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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

Weekly Mortgage Market Index Down On Refis

Mortgage Market Index down 7%

DALLAS -- (May 1, 2017) New mortgage refinance activity tumbled this past week, dragging down overall home-lending activity. Government lending business, though, held up.

The U.S. Mortgage Market Index from Mortgage Daily and OpenClose, which does not reflect seasonal adjustments, was 152 in the week ended April 28.

That was a 7 percent drop from the preceding week for the index, which is an indication of upcoming loan originations based on OpenClose rate-lock volume.

New business was off less than 3 percent from a year ago.

Rate locks for the volatile jumbo category plummeted from the week ended April 21, 2017, by 39 percent -- more than any other category. Jumbo share was sliced to 5 percent from 7 percent a week earlier. The jumbo-conforming spread widened to a negative 8 basis points from a negative 5 BPS in the last report.

A 14 percent week-over-week decline was recorded for the refinance category. Refinance share thinned to 27 percent from 29 percent.

The Conventional MMI retreated 12 percent from the last report to 96.

Rate locks for adjustable-rate mortgages fell 6 percent on a week-over-week basis. ARM share widened, however, to 8.3 percent from 8.2 percent.

The Purchase MMI slipped 5 percent to 111.

With a nearly 1 percent increase from last week, the Government MMI was the only index with a gain, finishing the week at 57. Government share was thicker at 37 percent versus 34 percent one week previous.

full April 28 report

historical data

 

Mortgage Market Index 152

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.

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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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