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


ARM, Jumbo Inquiries Lead Rise in Weekly Mortgage Market Index

DALLAS -- (Dec. 10, 2012) A surge in inquiries for adjustable-rate mortgages led overall mortgage activity higher last week. Jumbo business also contributed to the improvement.

The average mortgage loan originator client of Mortech Inc. pulled 6 percent more pricing inquiries last week than a week earlier, leaving the U.S. Mortgage Market Index from Mortech and Mortgage Daily for the week ended Dec. 7 at 201. The index has fallen 19 percent from the same week in 2011.

Out front of all other categories were ARM inquiries, which rose 15 percent from the week ended Nov. 30. ARM activity, however, has fallen by more than two thirds from a year earlier.

ARM share edged up to 2.4 percent from 2.2 percent, while ARM share was 6.2 percent in the same week last year.

Another strong performer was the jumbo category, with jumbo inquiries climbing 13 percent from the previous report. Jumbo share, meanwhile, moved up to 9.1 percent from 8.6 percent.

The improvement in jumbo activity came despite that jumbo mortgages were priced an average of 55 basis points higher than conforming loans, worse than 51 BPS a week prior. The jumbo-conforming spread, however, has deflated from 69 BPS in the week ended Dec. 9, 2011.

Inquiries for mortgages insured by the Federal Housing Administration increased 8 percent from the previous week but were off more than a quarter from a year prior. FHA share was 9.8 percent, up from the prior week's 9.6 percent but down from 11.0 percent in the same week during the prior year.

Refinance business was up 7 percent for the week but 6 percent short of the year-earlier level. Refinance share was 76.9 percent versus 76.5 percent in the previous report and 66.9 percent a year prior. The latest refinance share consisted of a 62.5 percent rate-term share and a 14.4 percent cashout share.

Inquiries for conventional mortgages grew 6 percent for the week but tumbled 18 percent from a year earlier.

The purchase financing category put in the most lackluster performance, rising just 5 percent from the previous report. Purchase inquiries were down 44 percent from the year-earlier level.

Conforming fixed rates were a little better, with the 30-year mortgage averaging 3.448 percent, down from 3.489 percent in the previous report and falling from 4.133 percent during the same week in the previous year.

Borrowers who chose a shorter-term 15-year mortgage were quoted rates that averaged 62 BPS better than on 30-year loans, not as good as the 64-basis-point discount in the last report.

Full Mortgage Market Index Report

Week Ended Dec. 7, 2012

National Average Loan Amount $225,867

Rate-Term Refinance Share 62.524%
Cashout Refinance Share 14.401%
Total Refinance Share 76.925%

Purchase Share 23.075%

FHA Share 9.780%

ARM Share 2.368%

Jumbo Share 9.069%

Mortgage Market Index 200.656

Conforming 30-Year Fixed-Rate Average 3.448%
Conforming 15-Year Fixed-Rate Average 2.830%
Jumbo 30-Year Fixed-Rate Average 4.001%

Mortgage Market Index 201 for week ended Dec. 7

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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Mortgage Rate News | Mortgage Market Index | ARM indices | ARM 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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