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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 Sinks Ahead of Holiday

DALLAS -- (Nov. 26, 2012) Mortgage rates slipped last week, but that wasn't enough to push business higher ahead of the Thanksgiving holiday. Refinances were hit especially hard.

A nearly one-third drop from the prior week left the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended Nov 21 at 136. The decline wasn't so bad when compared to the 16 percent drop from the same week in 2011.

Taking the biggest bite out of the week's business were refinance pricing inquiries, which were down 33 percent from the week ended Nov. 16. Refinance inquiries fell 45 percent from a year earlier.

Refinance share was 76 percent, a little thinner than 77 percent in the prior report. Refinance share was 63 percent in the week ended Nov. 25, 2011. Last week's share consisted of a 61 percent rate-term share and a 15 percent cashout share.

With a 32 percent drop from last week, conventional loans were the next-worst performers. Conventional business was down 14 percent from the same week in 2011.

Inquiries for mortgages insured by the Federal Housing Administration were down 31 percent for the week and 27 percent lower than a year prior. FHA share rose to 9.7 percent from 9.6 percent but stood lower than 11.4 percent the same week last year.

A 29 percent decline from a week earlier was registered for purchase financing inquiries. Compared to a year previous, purchase activity was down 45 percent,.

After that were inquiries for adjustable-rate mortgages, which fell 27 percent from a week earlier and 63 percent from the same week last year. ARM share inched up to 2.4 percent from 2.3 percent seven days prior. ARM share was 5.5 percent a year earlier.

The best performer was jumbo mortgage activity -- down 26 percent from the previous week. Jumbo share climbed to 8.9 percent from 8.2 percent.

Jumbo loans were priced at 53 BPS more than their conforming counterparts, a little better than the 55-basis-point jumbo-conforming spread in the prior report.

Thirty-year fixed-rate mortgages averaged 3.483 percent, off from 3.491 percent a week prior. The 30 year reached its lowest level on record in the week ended Sept. 28: 3.411 percent.

The 30-year mortgage was 4.214 percent 12 months earlier.

Fifteen-year loans were priced at a 63-basis-point discount under 30-year loans, the same as the previous week and better than 61 BPS a year prior.

Full Mortgage Market Index Report

Week Ended Nov. 21, 2012

National Average Loan Amount $223,404

Rate-Term Refinance Share 60.765%
Cashout Refinance Share 15.124%
Total Refinance Share 75.889%

Purchase Share 24.110%

FHA Share 9.704%

ARM Share 2.428%

Jumbo Share 8.910%

Mortgage Market Index 135.686

Conforming 30-Year Fixed-Rate Average 3.483%
Conforming 15-Year Fixed-Rate Average 2.850%
Jumbo 30-Year Fixed-Rate Average 4.010%

Mortgage Market Index 136 for week ended Nov. 21

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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