the last report. The 30 year was 4.200 percent a year prior.

During the week ended Sept.28, the 30 year fell to 3.411 percent -- the lowest level ever recorded for the Mortgage Market Index report.

Full Mortgage Market Index Report

Week Ended Nov. 9, 2012

National Average Loan Amount $226,870

Rate-Term Refinance Share 61.829%
Cashout Refinance Share 14.348%
Total Refinance Share 76.177%

Purchase Share 23.822%

FHA Share 9.348%

ARM Share 2.273%

Jumbo Share 8.129%

Mortgage Market Index 226.662

Conforming 30-Year Fixed-Rate Average 3.515%
Conforming 15-Year Fixed-Rate Average 2.845%
Jumbo 30-Year Fixed-Rate Average 4.092%

Mortgage Market Index 227 for week ended Nov. 9

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


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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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