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Mortgage Market Index
A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity. |
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PRESS RELEASE
ARMs Surge As Mortgage Market Index at Record Low
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DALLAS -- (Jan. 4, 2016) During the second week since the Federal Reserve lifted rates, mortgage activity was slower than it's been in at least six years, and adjustable-rate business surged.
The U.S. Mortgage Market Index, an indication of upcoming originations, was 86 for the week ended Jan. 1. There are no adjustments made for seasonal variations.
Published weekly by Mortgage Daily, the Mortgage Market Index is determined based on the average volume of rate locks that are pulled by OpenClose clients.
While the final week of the year is normally slower, this past week was the slowest week since at least the week ended Dec. 16, 2009, when Mortgage Daily launched the index at a level of 197 utilizing data from Mortech.
The most-recent index was down 22 percent from a week earlier and 23 percent lower than a year earlier.
In the second (mostly) full week of activity since the Federal Open Market Committee raised rates for the first time since 2006, there seemed to be a clear market response.
Rate locks for prospective borrowers who preferred an adjustable-rate mortgage over a fixed-rate loan soared 41 percent from the week ended Dec. 25, 2015. Accordingly, ARM share ballooned to 21 percent from 12 percent in the previous report.
ARM was the only category to see a gain.
Leading the week-over-week decline was jumbo business, which descended 35 percent.
Jumbo share was trimmed to six percent from eight percent. The weakening jumbo activity contrasted the jumbo-conforming spread, with jumbo rates coming in 19 basis points lower than conforming rates. The jumbo-conforming spread was wider than 15 BPS the prior week.
Next up were rate locks for refinances, which sank more than a quarter. Refinance share thinned to 70 percent from 74 percent.
A 23 percent week-over-week decline was recorded for conventional business.
Purchase financing slowed by 22 percent from the last report.
Rate locks for residential loans to be insured by the Federal Housing Administration slowed by a fifth for the week. FHA share was exactly a quarter, up minimally from 24 percent in the prior report.
Conforming 30-year fixed rates averaged 4.01 percent, rising five BPS from the last report.
A 77-basis-point discount was
seen by the average 15-year borrower versus 30-year borrowers. Fifteen-year mortgages were priced 74 BPS lower than 30-year loans in the previous week's report. |
full Jan. 1 report
historical data
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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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Refinance News | Refinance Share Statistics
News about refinancing programs, pricing and production. Stories about the H o m e
Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.
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Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.
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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.
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Jumbo Mortgage News
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Mortgage Market Index powered by
OpenClose
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Weekly MMI
by Year:
current
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
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About the Mortgage Market Index
The U.S. Mortgage Market Index was first launched in December 2009 at 197.
The index, itself, reflects the average number of per-user rate locks by clients of OpenClose for the seven days ended each Thursday at midnight. OpenClose has been the data provider since June 2015.
The MMI is an excellent indicator of upcoming mortgage originations.
A byproduct of the Mortgage Market Index is a full report each week that includes the latest share by loan type, the jumbo-conforming spread and details about refinance and government activity -- as well as other important mortgage data.
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