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


Refis Lead Post-Holiday Resurgence in Weekly Mortgage Market Index

DALLAS -- (Dec. 3, 2012) Rates edged higher last week, but that wasn't enough to stop new mortgage activity from increasing after the Thanksgiving holiday. Refinances led the improvement, though all categories surged.

At 189, the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended Nov 30 jumped 39 percent from seven days earlier. But compared to the same week in 2011, business dropped 18 percent.

Pricing inquiries for refinance transactions climbed 40 percent from the week ended Nov. 21 -- the biggest rise of any category. Refinances were off 2 percent from a year earlier.

Refinances accounted for 77 percent of all activity. Refinance share widened from 76 percent the prior week and 64 percent in the week ended Dec. 2, 2011. The latest share reflected a 62 percent rate-term share and a 15 percent cashout share.

Conventional loans were the next-best performers, with inquiries climbing 39 percent from a week prior. Conventional business was off 16 percent from a year prior.

Next were inquiries for mortgages insured by the Federal Housing Administration, which jumped 38 percent from the previous report and were up a third from the same week in 2011. FHA share slipped to 9.6 percent from the previous week's 9.7 percent and stands short of the 11.5 percent share one year prior.

Inquiries for purchase financing rose 35 percent but remained down by nearly half from the year-earlier period.

Jumbo business was up a third for the week. Jumbo borrowers were quoted rates that averaged around 51 BPS more than conforming mortgages, improving from the 53-basis-point jumbo-conforming spread a week earlier and 66 BPS a year earlier.

The worst-performing category, adjustable-rate mortgages, saw a 26 percent rise in inquiries compared to the prior report. ARM activity has plummeted 70 percent over the past year. ARM share was 2.2 percent, down from the prior week's 2.4 percent. ARM share was 5.94 percent at the same point last year.

The 30-year, fixed-rate mortgage inched up to 3.489 percent in the latest report from 3.483 percent. Thirty-year loans averaged 4.224 percent a year previous.

Fifteen-year mortgages were priced 64 BPS lower than 30-year loans, a little more attractive than the 63-basis-point spread a week earlier but unchanged from a year earlier.

Full Mortgage Market Index Report

Week Ended Nov. 30, 2012

National Average Loan Amount $224,256

Rate-Term Refinance Share 61.671%
Cashout Refinance Share 14.844%
Total Refinance Share 76.515%

Purchase Share 23.485%

FHA Share 9.647%

ARM Share 2.196%

Jumbo Share 8.556%

Mortgage Market Index 188.619

Conforming 30-Year Fixed-Rate Average 3.489%
Conforming 15-Year Fixed-Rate Average 2.853%
Jumbo 30-Year Fixed-Rate Average 4.003%

Mortgage Market Index 189 for week ended Nov. 30

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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