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Mortgage Market Index
A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity. |
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PRESS RELEASE
Mortgage Market Index Falls as Jumbo Leads Holiday Decline
DALLAS -- (Dec. 26, 2012) As the mortgage industry prepared to celebrate the holidays, new business declined. Jumbo activity took the biggest hit, though refinances weren't far behind. Mortgage rates, meanwhile, moved higher.
The U.S. Mortgage Market Index from Optimal Blue and Mortgage Daily for the week ended Dec. 21 was 169. The index, which reflects the average number of rate locks per Optimal Blue user, descended from the previous week, when it came in at 192.
Compared to a year earlier, when the index was calculated based on pricing inquiries from another data source, business was down 12 percent.
Leading the latest decline were jumbo locks, which tumbled 21 percent from the week ended Dec. 14. Jumbo share fell to 7.9 percent from 8.8 percent.
Jumbo borrowers paid a 34-basis-point premium over conforming borrowers, improving from a jumbo-conforming spread of 38 BPS in the previous report.
Refinances took a 15 percent hit compared to the previous week and were down a third from the week ended Dec. 23, 2011 -- though the year-earlier comparison is distorted because of the change in the data source. Refinance share diminished, falling to 52 percent from 54 percent a week earlier and 68 percent from a year earlier using the old data. Reflected in the most recent share was a 41 percent cashout share and an 11 percent cashout share.
Originators locked 14 percent fewer adjustable-rate mortgages than they did in the prior week. ARM activity was off 40 percent from the same week last year.
ARMs accounted for 3.5 percent of rate locks, slipping from 3.6 percent in the previous report.
Conventional business fell 13 percent for the week and was off 21 percent over the prior 12 months.
Next were purchase rate locks, which fell 8 percent for the week. While purchase activity was up nearly a third from a year earlier using data from the prior source, the increase is more reflective of using rate locks versus pricing inquires as the base metric than an actual year-over-year increase in purchase business.
Rate locks on mortgages insured by the Federal Housing Administration were 5 percent lower than the prior week, making FHA the best-performing category in the current report. FHA activity has increased 56 percent over the past year.
FHA share was 19 percent, up from 18 percent the previous week and 11 percent in the same week during the previous year. |
Full Mortgage Market Index Report
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| Week Ended Dec. 21, 2012 |
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| National Average Loan Amount |
$229,957 |
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| Rate-Term Refinance Share |
40.65% |
| Cashout Refinance Share |
11.17% |
| Total Refinance Share |
51.82% |
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| Purchase Share |
48.18% |
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| FHA Share |
19.41% |
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| ARM Share |
3.53% |
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| Jumbo Share |
7.92% |
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| Mortgage Market Index |
169.222 |
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| Conforming 30-Year Fixed-Rate Average |
3.683% |
| Conforming 15-Year Fixed-Rate Average |
2.960% |
| Jumbo 30-Year Fixed-Rate Average |
4.024% |
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Historical data for the U.S. Mortgage Market Index is available at:
http://www.MortgageDaily.com/MortgageMarketIndex.asp
About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, MortgageDaily.com 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 www.MortgageDaily.com.
About Optimal Blue
Founded in 2002, Optimal Blue is a Web-based provider of managed-content, product eligibility and pricing engine (PPE) technology. Based in Plano, Texas, Optimal Blue has developed a comprehensive suite of products designed to give lenders the ability to automate the management and distribution of their products, pricing and secondary marketing activities, enabling originators to then source, manage, price, lock and sell loans in a way that is efficient, accurate and easy to use. Without having to be technology experts, Optimal Blue's solutions allow clients to leverage superior technology and content for a competitive advantage. For more information, please visit www.optimalblue.com.
CONTACT:
Holly Himelright
214.521.1300
NewsAlert@MortgageDaily.com
Source: MortgageDaily.com
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Refinance News | Refinance Share Statistics
News about refinancing programs, pricing and production. Stories about the H o m e
Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.
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Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.
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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.
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Jumbo Mortgage News
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Mortgage Market Index powered by
OpenClose
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Weekly MMI
by Year:
current
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
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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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