Mortgage Statistics and Mortgage Data from MortgageDaily.com

Mortgage Activity Up Again
Falling mortgage rates motivated an increasing number of borrowers this week to inquire about a refinance, though inquiries for purchases were also higher. Rates, however, are poised to deteriorate. Refinance activity more than doubled compared to a year ago. Despite a widening spread over conforming rates, more jumbo borrowers were out shopping for a loan.

The number of prospective borrowers who inquired about a mortgage rose 4 percent from last week, leaving the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the seven days ended Feb. 3 at 270.

The index was 48 percent higher than the week ended Feb. 2, 2011.
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Mortgage Market Index 270 for the week ended Feb. 3

Mortgage Jobs Hold as U.S. Data Point to Economic Recovery
An increase in the number of mortgage brokers was offset by a decline in non-broker mortgage jobs. However, the government revised the prior month's mortgage industry headcount up by more than 28,000 jobs. But the bigger news was an improvement in the U.S. employment situation last month. The latest data are a sign of an improving economy -- though it might also signal the end of record-low interest rates.

Record Low Rates Likely to Hold
Most mortgage rates fell to the lowest levels ever recorded, and it looks like they could hang near those lows through next week. The one exception is the one-year adjustable-rate mortgage.

Shrinking Pool of Reverse Lenders Lift Originations
The number of companies originating federally insured reverse mortgages may have fallen by more than half compared to a year ago, but the remaining pool managed to increase business last month.

COFI Bounces Up from All-Time Low
After falling for four consecutive months to the lowest level on record, the Cost of Funds Index reversed course.

Mortgage Insurer Runoff Continues
Loans outstanding that are insured by private mortgage firms have been on the decline every month for three years now as new policies issued were down 15 percent last year. Looking at just last month, outstandings were off from November, and defaults on insured loans jumped.

Week's Bank Failure Costs Exceed $600 Million
This week's bank failures -- including a financial institution with more than $1 billion in assets -- more than doubled the number of federally insured banks that have been shut down so far during 2012. Losses from the latest round of closings are projected to exceed $600 million.

FHA, Jumbo & Purchase Activity Drive Business Higher
Led by an increase in inquiries for purchase financing, government-insured loans and jumbo mortgages -- overall mortgage activity was higher this week. Both jumbo and 15-year loans were priced more competitively in the latest report, and overall mortgage rates are poised to come in lower in the next report.

Mortgage Market Index 259 for the week ended Jan. 27

No Improvement in FHA Delinquency for 8 Months
The Federal Housing Administration managed to lift its mortgage volume last month, though annual volume fell and upcoming activity appears headed lower. Serious delinquency has not improved for eight months.

U.S. Originations Off 13% in 2011
It looks like U.S. mortgage bankers closed 13 percent fewer loans last year than they did in 2010. Monthly volume was also lower.