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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 Slumps

DALLAS -- (Nov. 19, 2012) Already low interest rates found room to fall further last week, but the decline wasn't enough to overcome a holiday week slump that had new business slower. Leading overall activity down was financing for home purchases.

A 13 percent decline from a week earlier left the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily at 198 for the week ended Nov. 16 -- a week that included the Columbus Day holiday. The index stands 18 percent lower than it did during the same week last year.

Purchase financing took the biggest hit, falling 15 percent from the week ended Nov. 9. Purchase business has tumbled 47 percent from the same week in 2011.

Inquiries for conventional mortgages were down 13 percent from the previous report and have eroded 17 percent over the past year.

A more than 12 percent week-over-week decline hit inquiries for adjustable-rate mortgages, while ARM activity was off more than two thirds from the week ended Nov. 18, 2011. ARM share was unchanged from the prior week at 2.3 percent but narrowed from 5.9 percent a year prior.

Refinance inquiries were down almost 12 percent from the previous week. Refinances were off just 3 percent from the same week a year earlier. Refinance share widened to 76.8 percent from 76.2 percent the prior week and has grown from 64.5 percent 12 months earlier. The most-recent week's refinance share reflected a 62.0 percent rate-term share and a 14.8 percent cashout share.

Inquiries for jumbo mortgages were off less than 12 percent for the week even as jumbo share grew to 8.2 percent from 8.1 percent. Pricing on jumbo mortgages was 55 basis points higher than conforming pricing. The prior week, the jumbo-conforming spread was 58 BPS.

Fifteen-year mortgages were discounted by 63 BPS from 30-year loans, not as good as the 67-basis-point discount in the prior report. A year previous, 15-year mortgages were priced 65 BPS less than 30-year loans.

Price quotes on 30-year fixed-rate mortgages averaged 3.491 percent, lower than 3.515 percent in the previous report but not quite as good as the record-low 3.411 percent recorded for the week ended Sept. 28, 2012. During the same week last year, the 30 year averaged 4.229 percent.

Full Mortgage Market Index Report

Week Ended Nov. 16, 2012

National Average Loan Amount $225,306

Rate-Term Refinance Share 62.032%
Cashout Refinance Share 14.780%
Total Refinance Share 76.812%

Purchase Share 23.188%

FHA Share 9.577%

ARM Share 2.279%

Jumbo Share 8.236%

Mortgage Market Index 197.943

Conforming 30-Year Fixed-Rate Average 3.491%
Conforming 15-Year Fixed-Rate Average 2.862%
Jumbo 30-Year Fixed-Rate Average 4.039%

Mortgage Market Index 198 for week ended Nov. 16

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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