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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
Mortgage Market Index Up, Record Cashout Share
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DALLAS -- (Jan. 8, 2018) As rising rates have driven down the share of borrowers seeking rate-term refinances to the lowest level in six months, rising home values have driven the share of borrowers seeking cashout loans to a record high.
The U.S. Mortgage Market Index from Mortgage Daily, an indication of upcoming loan originations based on average per-user rate locks by OpenClose customers, was 92 in the week ended Jan. 5.
That was a 29 percent improvement for the index compared to the previous week, which included Christmas. There are no adjustments made to the index for seasonal variations.
A 7 percent decline in business was recorded versus the same week last year.
Rate locks for refinances soared from the week ended Dec. 29, 2017, by 37 percent -- the most of any category.
Refinance share was 43 percent, wider than 41 percent a week earlier. The latest week's refinance share included a 29 percent cashout share -- the widest share on record since the Mortgage Market Index was launched in late 2009. The broadening cashout share is being driven by rising home prices, which in many areas have reached a record high while padding the equity of homeowners.
The Conventional MMI increased 29 percent to 56.
Government rate locks climbed 28 percent from the last report. Government share was trimmed to 39.5 percent from 39.8 percent.
The Purchase MMI ascended 23 percent from the prior week to 52.
Rate locks for jumbo mortgages slipped 2 percent. At 11 percent, jumbo share was more narrow than 14 percent a week ago. The spread between jumbo rates and conforming rates widened to 57 basis points from 55 BPS.
A 10 percent drop from last week for adjustable-rate mortgage rate locks was the worst week-over-week performance. ARM share was slashed to 11 percent from 15 percent. |
full Jan. 5 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 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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