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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
Refis Fail to Lift Weekly Mortgage Market Index
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DALLAS -- (March 21, 2016) A nice week-over-week gain in new refinance and jumbo business was offset but a decline in new adjustable-rate, purchase and government-insured business.
A 1 percent decline from the previous week left the U.S. Mortgage Market Index from OpenClose and Mortgage Daily at 151 in the week ended March 18.
Compared to the same week last year, the index -- which is a reflection of average per-user rate locks by clients of OpenClose -- has fallen by 30 percent.
The MMI, which includes activity during the seven days ended Thursday at midnight, was revised for a year earlier to include statistics from the same data provider.
Rate locks for adjustable-rate mortgages saw the biggest drop from a week earlier: 17 percent. ARM share thinned to 7 percent from 8 percent the prior week.
At 68, the Purchase MMI was down 5 percent from the week ended March 11, 2016.
Next up was Federal Housing Administration-insured loan activity, declining 2 percent from the last report. FHA share slipped to less than 25 percent from more than 25 percent.
Conventional rate locks edged down less than 1 percent.
Rate locks for refinances were up 5 percent. Refinance share widened to 72 percent from 68 percent a week earlier.
The best-performing category in the latest report was jumbo, with rate locks for jumbo mortgages jumping 14 percent. Jumbo share fattened to 6 percent from 5 percent.
Rates on jumbo mortgages were 2 basis points higher than conforming rates. Jumbo rates were no different than conforming rates in the last report.
Conforming 30-year fixed rates averaged 3.73 percent, up 5 BPS for the week.
Rates on 15-year mortgages were 74 BPS lower than 30-year rates. The spread widened from 72 BPS seven days previous. |
full March 18 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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