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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

Purchases Lead Weekly Mortgage Market Index Up

Mortgage Market Index up 13%

DALLAS -- (Nov. 14, 2016) Home purchase financing activity drove overall new mortgage activity to the highest level in more than three months. Adjustable-rate activity soared by a quarter.

In the week that concluded on Nov. 11, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily -- an indicator of upcoming originations -- was 182.

The last time that the index, which is based on average per-user rate locks by OpenClose clients, was this high was in the week ended Aug. 5, when it came in at 185.

Compared to a week earlier, the MMI increased 13 percent, while it soared 64 percent from the same week last year.

A 26 percent increase from the week ended Nov. 4 was recorded for rate locks for adjustable-rate mortgages. ARM share widened to 8 percent from 7 percent.

Rate locks for purchase-money mortgages climbed 17 percent, leaving the Purchase MMI at 106.

A 14 percent week-over-week increase was recorded for the Government MMI. Government share widened to 35.2 percent from 35.0 percent in the last report.

Conventional business rose 13 percent from the last report.

Refinance rate locks were up 8 percent. Refinance share was trimmed to 42 percent from 44 percent.

This week's weakest category was the Jumbo MMI, which was unchanged from last week. Jumbo share was reduced to 8 percent from 9 percent.

Jumbo interest rates were 6 basis points more than conforming rates. The jumbo-conforming spread widened from 2 BPS a week earlier.

full Nov. 11 report

historical data

 

Mortgage Market Index 182

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


Refinance News | Refinance Share Statistics
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Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.


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Mortgage Market Index powered by
OpenClose



Weekly MMI
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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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