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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 Rises

Mortgage Market Index up 22%

DALLAS -- (Dec. 12, 2016) New mortgage activity increased for the second consecutive week likely due to anticipation of a rate hike next week by the Federal Reserve.

In the seven-day period that concluded on Dec. 9, the U.S. Mortgage Market Index from Mortgage Daily and OpenClose came in at 157.

The index, an indication of upcoming originations based on average per-user rate locks by OpenClose clients, climbed 22 percent from a week prior.

It was the second week in a row that business improved.

Compared to the same week last year, a 23 percent gain has been recorded for the index.

Rate locks for refinances leapt 43 percent from the week ended Dec. 2, 2016, leaving the Refinance MMI at 69. The week-over-week jump is odd given how rates have been consistently increasing as of late.

OpenClose Senior Vice President Vincent E. Furey III speculated about the refinance surge in a written statement.

"We saw a 13 percent decline in week over week new application activity but a surge in lock activity likely to preserve fundable pipeline and expectation of a Fed rate hike on Wednesday," Furey said.

Refinance share was 43.9 percent in the most-recent week. The share widened from 37.4 percent a week earlier.

Jumbo business climbed 31 percent from the last report. Jumbo share widened to 5 percent from 4 percent. The jumbo-conforming spread thinned to a negative 7 basis points from a negative 13 BPS last week.

The Government MMI was 62, up 26 from a week earlier. Government share widened to 40 percent from 38 percent.

A 19 percent week-over-week increase was recorded for conventional business, leaving the Conventional MMI at 95.

Rate locks for purchase financing increased 9 percent, with the Purchase MMI landing at 88.

The only category to experience weakening was the ARM MMI, with rate locks for adjustable-rate mortgages falling 15 percent. ARM share thinned to 8 percent from 12 percent a week earlier.

full Dec. 9 report

historical data

 

Mortgage Market Index 157

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:
214.521.1300
NewsAlert@MortgageDaily.com


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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Mortgage Market Index powered by
OpenClose



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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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