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

PRESS RELEASE

Holiday Pulls Down Weekly Mortgage Market Index

Mortgage Market Index down 7%

DALLAS -- (Jan. 23, 2017) With refinances leading the way, new mortgage activity moved lower in the week that included the Martin Luther King holiday.

In the week that ended on Jan. 20, the U.S Mortgage Market Index from OpenClose and Mortgage Daily landed at 122.

The index, an indication of upcoming residential loan originations, retreated nearly 7 percent compared to the previous week.

A 10 percent decline was recorded from the same week last year for the index.

There are no seasonal adjustments to the index, which is a measure of average rate locks by OpenClose clients.

Leading the week-over-week drop were rate locks for refinances, which fell 12 percent. Refinance share thinned to 41 percent from 44 percent a week earlier.

The Government MMI was 45, down 8 percent from the week ended Jan. 13. Government share was trimmed to 36.9 percent from 37.2 percent.

A 6 percent week-over-week decline left the Conventional MMI at 77.

At 72, the Purchase MMI slipped 3 percent from the last report.

Rate locks for adjustable-rate mortgages rose 8 percent from last week's report. ARM share widened to 9 percent from 8 percent.

Turning in the best week-over-week performance were rate locks for jumbo mortgages, which jumped 18 percent. Jumbo share thickened to 11 percent from 9 percent. Interest rates on jumbo loans were 7 basis points less than conforming rates. The jumbo-conforming spread thinned from a negative 9 BPS a week earlier.

full Jan. 20 report

historical data

 

Mortgage Market Index down 7%

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.

CONTACT:
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About OpenClose
Founded in 1999 and headquartered in Palm Beach, Florida, OpenClose® is a leading end-to-end loan origination system (LOS) provider that delivers its platform on a software-as-a-service (SaaS) basis. The company provides a variety of browser-based lending automation solutions for lenders, banks and credit unions of all sizes. OpenClose's LOS is completely engineered by the same company, thus avoiding assembling best-of-breed applications or acquiring technologies in an effort to create an end-to-end platform.  The company focuses on providing lending organizations with full control of their data and creating a truly seamless workflow for comprehensive automation and compliance adherence. For more information, visit www.openclose.com or call 561.655.6418.


Source: MortgageDaily.com


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About the Mortgage Market Index
The U.S. Mortgage Market Index launched on Dec. 17, 2009.

The index itself reflects the average number of rate locks each week per OpenClose originator-user. The index is an excellent indicator of upcoming mortgage production.

A byproduct of the Mortgage Market Index is a full report each week that includes the latest mortgage rates, refinancing trends and other important mortgage data.



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