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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

Weekly Mortgage Market Index Leaps from Holiday

Mortgage Market Index up 36%

DALLAS -- (June 12, 2017) With government activity leading the way, weekly new mortgage business leapt higher from the holiday week. Rates on jumbo mortgages became less attractive.

For the week ended June 9, the Mortgage Market Index from Mortgage Daily was 157. The index is an indication of upcoming originations based on OpenClose rate-lock volume.

The MMI, which is not adjusted for seasonal factors, jumped 36 percent compared to the preceding week -- which included the Memorial Day holiday.

But business was slower than during the same week last year by 13 percent.

Out front of the week-over-week gain was the Government MMI, which shot up 51 percent from the week ended June 2. Government share widened to 41.0 percent from 37.0 percent.

A 46 percent increase from the last report was recorded for refinance rate locks. Refinance share widened to 31 percent from 29 percent a week earlier.

Up next was the Purchase MMI, which climbed 32 percent from the prior week to 108.

Rate locks for adjustable-rate mortgages increased 27 percent. ARM share thinned to 8.7 percent from 9.3 percent.

The Conventional MMI was also up 27 percent, to 93.

The smallest gain from the last report was with rate locks for jumbo mortgages, which rose 5 percent. Jumbo share was cut to 6 percent from 8 percent. The jumbo-conforming spread swung to a positive 5 basis points from less than a negative basis point last week.

full June 9 report

historical data

 

Mortgage Market Index 158

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.

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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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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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