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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 Fades on Rising Rates

Mortgage Market Index 153 in week ended March 11

DALLAS -- (March 14, 2016) The volatile jumbo category led a weekly decline in new mortgage activity as rates ascended. Adjustable-rate activity, however, accelerated.

In the week that ended on March 11, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily was determined to be 153.

The MMI, a reflection of average per-user rate locks submitted by OpenClose clients, was down 11 percent compared to the previous week.

Activity covered in the index includes rate locks from the previous Friday through midnight Thursday. The index was benchmarked at 197 in the week ended Dec. 16, 2009.

Business was down 12 percent compared to the same week in 2015. Year-earlier numbers have been revised to reflect figures from the same provider of data.

Leading down the MMI were rate locks for jumbo mortgages, which sank by a third from the week ended March 4. Jumbo share tumbled to 5 percent from 7 percent a week earlier.

Interest rates on jumbo loans were about the same as on conforming mortgages. Jumbo rates had been eight basis points lower than conforming rates in the last report.

A 19 percent week-over-week decline was recorded for refinance business. Refinance share slid to 68 percent from 75 percent.

Up next were rate locks for conventional mortgages, which declined 12 percent from the last report.

Rate locks for loans insured by the Federal Housing Administration slipped 6 percent. FHA share widened to 25 percent from 24 percent a week prior.

A 5 percent decline left the Purchase MMI at 71.

Unlike all other categories, rate locks for adjustable-rate mortgages increased from the previous report -- by 11 percent. As fixed rates rise, prospective borrowers with new loans in process often rush in to lock lower ARM rates. ARM share widened to 8 percent from 7 percent one week prior.

Overall business slowed this past week as 30-year fixed rates ascended four BPS from the last report to 3.68 percent.

Rates on 15-year mortgages were 72 BPS better than 30-year rates. The spread widened from 70 BPS a week earlier.

full March 11 report

historical data

 

Mortgage Market Index 153 in week ended March 11
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


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.


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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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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