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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 Jumps to 4-Mth High
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DALLAS -- (March 26, 2018) A sharp weekly increase in prospective loans to finance a home purchase to the highest level in six months drove new mortgage business to the highest level in more than four months. Conventional business was the best it's been in nine months.
A 14 percent
rise from the preceding week was recorded for the Mortgage Daily U.S. Mortgage Market Index for the seven days that concluded on March 23. No seasonal adjustments are made to the index.
The MMI, which provides market watchers with a peak into upcoming mortgage originations based on average per-user rate lock activity by clients of OpenClose, was down, however, 6 percent from the same week last year.
Compared to the week ended March 16, 2018, the Purchase MMI soared 18.5 percent -- more than any other category and the highest level since Sept. 1, 2017.
Close behind was the Conventional MMI, which jumped 18.3 percent to the highest level since the week ended July 14, 2017.
A 7.7 percent week-over-week increase was recorded for refinances. Refinance share thinned to 39 percent from 41 percent.
Next up was the Government MMI, which climbed 7.6 percent from a week earlier. Government share was cut to 38 percent from 40 percent.
Rate locks for adjustable-rate mortgages escalated 5 percent.
ARM share was 15 percent, more narrow than 16 percent a week prior.
There was no change in the volume of jumbo rate locks. Jumbo share was reduced to 6 percent from 7 percent. Interest rates on jumbo mortgages were 13 basis points higher than conforming rates. The spread was 9 BPS in the last report. |
full March 23 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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