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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

Purchase Financing Pulls Down Mortgage Market Index

Weekly Mortgage Market Index down 5%

DALLAS -- (Aug. 14, 2017) Although purchase financing drove down overall new mortgage business this past week, an increase was recorded for refinances and jumbo loans as adjustable-rate mortgage activity surged.

Mortgage Daily's U.S. Mortgage Market Index, an indication of upcoming home-lending activity based on per-user rate locks at OpenClose, was 147 in the week ended Aug. 11.

Volume retreated by 5 percent from the preceding seven-day period and sank by more than a fifth from the same seven days last year. There are no adjustments made for seasonal factors.

Rate locks for loans to finance a home purchase drove the week-over-week decline, tumbling 10 percent from the week ended Aug. 4 and leaving the Purchase MMI at 96.

The Conventional MMI fell 6 percent from the previous report to 90.

Government rate locks were off 3 percent from the last report. Government share widened to 39 percent from 38 percent a week ago.

A 2 percent week-over-week gain was made with jumbo rate locks. Jumbo share was 7.1 percent, a little thicker than 6.6 percent the past week. Jumbo interest rates were 8 basis points more than conventional rates, widening from a 5-basis-point spread in the previous week.

Rate locks for refinances rose 6 percent. Refinance share was 35 percent, fatter than 31 percent in the prior week's report.

The biggest gainer from the last report was the volatile ARM MMI, which soared 41 percent. ARM share ballooned to 13 percent from 9 percent the prior week.

full Aug. 11 report

historical data

 

Weekly Mortgage Market Index down 5%

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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