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

ARMs Defy Slump in Weekly Mortgage Market Index

Mortgage Market Index down 16%

DALLAS -- (May 30, 2017) Although a week-over-week decline in new mortgage business was mostly across-the-board, adjustable-rate mortgage activity rose -- with ARM share at its widest in over a year.

For the week that finished on May 26, the U.S. Mortgage Market Index from Mortgage Daily -- which is based on average per-user rate locks by OpenClose clients -- was 155.


The index, which is not seasonally adjusted, retreated 16 percent from the previous report -- indicating that upcoming originations might be weaker than previously expected.

On a year-over-year basis, the index was down by 10 percent.

Exhibiting the most extreme drop from the week ended May 19 was the Conventional MMI, which sank 22 percent to 96.

Jumbo rate-lock volume slowed 19 percent. Nine percent of all rate locks were jumbo, more narrow than the 9.3 percent share in the prior report. Jumbo mortgage rates were a basis point lower than their conforming counterparts. The jumbo-conforming spread swung from a positive 3 basis points in the preceding seven-day period.

A 16 percent decline from a week earlier left the Purchase MMI at 111.

Refinance activity fell 15 percent. Refinance share widened to 28.1 percent from 27.9 percent.

Rate locks for mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs dipped 5 percent, placing the Government MMI at 59. Government share widened to 38 percent from 34 percent.

One index, the ARM MMI, jumped 17 percent from the previous seven-day period. ARM share was over 12 percent. It was last this wide in the week ended Jan. 8, 2016, when it was 13 percent.

full May 26 report

historical data

 

Mortgage Market Index down 16%

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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